Adjusting Offshore Driller Fair Value Estimates on Revised Long-Term Rig Market Assumptions
After reviewing our long-term forecasts, we are revising our fair value estimates for offshore drillers. Diamond moves down to $7.25 per share from $10.50 previously, Transocean moves to $6.75 from $6.50, Ensco moves to $10.25 from $15, and Noble to $1.50 from $2.50. Our no-moat ratings for each of the names remain unchanged. With the exception of Transocean, our fair value estimates are moving significantly down as a result of more pessimistic long-term industry assumptions.ÂIn the floater mar...
Ensco is an offshore contract drilling company engaged in providing offshore contract drilling services to the international oil and gas industry. As of Dec 31 2017, Co. owned and operated an offshore drilling rig fleet of 62 rigs. Co.'s rig fleet includes 12 drillships, 11 semisubmersible rigs, four moored semisubmersible rigs and 38 jackup rigs, including rigs under construction. Co.'s business consists of three operating segments: floaters, which includes its drillships and semisubmersible rigs; jackups; and other, which consists of management services on rigs owned by third-parties. Co.'s two reportable segments, floaters and jackups, provide one service, contract drilling.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
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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