Seadrill (Buy, TP: NOK500.00) - Attractive valuation versus peers
Ahead of the Q3 results, we have updated our model to reflect the recent jackup sale and JV accounting elements. We believe the valuation remains compelling on most metrics versus peers, with solid earnings visibility thanks to its premium backlog coverage. With the US listing and uplisting in Norway executed, we believe a smaller discount to NAV is warranted. We have raised our target price to NOK500 (450) and reiterate our BUY.
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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