Noble Corp Plc (NE) is overvalued and Transocean Ltd (RIG) is slightly undervalued.
Against our estimates of intrinsic value, RIG trades at the wider discount: a margin of safety of +7%, against -44% for NE.
Values as of the 22 Sept 2026 close.
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
Discounting its cash flows at 8.6% (average of 2 methods) values the shares at $5.92; the price of $5.49 is 7% below that value, and 77% of that value comes from beyond year five.
Leak Score 0/100 on 2 of 12 signals
| Metric | NE | RIG |
|---|---|---|
| Verdict | Overvalued | Slightly undervalued |
| Price | $45.04 | $5.49 |
| Intrinsic value | $31.29 | $5.92 |
| Margin of safety | -44% | +7% |
| Leak Score | 0/100 (2/12) | 0/100 (2/12) |
| Market cap | $7.2B | $6.1B |
| Revenue growth, 5 years | 27.8% | 4.7% |
| Operating margin | 12.6% | 22.6% |
| Net margin | 4.9% | -40.2% |
| Return on equity | 3.3% | -18.7% |
| Debt to equity | 0.42 | 0.61 |
| P/E | 48.7x | — |
| Forward P/E | 20.7x | 19.8x |
| P/B | 1.6x | 0.7x |
| Dividend yield | 4.4% | — |