SBM OFFSHORE: 29-04-2019: Moving Forward
Following last week’s Analyst Field trip to visit the Liza 1 FPSO in Keppel shipyard we remain positive on our SBM Offshore investment case. Having turned the page on its legacy issues, combined with the large number of FPSOs coming to the market and the constrained supply, we believe SBM to be in a solid position to profit especially when we see the Fast4ward concept being adapted by its customers.We believe SBM to have a favourable risk/return profile, with its share price supported by its backlog and the current ongoing share buybacks. We are confident in our € 20.0 p.s. Target Price, based on our estimated € 22.0 p.s. share SOTP value, while seeing additional upside when awards start coming in. We reiterate our Buy rating.
SBM Offshore is a holding company. Co. provides floating production solutions to the offshore energy industry, over the full product life-cycle. Co.'s main activities are the design, supply, installation, operation and life extension of floating production, storage and offloading (FPSO) vessels. Other products include semi-submersibles, tension-leg platforms, floating production storage and offloading liquefied natural gas, turret mooring systems, brownfield and offshore (off) loading terminals. As of Dec 31 2015, Co.'s fleet consisted of 10 FPSOs, two floating storage and offloadings, one mobile offshore production unit, one semisubmersible in operation worldwide.
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