Added to YB: 2026-05-12
Pitch date: 2026-05-10
COSH.OL [bullish]
Constellation Oil Services Holding S.A.
-1.4%
current return
Author Info
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Company Info
Constellation Oil Services Holding S.A., together with its subsidiaries, owns, charters, and operates offshore drilling rigs for exploration and production companies in Brazil.
Market Cap
NOK 1.3B
Pitch Price
NOK 143.00
Price Target
21.10
Dividend
N/A
EV/EBITDA
7.48
P/E
-9.39
EV/Sales
3.18
Sector
Energy Equipment and Services
Category
value
The Offshore Drilling Company That Nobody Follows - Constellation Oil Services Holding S.A.
COSH.OL: Brazilian offshore driller w/ 23% UDW market share, 7 rigs, 95%/76%/65% rev coverage 2026-28 post-Renecon ($1.14B added to $2.8B backlog). Trades 4x EV/EBITDA vs peers at 5-9x. 22% unlevered FCF yield 2027. Dividend ~NOK 2.75/sh started, consensus NOK 65/sh cumulative by 2028 (45% of mcap). Net debt $420M→$230M by 2028. Analyst PTs NOK 175-195 vs 141 current (24-38% upside). May uplisting for liquidity. Risks: Petrobras concentration, Brazil tax changes.
Read full article (5 min)