Report
Baptiste Lebacq

Subsea 7 : Les projets greenfield en soutien sur 2019

>Opinion Achat maintenue - Nous maintenons notre opinion positive sur le titre, dont le positionnement à 100% sur le métier du Subsea devrait se traduire par une accélération des prises de commandes sur les prochains trimestres. Nous avons révisé notre scénario du côté des remontées marges ainsi que de la fiscalité. Au final, nous avons ajusté notre attente d’EBITDA à la baisse sur 2019 de seulement 6.9%, les BPA étant plus affectés par l’impôt. Subsea 7 reste notre ...
Underlying
Subsea 7 S.A.

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.

Provider
Oddo BHF
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.

Analysts
Baptiste Lebacq

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