Subsea 7 : Partnerships: a means to reduce risk in a dynamic sector
>Outperform rating, target price of NOK 220 - Following the CMD, we reiterate our Outperform rating with a target price of NOK 220. As a reminder, our method of valuation is unchanged and remains based on an 12-mth fwd EV/EBITDA multiple of 5x. The stock is one of the key players to play the acceleration phase in investment in the subsea segment for the O&G industry which still has bright days and even years ahead of it. In light of the CMD, we have made a s...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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