Valaris (Buy, TP: USD100.00) - Closer to earnings ramp-up
Ahead of the Q1 report, we are on a par with guidance and consensus for EBITDA. Being a tad more conservative than consensus for Q2, we believe the significant ramp-up in EBITDA from Q2 would benefit the investment case. As focus shifts to 2026, we expect the NAV gap to close and the intrinsic value to crystallise. We reiterate our BUY and USD100 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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