ESV - Positive Strategic Actions And Industry Recovery Make EnscoRowan A Buy
Due to improvements in industry health since Ensco Rowan’s significant impairment charges in 2014 and 2015, I believe the book value of its fleet is conservative and likely below the value of the ongoing enterprise. The P/Book ratio of 0.66x at the time of writing creates enormous upside for patient investors buying today.
Brief Company Overview
Ensco Rowan (NYSE: ESV) to be named Valaris (NYSE: VAL) on 7/31/2019, was formed in April 2019 through the merger of Ensco Plc and Rowan Companies, Inc. to create the leading offshore driller across all water depths and