Seadrill: Investment Case Remains Compelling [Seeking Alpha]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Seeking Alpha
Q3 results exceed expectations, with strong revenue and EBITDA performance. Seadrill announced additional share buybacks and reinforced its positive outlook on market fundamentals. SDRL shares remain very attractive at the current valuation. We have initiated on Seadrill ( NYSE: SDRL ) with a buy rating , highlighting attractive market fundamentals for offshore drillers, a compelling valuation, and high capital returns. In this note, we will analyze Q3 results, briefly discuss the impact of the longer idle time for two drillships, and revisit our forecasts and investment case. We recommend readers check our previous note to get a better understanding of the business and key value drivers. Seadrill Q3 earnings results Seadrill had strong Q3 results with revenue coming in at $414 million, or nearly 4% above sell-side analysts' consensus expectations, and EBITDA coming in at $151 million or more than 20% above consensus. The EBITDA beat is attributable to cost optimization i.e
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