Rowan (Buy, TP: USD15.00) - Asset valuation support
Following the recent sell-off, we have upgraded Rowan to BUY (HOLD) with an unchanged target price of USD15 supported by our NAV. We consider this morning’s fleet status report as slightly negative, as it has triggered minor estimate revisions. However, going forward we expect Rowan to secure additional backlog for its high-spec jack-ups in the North Sea at improving dayrates, and we are optimistic it could finally add some short-term drillship backlog. That said, dayrates in the Middle East might disappoint somewhat.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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