Constellation’s earnings are poised for a re-rating next year as multiple rigs commence new contracts within the next quarters, driving a projected >doubling of EBITDA YoY. At that point, the company is set to trade at 2.3x EV/EBITDA (peers: 5.1x) and a 35% (13%) FCFF yield for 2026 - well ahead of peers. With 80% revenue coverage secured for 2025–2027 and rapid deleveraging underway, we expect dividends to be initiated in H2 2026, implying a run-rate dividend yield of ~40%. We reiterate our Buy ....
