Report
Subsea 7 : Order intake: the volume is there but pricing is taking time to materialise
>Reduce recommendation maintained - We are sticking with our cautious stance on the stock. We have trimmed our earnings sequence as the group’s business activity and margins are taking longer than initially thought to pick up (mainly in the SURF & Conventional and Renewables & Heavy Lifting divisions). After adjusting our forecasts, our new target price works out at NOK 105 (vs NOK 110) and is still based on 24m fwd multiples of 13x in terms of P/E and of 8.5x in term...
Underlying
Subsea 7 Inc.
Provider
Oddo BHF
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
Baptiste Lebacq
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