Quick and dirty comp of PGN to other offshore drillers. I did not look at earnings, since it's probably not comparable to pro forma.
ATW: market cap 3B, sales 1.1B, book 2.45B
DO: market cap 5.8B, sales 2.8B, book 4.5B
RIG: market cap 14B, sales 9.2B, book 6.7B
ESV: market cap 11.2B, sales 4.8B, book 11.6B
PGN (pro forma): market cap 780M, sales 2B, book 1.2B
Book is probably much lower after separation. Sales might be comparable, though they might go down couple quarters. It seems cheap. Its fleet is probably worse than most of the above in terms of composition. I still think that debt coverage is important.
Anyone else has thoughts on this? |
