Revising Offshore Driller FVEs Lower on Renewed Market Outlook
We are lowering our fair value estimates for several offshore drillers after reviewing our market outlook and applying new models. Rowan moves from $13 per share to $11, Diamond Offshore from $14 to $12, and Noble from $4.25 to $2.90. Our no-moat rating remains unchanged for each name, but we’ve adjusted our uncertainty ratings. Noble’s leverage produces a wide range of outcomes for our bull- and bear- case fair value scenarios, $6.60/per share and $1.60/per share respectively. Consequently, we ...
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