Valaris (Buy, TP: USD95.00) - Patience, NAV gap set to close
With the share priced weighed down by large negative estimate revisions in 2023, we now find consensus for 2024e EBITDA reasonable. We are still below on 2025–2026e EBITDA, but view the earnings growth YOY and valuation as attractive. As focus shifts to 2026 earnings, we expect the NAV gap to close and the intrinsic value to unfold. We reiterate our BUY and USD95 target price, reflecting a 15% discount to our NAV.
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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