Subsea 7 (Buy, TP: NOK260.00) - All eyes on 2025 guidance
We are in line with consensus on Q3e adj. EBITDA and expect 2025 revenue guidance to be the key focus (margin guidance already provided). Our 2025e revenue of USD7.1bn is in line with consensus, with YOY growth supported by an already-secured backlog (69% backlog coverage versus 55% historically), higher dayrates for its PLSVs, and two new fleet additions in 2025. We reiterate our BUY and NOK260 target price.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.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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