NE, Noble Drilling Message Board

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Gold/Mining/Energy : NE, Noble Drilling

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To: Brian Lempel who wrote (142)	11/30/1997 3:17:00 PM
From: JBH	Read Replies (1) of 301

Brian, Not sure I have the expertise to answer your questions specifically...might be others here who could do better but here is something I pulled off of another board which may help. Dated around mid-Sept. Smith Barney report on NE by Yves C. Siegal, CFA. He reinterated his buy rating with medium risk. He stated that Noble can significantly grow EPS through its EVA-4000 program, the impact of its current fleet rolling to market dayrates, and the contribution from fleet reactivations and upgrades. He stated even if market dayrates do not escalate, Noble could add $2.80 to EPS on an annualized basis by the beginning of the second half of 1999. HE STATED: Peak earnings could exceed $6.00 per share and replacement value of assets above $40.00 per share. In the peak earnings model he stated they are assuming that the company converts its 5 larger submersible to EVA-4000 semisubmersibles (with estimated replacement costs of $250 million for each rig), but merely reactivates its smaller submersible. In closing he stated Noble shares are trading at more that a 30% discount to its estimate of net asset value. Don't follow SDC If you haven't already, you might want to add this thread to your bookmarks, might be helpful exchange2000.com BTW....are you really 15 years of age? Wish I was half as smart as you at 15 ;) Regards, John

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