2007

Research Bites

Our inbox was flooded with research over the past two weeks and we have just begun to dig out. The reports were about evenly split between energy, specifically drilling, and shipping.

Drilling

On January 25, Ingolff Gillesdal of Nordea Markets initiated coverage on Seadrill with a buy rating and a target price of $19.80 within a year versus the then current price of $16.24. The target price is based upon a combination of DCF and NAV valuations. Interestingly, he added a market premium to current NAV reflecting its modern fleet, deepwater focus and strong operational experience. Seadrill’s strategy is to grow not only organically but also as an industry consolidator.

This is only an excerpt of Research – 02/22/2007

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