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Subsea 7 SA SUBC

Morningstar Rating
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Stock XOSL Rating as of
$182.00 +1.80 (1.00%)
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As of Delayed Price Pre-Open: $184.00 +2.00
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Company Report

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Subsea 7 Earnings: Offshore Oil and Gas Projects Continue to Support Subsea 7’s Strong Growth

Joshua Aguilar,

No-moat-rated Subsea 7 posted solid first-quarter results. Subsea and conventional revenue rose 12% year on year to $1.2 billion, while renewables revenue similarly increased by 12% year on year to $179 million. Strong offshore oil and gas revenue supported firmwide revenue of $1.4 billion, which was offset by winter-weather-related seasonality in the renewables business unit. After our initial review of these and other financial results, we don't anticipate materially changing our NOK 196 fair value estimate or moat rating.

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Price vs Fair Value

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SUBC is trading at a 8% discount.
Price
NOK 180.20
Fair Value
NOK 639.00
Uncertainty
High
1-Star Price
NOK 359.40
5-Star Price
NOK 457.70
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Subsea 7’s early and substantial investment in offshore wind (relative to its oil and gas peers) will secure the firm’s capacity to address the high demand growth.

Bears

Recovery in offshore oil and gas investment could take longer than expected, or may recover less than anticipated, reducing Subsea 7’s growth and profitability potential moving forward.

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Trading Information

Previous Close Price
$180.20
Day Range
$175.50–183.00
52-Week Range
$108.75–184.00
Bid/Ask
$184.00 / $184.00
Market Cap
$54.51 Bil
Volume/Avg
676,045 / 518,904

Key Statistics

Price/Earnings (Normalized)
49.87
Price/Sales
0.83
Dividend Yield (Trailing)
0.55%
Dividend Yield (Forward)
0.55%
Total Yield
0.55%

Company Profile

Subsea 7 SA is one of the largest engineering and construction, or E&C, service providers in the offshore oil and gas industry. It provides a range of services, including subsea umbilicals, risers, and flowlines (SURF), fabrication, installation, maintenance, and heavy lifting, among many others. It’s recently begun to develop expertise in renewables, particularly offshore wind farms, which require equipment and expertise similar to offshore oil and gas developments.
Sector
Energy
Industry
Oil & Gas Equipment & Services
Stock Style Box
Mid Core
Total Number of Employees
13,437
Website
https://www.subsea7.com

Competitors

Valuation

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Metric
SUBC
SPM
FTI
Price/Earnings (Normalized)
 49.8711.2797.36
Price/Book Value
 1.152.013.64
Price/Sales
 0.830.181.40
Price/Cash Flow
 8.186.0720.54
Price/Earnings
SUBC
SPM
FTI

Financial Strength

Metric
SUBC
SPM
FTI
Quick Ratio
 1.031.020.79
Current Ratio
 1.071.161.16
Interest Coverage
 2.650.943.74
Quick Ratio
SUBC
SPM
FTI

Profitability

Metric
SUBC
SPM
FTI
Return on Assets (Normalized)
 0.33%−0.95%2.69%
Return on Equity (Normalized)
 0.60%−7.41%8.22%
Return on Invested Capital (Normalized)
 1.16%−0.68%6.07%
Return on Assets
SUBC
SPM
FTI
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