Maintaining Subsea 7 FVE After Reviewing 3Q Results; Encouraged by Progress on Alliances
We are maintaining our fair value estimate of NOK 127 for Subsea 7 after reviewing the company’s third-quarter results. Our no-moat rating for the company also remains unchanged.Subsea 7’s core Surf and Conventional segment saw segment-adjusted operating margins fall dramatically to 14% from 26% in the prior quarter. The sequential margin decrease came in spite of a sequential revenue increase of about 23%, as well as flat vessel utilization, indicating that the primary cause of the lower margi...
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.
We have operations in 27 countries.
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