Subsea 7 : The call of the open sea
>Outperform recommendation and TP lifted to NOK 250 (vs NOK 220) - Following the release and the conference call, we are lifting our 2024-2026 EBITDA sequence by 7% on average (the fall in the level of 2024 EPS stems solely from a higher-than-expected tax rate). In our view, the group is well placed to: 1/ ride the coming acceleration in offshore/subsea capex (we are looking for average annual market growth of more than 15% over 2024-2026e). 2/ and those in...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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