Subsea 7 : Visibility strengthened, focused maintained
>Outperform maintained and target price raised to NOK 200 - Following the publication of 2022 results and the conference call, we have adjusted our forecasts for 2023-2025 EBITDA by an average of 15% (the downward revision of 6% to our estimate for EPS stems from taxation). We think that the group is well positioned to surf on the future ramp-up in offshore capex (we forecast average annual market growth of 10% for 2022-2025e) as well as in investment in renewa...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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