Noble

Noble: acq a minority 25% sh/h interest in Thunderbird Power Holdings, which owns the Eagle Point Power Gen facility in Westville, New Jersey, for an aggregate consideration of US$7.2m (priced at 1x P/B and 1x P/NTA). Acq is small, but ties in with Nomura’s consolidation view: Noble: Buy, TP $1.50, valuations look compelling at 10x CY12 P/E and 1x CY12e P/B