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
Christer Magnergård ...
  • Joachim Gunell
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn

Northern Lights

Martin Huseby Karlsen

Subsea 7 (Hold, TP: NOK62.00) - A quarter to forget

With operational Covid-19 challenges and likely one-offs related to restructuring and impairments, we could see a messy Q2 report. We expect investors too look past 2020 and focus on the longer-term outlook. For 2021/2022e, we continue to stress the roll-over risk of its lucrative PLSV contracts in Brazil, which in our view is the most important factor for future EBITDA potential (for 2021/22 we are c10% below consensus). Although we struggle to get excited at the current valuation, we like Subsea 7’s defensive characteristics versus other oil service names. We reiterate HOLD and our NOK62 tar...

Baptiste Lebacq

Subsea 7 : Significant new success in offshore wind

>A contract that confirms our investment case Buy; target price NOK 75) - We maintain our Buy recommendation on the stock, with a target price of NOK 75. This contract lends weight to our vision, i.e. diversification in the offshore wind farm installation market could be a real haven for offshore E&C companies. Subsea 7 is the group with the most credible strategy, in our opinion, with dedicated installation and especially lifting assets for these projects. The g...

Baptiste Lebacq

Subsea 7 : Nouveau succès significatif dans l’éolien offshore

>Un contrat qui confirme notre investment case (Achat ; OC 75 NOK) - Nous maintenons notre recommandation Achat sur le titre avec un OC de 75 NOK. Ce contrat conforte notre vision, à savoir que la diversification sur le marché de l’installation des fermes éoliennes offshores peut être un véritable havre de paix pour les sociétés d’E&C Offshore. Subsea 7 est le groupe qui affiche la stratégie la plus crédible, selon nous, avec des actifs d’installation et surtout ...

Baptiste Lebacq ...
  • Philippe Ourpatian

ODDO : Are we headed for value convergence in offshore wind?

Increased competitiveness in onshore wind and photovoltaic projects will prompt integrated electricity firms to transition to offshore wind where installed capacity expansion is forecast at 20.7% per year out to 2030 and value creation is still significant. Enhanced renewable energy multiples will also benefit other players in the offshore industry (machine suppliers, cable makers, oil services providers, etc.). Among our Top Picks to play this theme, we would highlight EDF, Engi...

Baptiste Lebacq ...
  • Philippe Ourpatian

ODDO : Va-t-on vers un Yalta de la valeur dans l’éolien maritime ?

La compétitivité accrue sur les projets éoliens terrestres et photovoltaïques va pousser les électriciens intégrés vers l’éolien maritime dont l'accroissement des capacités installées est attendu à 20.7% par an d’ici à 2030 et la création de valeur reste significative. La revalorisation des multiples du renouvelable, va aussi bénéficier aux autres acteurs de la filière maritime (fournisseurs de machines, câbliers, prestataires de services parapétroliers, ...). Parmi nos tops pick...

Christer Magnergård ...
  • Joachim Gunell
  • Martin Huseby Karlsen
  • Ole-Andreas Krohn

Northern Lights

Baptiste Lebacq ...
  • Florent Laroche-Joubert

ODDO BHF Small & MIDCAP MORNING NEWS - 06/04/2020

Aperam could acquire Outokumpu Americas if, as we anticipate, Outokumpu’s new CEO decides to sell this division which is struggling to achieve the same level profitability as NAS, Acerinox’ subsidiary. Aperam would do better than Outokumpu without compromising its financial ratios. Upside would be >60% to € 42. The target price raised to € 36 factoring in a probability of occurrence of 40%. - ...

Baptiste Lebacq ...
  • Florent Laroche-Joubert

ODDO BHF Small & MIDCAP MORNING NEWS - 04/06/2020

Aperam pourrait acquérir Outokumpu Americas si, comme nous l’anticipons, le nouveau CEO d’Outokumpu décidait de vendre cette division qui peine à atteindre le niveau de profitabilité de NAS, la filiale d’Acerinox. Aperam ferait mieux qu’Outokumpu sans compromettre ses ratios financiers. Son potentiel de revalorisation serait supérieur à 60% à 42 €. OC relevé à 36 € intégrant une probabilité d’occurrence de 40%. - ...

Alain William ...
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Emmanuel Matot
  • Jean-François Granjon
  • Jeremy Garnier
  • Jerôme Bodin
  • Nicolas David
  • Stephane Houri

ODDO BHF Small & MIDCAP MORNING NEWS - 04/05/2020 Date Performance depuis l’entrée Date Performance depuis l’entrée

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