Transocean (Buy, TP: USD10.00) - Disciplined message
Despite decent Q2 results, we have cut our 2019e EBITDA by 22% on the updated cost guidance and fleet status. We welcome the increased transparency with planned dayrate disclosure, as it should help the equity market to appreciate the ongoing positive movement in UDW dayrates, albeit from a very low level. Based on a small premium to our NAV, we reiterate our BUY and USD10 target price.
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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