SOC Subsea 7 S.A.

Subsea 7 S.A. Mandatory notification of share trades

Subsea 7 S.A. Mandatory notification of share trades
EN
05/10/2020

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Reports on Subsea 7 S.A.

Baptiste Lebacq
  • Baptiste Lebacq

Subsea 7 : One of the rare pure players to play the acceleration in su...

>Outperform recommendation. Target price raised to NOK 220 - Post-publication and conference call, we are leaving our EBITDA forecasts for 2024-2026 unchanged. In our view, the group is well placed to: 1/ ride the coming acceleration in offshore capex (we look average annual market growth of more than 15% over 2023-2025e). 2/ and those in investment in renewables in the UK to reduce its reliance in the medium term on Russian gas and in the US under the IRA....

Baptiste Lebacq
  • Baptiste Lebacq

Subsea 7 : Un des rares pure players pour jouer l’accélération du Subs...

>Opinion Surperformance et OC relevé à 220 NOK - Post publication et conférence call, nous maintenons notre séquence d’EBITDA 2024/26 inchangée. Le groupe est, selon nous, bien positionné pour :1/ Surfer sur l’accélération à venir des Capex en offshore (nous tablons sur un marché en croissance annuelle moyenne de plus de 15% sur 2023/2025e). 2/ Ainsi que sur celles des investissements dans les renouvelables au Royaume-Uni pour réduire sa dépendance à MT au ...

Martin Huseby Karlsen
  • Martin Huseby Karlsen

Subsea 7 (Buy, TP: NOK225.00) - On track for long-term growth

Q1 EBITDA was 5–10% above consensus and the best first quarter since 2017. Subsea and conventional performed well, while renewables broke even, although we see it improving with several new projects commencing late-Q1/early-Q2. The tender pipeline is strong, and management said it is in early discussions with clients for work extending towards the end of the decade, providing support for the cycle duration. There were no changes to the 2024–2025e guidance, and we have made limited estimate chang...

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