Subsea 7 : Tie-backs as a support pending greenfield projects
>Buy recommendation maintained (target price NOK 150) to play the upturn in offshore - We maintain our Buy recommendation on the stock. The latter is trading at a discount of 30% vs its peers (2019e EV/EBITDA of 4.7x for Subsea vs 6.8x for the sector) whilst the group is, in our view the best positioned to pay the upturn in the offshore segment (acceleration of oil companies’ FIDs which will feed through to the order intake) and the offshore wind market (niche player ...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.
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.
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