Noble Group Continues to See Operating Cash Outflow; No Change in FVE
No-moat Noble Group’s third-quarter performance continues to reflect business challenges, with lower liquidity and market volatility curbing its energy segment trading activity and continued negative operating cash flow. Expenses were higher than expected largely due to restructuring charges. However, profit from supply-chain businesses has held up, helped by better metal and coal prices. We have tweaked our assumptions but we keep our SGD 0.17 fair value estimate. We continue to value Noble Gro...NOBLE GROUP HOLDINGS LIMITED is an investment holding company principally engaged in the provision of energy products and industrial raw materials supply chain management. Together with subsidiaries, the Company operates business of global supply chain manager of energy, power and gas products, metals and carbon steel materials. The Company also engages in the bauxite mining and alumina refining operation in Jamaica.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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