Valaris Minor model adjustments
We have updated our estimates reflecting most recent contract announcements. Ahead of the Q1 results (due before market open on 2 May), we forecast Q1 EBITDA of breakeven, in line with consensus (USD-1m) and its guidance of USD-5m to breakeven. Adding back reactivation costs to EBITDA, we are at USD25m, in line with guidance of USD25m–30m. We do not consider these changes to be material, and we have not changed our BUY recommendation. We reiterate our USD95 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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.