NOV's Valuation After Brazil Expansion and Strong Backlog: Undervalued or Overvalued?

NOV is investing $200 million to double capacity at its subsea flexible pipe plant in Brazil, with a backlog extending to 2028. The company's share price has a 90-day return of 25.69% and a year-to-date return of 19.56%. Despite a 32% discount to intrinsic value, the market may already be pricing in future growth, as the narrative suggests NOV is 16.3% overvalued. However, the SWS DCF model estimates NOV is undervalued at 31.6% below fair value.