Subsea 7 : Shareholder returns still the priority
>Buy recommendation and target price of NOKÂ 145 maintained - We are sticking with our Buy recommendation on the stock with a target price of NOKÂ 145. Post-publication, we have adjusted our EPS forecasts, essentially below EBITDA notably to factor in a tax charge that is higher than initially anticipated as well as the effects of the new share buyback programme. Our target price is unchanged and is based on a 12m fwd EBITDA multiple of 6x. In the sector, Subsea 7 is st...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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