Borr Drilling Ltd (BORR) is undervalued and Noble Corp Plc (NE) is overvalued.
Against our estimates of intrinsic value, BORR trades at the wider discount: a margin of safety of +45%, against -44% for NE.
Values as of the 22 Sept 2026 close.
Discounting its cash flows at 7.1% (average of 2 methods) values the shares at $8.14; the price of $4.46 is 45% below that value, and 84% of that value comes from beyond year five.
Leak Score 56/100 on 2 of 12 signals
Discounting its cash flows at 9.0% (average of 3 methods) values the shares at $31.29; the price of $45.04 is 44% above that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | BORR | NE |
|---|---|---|
| Verdict | Undervalued | Overvalued |
| Price | $4.46 | $45.04 |
| Intrinsic value | $8.14 | $31.29 |
| Margin of safety | +45% | -44% |
| Leak Score | 56/100 (2/12) | 0/100 (2/12) |
| Market cap | $1.4B | $7.2B |
| Revenue growth, 5 years | 27.1% | 27.8% |
| Operating margin | 20.8% | 12.6% |
| Net margin | -23.7% | 4.9% |
| Return on equity | -24.4% | 3.3% |
| Debt to equity | 2.58 | 0.42 |
| P/E | — | 48.7x |
| Forward P/E | 38.2x | 20.7x |
| P/B | 1.4x | 1.6x |
| Dividend yield | — | 4.4% |