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Seadrill Valuation

Q: What is the Fair Price of SDRMO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

SDRMO (NOK446.6) is trading below our estimate of [[fair value]] (NOK5770.48)

Is SDRMO undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SDRMO when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SDRMO (NOK446.6) is trading below our estimate of fair value (NOK5770.48)

Significantly Below Fair Value: SDRMO is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SDRMO?

Key metric: As SDRMO is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SDRMO. This is calculated by dividing SDRMO's market cap by their current earnings.
What is SDRMO's PE Ratio?
PE Ratio	5.6x
Earnings	US$476.00m
Market Cap	US$2.69b

SDRMO key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	1.6x
Enterprise Value/EBITDA	4.9x
PEG Ratio	1.2x

Price to Earnings Ratio vs Peers

How does SDRMO's PE Ratio compare to its peers?

The above table shows the PE ratio for SDRMO vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PE	Estimated Growth	Market Cap
Peer Average	11.5x
HTG Hunting	4.6x	-7.9%	UK£477.6m
ENOG Energean	8.4x	7.0%	UK£1.8b
SEPL Seplat Energy	20.1x	13.4%	UK£1.3b
ITH Ithaca Energy	13x	-9.3%	UK£1.6b
SDRMO Seadrill	5.6x	4.5%	NOK 2.7b

Price-To-Earnings vs Peers: SDRMO is good value based on its Price-To-Earnings Ratio (5.6x) compared to the peer average (10.5x).

Price to Earnings Ratio vs Industry

How does SDRMO's PE Ratio compare vs other companies in the European Energy Services Industry?

3 Companies	Price / Earnings	Estimated Growth	Market Cap

3 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Earnings vs Industry: SDRMO is good value based on its Price-To-Earnings Ratio (5.6x) compared to the European Energy Services industry average (8.8x).

Price to Earnings Ratio vs Fair Ratio

What is SDRMO's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SDRMO PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio	5.6x
Fair PE Ratio	10.1x

Price-To-Earnings vs Fair Ratio: SDRMO is good value based on its Price-To-Earnings Ratio (5.6x) compared to the estimated Fair Price-To-Earnings Ratio (10.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SDRMO forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	n/a	NOK 655.36 0%	13.7%	NOK 857.93	NOK 557.65	n/a	9
Nov ’25	n/a	NOK 655.36 0%	13.7%	NOK 857.93	NOK 557.65	n/a	9
Oct ’25	n/a	NOK 655.36 0%	13.7%	NOK 857.93	NOK 557.65	n/a	9
Sep ’25	NOK 454.20	NOK 683.76 +50.5%	11.5%	NOK 864.83	NOK 616.19	n/a	8
Aug ’25	NOK 590.00	NOK 698.52 +18.4%	12.7%	NOK 857.52	NOK 621.70	n/a	6
Jul ’25	NOK 547.00	NOK 687.71 +25.7%	12.1%	NOK 852.04	NOK 617.73	n/a	7
Jun ’25	NOK 532.50	NOK 693.67 +30.3%	13.3%	NOK 855.95	NOK 609.86	n/a	6
May ’25	NOK 548.50	NOK 712.10 +29.8%	13.3%	NOK 878.68	NOK 626.06	n/a	6
Apr ’25	n/a	NOK 662.43 0%	8.5%	NOK 782.06	NOK 610.65	n/a	6
Mar ’25	NOK 452.50	NOK 643.50 +42.2%	10.1%	NOK 767.99	NOK 547.06	n/a	6
Feb ’25	n/a	NOK 646.44 0%	11.1%	NOK 788.34	NOK 546.59	n/a	6
Jan ’25	n/a	NOK 679.06 0%	6.9%	NOK 782.28	NOK 651.90	n/a	6
Dec ’24	NOK 479.50	NOK 647.60 +35.1%	1.4%	NOK 660.93	NOK 639.61	n/a	4
Nov ’24	NOK 461.50	NOK 659.73 +43.0%	1.6%	NOK 670.55	NOK 648.92	n/a	4
Oct ’24	NOK 483.50	NOK 659.73 +36.4%	1.6%	NOK 670.55	NOK 648.92	n/a	4
Sep ’24	NOK 534.00	NOK 620.68 +16.2%	8.5%	NOK 657.81	NOK 530.49	NOK 454.20	4
Aug ’24	NOK 487.00	NOK 565.79 +16.2%	10.0%	NOK 632.06	NOK 509.72	NOK 590.00	4
Jul ’24	NOK 402.00	NOK 581.37 +44.6%	9.8%	NOK 680.09	NOK 548.46	NOK 547.00	4
Jun ’24	NOK 396.25	NOK 581.37 +46.7%	9.8%	NOK 680.09	NOK 548.46	NOK 532.50	4
May ’24	NOK 372.50	NOK 572.89 +53.8%	9.5%	NOK 667.03	NOK 537.93	NOK 548.50	4
Apr ’24	n/a	NOK 572.89 0%	9.5%	NOK 667.03	NOK 537.93	n/a	4
Mar ’24	NOK 398.50	NOK 542.16 +36.1%	10.0%	NOK 618.67	NOK 498.92	NOK 452.50	3
Feb ’24	NOK 404.00	NOK 542.16 +34.2%	10.0%	NOK 618.67	NOK 498.92	n/a	3
Jan ’24	NOK 315.45	NOK 540.83 +71.4%	14.8%	NOK 620.96	NOK 460.71	n/a	2
Dec ’23	n/a	NOK 540.83 0%	14.8%	NOK 620.96	NOK 460.71	NOK 479.50	2

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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