Noble: A New Lease Of Life Does Not Mean It Is No Longer Cyclical

Summary

• Noble, post-2022 merger and restructuring, has low debt and good capital returns. It has sound fundamentals going forward.
• Historical over-expansion and debt-fueled growth led to significant asset write-downs and financial struggles, highlighting the risks of ignoring sector cyclicality.
• Despite current strong metrics, Noble's valuation suggests the market already priced in expected performance, making it unsuitable for long-term buy-and-hold investment.