Subsea 7 S.A.

Subsea 7 is a provider of seabed-to-surface engineering, construction and services contractor to the offshore energy industry. Co. provides products and services required for subsea field development, including project management, design and engineering, procurement, fabrication, survey, installation, and commissioning of production facilities on the seabed and the tie-back of these facilities to fixed or floating platforms or to the shore. Co. also provides products and capabilities to deliver full Life of Field services to its clients. Through its i-Tech Division, Co. provides remotely operated vehicles and tooling services to support exploration, production and drilling activities.
  • TickerSOC
  • ISINLU0075646355
  • ExchangeBerlin Stock Exchange
  • SectorOil Equipment, Services & Distribution
  • CountryGermany
Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 10/19/2020

Carbios is an innovative cleantech that is a pioneer in the introduction of enzymes for the recovery of plastics that have reached the end of their useful lives. Carbios’ goal is to become a global benchmark player in the recycling and biodegradation of plastics. To this end, the company benefits from the support of strategic partners (Novozymes, L’Oréal, Nestlé Waters, PepsiCo, etc.). We initiate coverage of the company with a target price of € 41.5. - ...

Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 19/10/2020

Carbios est une cleantech innovante pionnière dans l’introduction d’enzymes pour valoriser les plastiques en fin de vie. L’objectif de la société est de devenir un acteur de référence mondiale dans le recyclage et la biodégradation des plastiques. Pour cela, elle bénéficie du soutien de partenaires stratégiques (Novozymes, L’Oréal, Nestlé Waters, PepsiCo…). Nous initions le suivi à l’Achat avec un OC de 41.5 €. - ...

Baptiste Lebacq ...
  • Jean-François Granjon

ODDO : Q3 2020 results for Schlumberger: patience is golden

>Cautious recommendation on sector maintained - Although Schlumberger's results cannot be extrapolated fully to our sample, they do provide an initial reading of global industry trends through the worldwide exposure and broad product range of the oil services leader. In the US, the completion business is showing signs of recovery, which is reflected in our sample of values by Schoeller Bleckmann (Buy, target price € 39), which is present in these businesses via Downho...

Baptiste Lebacq ...
  • Jean-François Granjon

ODDO : Q3 2020 results for Schlumberger: patience is golden

>Cautious recommendation on sector maintained - Although Schlumberger's results cannot be extrapolated fully to our sample, they do provide an initial reading of global industry trends through the worldwide exposure and broad product range of the oil services leader. In the US, the completion business is showing signs of recovery, which is reflected in our sample of values by Schoeller Bleckmann (Buy, target price € 39), which is present in these businesses via Downho...

Baptiste Lebacq ...
  • Jean-François Granjon

ODDO : Résultats T3 de Schlumberger : la patience est d’or

>Maintien d’une opinion prudente sur le secteur - Même si les résultats de Schlumberger ne peuvent être extrapolés totalement à notre échantillon, ils donnent ; via l’exposition mondiale et sur une palette de produits très large du leader des services pétroliers ; une première grille sur les tendances globales du secteur. Aux US, l’activité de complétion montre des signes de reprise ce qui est au sein de notre échantillon de valeurs se ressentir au niveau de Scho...

Haakon Amundsen ...
  • John Olaisen
  • Karl Fredrik Schjøtt-Pedersen
  • Lukas Daul

Sector Report - The oil price will not stay flat for long

Temp. tax regime fuels near-term cash flow Refinanced, no debt maturities before 2024 NAV-accretive projects could pop up – BUY

Martin Huseby Karlsen

Structural pair trade: SUBC vs TGS

Overweight Subsea 7 relative to TGS is in our view clearly supported by both structural E&P spending trends and valuation. Subsea 7 is leveraged towards the development cycle and has also built up a renewable business that the capital markets are likely to embrace and value at a higher multiple than its oil & gas business. It is also trading at an average c12% FCF yield for the next two years and consensus now appears sober. TGS is a pure-play on the exploration cycle, which is set to face further structural headwinds. In our view consensus 2022 estimates reflect an unrealistic 27% improvement...

Martin Huseby Karlsen

Subsea 7 (Buy, TP: NOK80.00) - More insulated than peers

Compared to other oil service names, Subsea 7 keeps executing well and in our view recent company-specific events have helped it too. First, the ongoing excitement in the capital markets over renewables is likely to result in a higher multiple for this segment. Second, our concern over the PLSVs in Brazil has been pushed out in time thanks to its blend-and-extend agreement, and we believe the wider market will not fully focus on the PLSVs for the next 6–12 months. Hence, we now see forward estimates being more shielded from negative revisions near-term, and have upgraded to BUY (HOLD), with a ...

Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 10/19/2020

Carbios is an innovative cleantech that is a pioneer in the introduction of enzymes for the recovery of plastics that have reached the end of their useful lives. Carbios’ goal is to become a global benchmark player in the recycling and biodegradation of plastics. To this end, the company benefits from the support of strategic partners (Novozymes, L’Oréal, Nestlé Waters, PepsiCo, etc.). We initiate coverage of the company with a target price of € 41.5. - ...

Emmanuel Matot

ODDO BHF Small & MIDCAP MORNING NEWS - 19/10/2020

Carbios est une cleantech innovante pionnière dans l’introduction d’enzymes pour valoriser les plastiques en fin de vie. L’objectif de la société est de devenir un acteur de référence mondiale dans le recyclage et la biodégradation des plastiques. Pour cela, elle bénéficie du soutien de partenaires stratégiques (Novozymes, L’Oréal, Nestlé Waters, PepsiCo…). Nous initions le suivi à l’Achat avec un OC de 41.5 €. - ...

Jon Masdal ...
  • Martin Arnell
  • Martin Huseby Karlsen
  • Niclas Gehin
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Rune Majlund Dahl
  • Simen Mortensen

Northern Lights

SUBSEA 7 sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of SUBSEA 7 (NO), a company active in the Oil Equipment & Services industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date July 24, 2020, the closing price was NOK 67.20 and its potential was estimated at NOK 79.13.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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