The industry downturn will hurt Technip, but it remains well-positioned for the long term.
We have updated our view on three offshore oilfield-services companies: TechnipFMC, Subsea 7, and Saipem. Our TechnipFMC fair value estimate moves up to $32 (EUR 26) from $29 (EUR 25) per share, our Subsea 7 fair value moves increases to NOK 130 from NOK 127, and our Saipem fair value declines slightly, to EUR 3.25 from EUR 3.50. Additionally, for TechnipFMC, we are revising our moat rating to none from narrow, so that all three companies are now rated as no moat. Finally, we are lowering our un...
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