Valaris (Buy, TP: USD90.00) - NAV support while waiting for cash flow
Following Q3, we continue to see a strong market outlook and healthy NAV support for Valaris. We believe its strong cash position and potential further asset sales could boost shareholder returns in 2023–2024, while operating cash flow in that period is limited due to expected reactivations, higher industry costs and rigs with options at legacy (soft) dayrates. We reiterate our BUY and USD90 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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