Subsea 7 : Headwinds in Taiwan
>Outperform rating, NOK 100 target price (vs NOK 110) - Following the group’s Q2 earnings release and the conference call, we have lowered our 2021-2023 EBITDA sequence by 3.1% on average and our target price, which is now NOK 100 (EV/ EBITDA NTM of 5x). The group is moving ahead on the energy transition (after the solid order intake in the oil sector in Q2, 22% of the backlog is now in renewables). Moreover, the acceleration in awards in Brazil should underpin ...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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