The jackup market is almost sold out and Borr is set to benefit from the most modern fleet and what is now the right amount of operational and financial leverage. Borr expects to more than double its EBITDA this year, and with the growth being back-end loaded the run-rate into 2024 will support a further 43% increase yoy. We reiterate our Buy rec. and raise our TP to NOK 90/sh (67) as we argue for higher jackup values and a 6.5x EBITDA’24e multiple.
