Subsea 7 : Tie-backs en soutien en attendant les projets greenfields
>Achat maintenu (OC 150 NOK) pour jouer la reprise de l’offshore - Nous maintenons notre recommandation Achat sur le titre. Ce dernier se traite avec une décote de 30% vs ses pairs (EV/EBITDA 19e 4.7x pour Subsea 7 vs 6.8x pour le secteur) alors que le groupe est, selon nous, le mieux positionné pour jouer la reprise de l’offshore (accélération des FID’s des pétroliers qui se traduiront par des prises de commandes) ainsi que le marché de l’éolien offshore (acteur de n...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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