Offshore E&C Market Turnaround Should Lift Subsea 7's Results in Coming Years
We are slightly adjusting our fair value estimates for Saipem and Subsea 7, after reconsidering our forecasts for the relative performance for both in the offshore engineering and construction market (which accounts for about 60% and 100% of each company's operating income, respectively). We've increased our long-term operating margin forecast for Saipem's Offshore E&C segment by about 50 basis points, but lowered our margin forecast for Subsea 7 by about 50 basis points. As a result, our Sa...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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