Noble Group’s Debt Cost is Rising but Impact Is Limited to our Bottom Line
No-moat Noble Group has raised new debt of USD 1.75 billion over the past month, which is within our expectation given that there was around USD 1.8 billion in net debt repayment in 2016. Given our revenue and working capital assumptions, we think Noble can manage without raising further significant debt this year but we anticipate a net addition of around USD 1 billion in new debt per year going forward in our explicit forecast period to 2021. While we had already factored in the debt raising, ...
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