Subsea 7 S.A. (SUBC.OL)
ValueMarkers Composite Index
22% below intrinsic value ($35)
Subsea 7 S.A. (SUBC.OL) — VMCI valuation read
Subsea 7 S.A. (SUBC.OL) carries a VMCI composite of 64/100, 14 points above the broad-market sample median of 50. Among mid-cap names, that gap places SUBC.OL in the top third on the five-pillar weighting (Value 35%, Quality 30%, Integrity 15%, Growth 12%, Risk 8%).
The SUBC.OL insider tape has been silent for the past 30 days on Form 4. Where executives neither buy nor sell, the bull and bear cases lean harder on filings cadence and the next earnings line.
**Investor frame.** Value reads SUBC.OL trades at 26.0x earnings, 44% above the sector median of 18.0x, which compresses or extends through the 11.0x EV/EBITDA versus a sector 12.0x. Quality: ROIC of 14.0% sits 4.0pp above the sector median (10.0%). Risk: net debt to EBITDA of -2.1x leaves covenant headroom, the line to track on Subsea 7 S.A.'s next 10-Q.
SUBC.OL fell 1.2% over the trailing 7 days, with a -20.3% read on a 30-day basis.
Subsea 7 S.A. delivers offshore projects and services for the evolving energy industry worldwide. It provides subsea field development products and services, including project management, design and engineering, procurement, fabrication, survey, installation, and commissioning of production facilities on the seabed and the tie-back of its facilities to fixed or floating platforms or to the shore. The company also offers engineering, procurement, commissioning, and installation of subsea umbilicals, risers, and flowlines; inspection, repair, maintenance, remote intervention, and integrity management of subsea infrastructure services; conventional services comprising fabrication, installation, extension, and refurbishment of fixed and floating platforms and associated pipelines in shallow water; and hook-up services. In addition, it operates heavy lifting operations and heavy transportation services for renewables structures; and installs offshore wind turbine foundations and inter-array cables, as well as engages in the decommissioning of redundant offshore structures. Further, the company provides remotely operated vehicles (ROVs) and tooling services to support exploration and production activities, as well as engineering and advisory services for customers in the oil and gas, renewables, and utilities industries. As of December 31, 2021, it has a fleet of 38 vessels. Subsea 7 S.A. was incorporated in 1993 and is based in Luxembourg.
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