Borr Drilling has reported solid Q4 and FY 2024 results, with the full-year adjusted EBITDA margin expanding almost 5 ppts to c. 50% y-o-y. That said, cash-flow development was affected by high capex, which led to a significant increase in gross and net debt. The outlook is one of cautious optimism, although geopolitical risks persist. While liquidity is good, we are concerned about the high debt levels due to the cyclicality of the business, and would prefer that Borr proactively considers redu...
In today's Morning Views publication we comment on developments of the following high yield issuers: TK Elevator, TGS ASA, CABB, Odigeo, Constellium, Asmodee, Sasol, Borr Drilling, Nemak, Victoria, OPmobility (formerly Plastic Omnium), Ithaca Energy, Cirsa, Azelis