Noble Group’s Liquidity Constraints Take a Bite, Our Fair Value Estimate is Little Changed
Our fair value estimate for no-moat Noble Group is little changed, rising to SGD 0.18 from SGD 0.17, following the release of the company’s 2016 full-year results. We’re a little disappointed with the low profit on its energy trades and have lowered our assumptions for its near-term trading margins reflecting the impact of hedges limiting gains in a rising price environment. However, the company’s 2016 net profit of USD 252.1 million (USD 8.7 million excluding profit contributions from business ...
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