Transocean's Recent Rally: Is It Undervalued or Overvalued?

Transocean's share price has climbed 39% over the past 3 months despite declining annual revenue and negative net income. The stock's rebound has investors wondering if it's a discounted play on offshore drilling or if the market has already priced in its recovery. The most widely followed narrative sees fair value at $4.17, implying modest downside, while a DCF model paints a cheaper picture with fair value at $9.20.