Subsea 7 S.A.

OB:SUBC Stock Report

Market Cap: NOK 53.7b

Subsea 7 Valuation

Is SUBC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SUBC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SUBC (NOK181.4) is trading below our estimate of fair value (NOK662.85)

Significantly Below Fair Value: SUBC is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SUBC?

Key metric: As SUBC is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SUBC. This is calculated by dividing SUBC's market cap by their current earnings.
What is SUBC's PE Ratio?
PE Ratio46.9x
EarningsUS$103.20m
Market CapUS$4.84b

Price to Earnings Ratio vs Peers

How does SUBC's PE Ratio compare to its peers?

The above table shows the PE ratio for SUBC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average16.3x
AKSO Aker Solutions
19.9x5.6%NOK 24.0b
TGS TGS
39.4x33.1%NOK 20.6b
DOFG DOF Group
4.3x26.1%NOK 16.6b
SEA1 Sea1 Offshore
1.4x-37.3%NOK 4.3b
SUBC Subsea 7
46.9x42.7%NOK 53.7b

Price-To-Earnings vs Peers: SUBC is expensive based on its Price-To-Earnings Ratio (46.9x) compared to the peer average (16.3x).

Price to Earnings Ratio vs Industry

How does SUBC's PE Ratio compare vs other companies in the NO Energy Services Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SEA1 Sea1 Offshore
1.4x-37.3%US$383.18m
AWDR Awilco Drilling
0.2xn/aUS$29.11m
DWELLOP Dwellop
1xn/aUS$1.28m
No more companies available in this PE range
SUBC 46.9xIndustry Avg. 9.3xNo. of Companies4PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SUBC is expensive based on its Price-To-Earnings Ratio (46.9x) compared to the Norwegian Energy Services industry average (9.3x).

Price to Earnings Ratio vs Fair Ratio

What is SUBC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SUBC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio46.9x
Fair PE Ratio19.1x

Price-To-Earnings vs Fair Ratio: SUBC is expensive based on its Price-To-Earnings Ratio (46.9x) compared to the estimated Fair Price-To-Earnings Ratio (19.1x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SUBC forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 181.40
NOK 241.19
+33.0%
8.0%NOK 272.48NOK 203.13n/a16
Nov ’25NOK 170.40
NOK 237.03
+39.1%
8.3%NOK 268.99NOK 200.52n/a17
Oct ’25NOK 172.90
NOK 228.84
+32.4%
7.8%NOK 258.66NOK 202.53n/a17
Sep ’25NOK 189.20
NOK 220.74
+16.7%
15.8%NOK 260.37NOK 107.03n/a18
Aug ’25NOK 206.40
NOK 224.45
+8.7%
15.7%NOK 267.79NOK 110.08n/a19
Jul ’25NOK 201.60
NOK 209.95
+4.1%
15.5%NOK 242.50NOK 111.98n/a19
Jun ’25NOK 193.80
NOK 196.27
+1.3%
14.2%NOK 230.62NOK 110.63n/a19
May ’25NOK 180.20
NOK 203.12
+12.7%
13.5%NOK 231.71NOK 116.10n/a19
Apr ’25NOK 172.55
NOK 187.76
+8.8%
12.3%NOK 218.41NOK 115.05n/a18
Mar ’25NOK 158.95
NOK 174.23
+9.6%
13.0%NOK 198.69NOK 107.32n/a18
Feb ’25NOK 143.85
NOK 171.74
+19.4%
13.2%NOK 195.27NOK 106.52n/a19
Jan ’25NOK 148.20
NOK 165.21
+11.5%
13.2%NOK 192.18NOK 104.84n/a19
Dec ’24NOK 151.90
NOK 172.37
+13.5%
13.8%NOK 202.35NOK 110.39n/a19
Nov ’24NOK 148.85
NOK 174.16
+17.0%
13.7%NOK 218.71NOK 122.08NOK 170.4019
Oct ’24NOK 147.40
NOK 165.92
+12.6%
16.6%NOK 209.75NOK 95.48NOK 172.9018
Sep ’24NOK 140.70
NOK 166.17
+18.1%
16.7%NOK 208.77NOK 95.03NOK 189.2018
Aug ’24NOK 138.05
NOK 156.24
+13.2%
18.2%NOK 199.65NOK 90.88NOK 206.4018
Jul ’24NOK 133.65
NOK 155.28
+16.2%
18.5%NOK 201.40NOK 90.61NOK 201.6017
Jun ’24NOK 110.30
NOK 158.43
+43.6%
18.7%NOK 204.65NOK 89.87NOK 193.8017
May ’24NOK 121.65
NOK 153.50
+26.2%
19.3%NOK 201.63NOK 90.15NOK 180.2018
Apr ’24NOK 123.90
NOK 146.70
+18.4%
21.0%NOK 199.84NOK 80.35NOK 172.5516
Mar ’24NOK 135.30
NOK 133.66
-1.2%
18.9%NOK 168.59NOK 80.03NOK 158.9517
Feb ’24NOK 123.80
NOK 122.96
-0.7%
18.9%NOK 160.19NOK 67.86NOK 143.8517
Jan ’24NOK 113.05
NOK 120.19
+6.3%
17.6%NOK 150.91NOK 68.89NOK 148.2017
Dec ’23NOK 112.10
NOK 120.19
+7.2%
17.6%NOK 150.91NOK 68.89NOK 151.9017
Nov ’23NOK 106.20
NOK 116.11
+9.3%
18.5%NOK 160.14NOK 74.74NOK 148.8517

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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