NE-US: Initiation (BUY, TP 12)

We initiate coverage of Noble Corporation with a BUY recommendation and target price of USD 12

The company has a large fleet of attractive assets, a balanced contract backlog and a decent liquidity position. We believe the company is well positioned to take advantage of the looming expansionary phase of the cycle.

Valuation: Our target price of USD 12/sh is based on a weighted average of current and future NAV, in combination with a mid-cycle EV/EBITDA in 2017E/18E.

Company specifics:


Market fundamentals:


 Disclaimer: The publisher currently has no investments in the company
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