Subsea 7 S.A.

OB:SUBC Stock Report

Market Cap: NOK 86.8b

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 Future Cash Flow Value

  • Significantly Below Future Cash Flow Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Future Cash Flow 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.

Ultimate guide to DCF valuation for stock investing

Learn how to determine fair value like the best investors in the world.

Below Future Cash Flow Value: SUBC (NOK293.2) is trading below our estimate of future cash flow value (NOK564.76)

Significantly Below Future Cash Flow Value: SUBC is trading below future cash flow 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 Ratio21.7x
EarningsUS$411.40m
Market CapUS$8.92b

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 Average40.7x
DOFG DOF Group
7.4x-2.83%NOK 33.8b
AKSO Aker Solutions
8.6x-21.21%NOK 22.0b
TGS TGS
140.1x42.35%NOK 25.0b
SOMA Solstad Maritime
6.5x-1.33%NOK 13.4b
SUBC Subsea 7
21.7x9.99%NOK 86.8b

Price-To-Earnings vs Peers: SUBC is good value based on its Price-To-Earnings Ratio (21.7x) compared to the peer average (40.7x).

Historical Price to Earnings Ratio

Historical Price to Earnings Ratio compares a stock's price to its earnings over time. Higher ratios indicate that investors are willing to pay more for the stock.

Fetching historical data

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PRS Prosafe
0.9x-80.03%US$124.05m
AWDR Awilco Drilling
0.01xn/aUS$2.46m
No more companies available in this PE range
SUBC 21.7xIndustry Avg. 8.7xNo. of Companies5PE0816243240+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SUBC is expensive based on its Price-To-Earnings Ratio (21.7x) compared to the Norwegian Energy Services industry average (8.7x).

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 Ratio21.7x
Fair PE Ratio12.2x

Price-To-Earnings vs Fair Ratio: SUBC is expensive based on its Price-To-Earnings Ratio (21.7x) compared to the estimated Fair Price-To-Earnings Ratio (12.2x).

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 293.20
NOK 276.78
-5.60%
19.70%NOK 418.95NOK 192.81n/a14
Mar ’27NOK 274.80
NOK 259.16
-5.69%
20.39%NOK 408.37NOK 189.86n/a15
Feb ’27NOK 245.60
NOK 230.15
-6.29%
16.71%NOK 338.59NOK 150.56n/a15
Jan ’27NOK 203.20
NOK 228.65
+12.53%
11.47%NOK 265.16NOK 157.13n/a14
Dec ’26NOK 193.30
NOK 227.62
+17.75%
11.52%NOK 267.05NOK 158.25n/a14
Nov ’26NOK 185.00
NOK 229.87
+24.25%
11.30%NOK 268.37NOK 157.70n/a14
Oct ’26NOK 208.60
NOK 223.11
+6.96%
10.65%NOK 264.44NOK 155.39n/a14
Sep ’26NOK 208.00
NOK 220.23
+5.88%
10.32%NOK 264.70NOK 155.55n/a15
Aug ’26NOK 196.40
NOK 225.50
+14.82%
10.36%NOK 265.36NOK 159.79n/a14
Jul ’26NOK 188.00
NOK 215.86
+14.82%
12.72%NOK 260.64NOK 155.30n/a15
Jun ’26NOK 173.80
NOK 221.28
+27.32%
13.08%NOK 269.71NOK 160.70n/a15
May ’26NOK 156.50
NOK 219.92
+40.53%
12.98%NOK 270.05NOK 158.04n/a16
Apr ’26NOK 165.40
NOK 218.99
+32.40%
11.37%NOK 253.30NOK 159.92NOK 293.2016
Mar ’26NOK 172.70
NOK 231.33
+33.95%
9.85%NOK 273.35NOK 171.27NOK 274.8016
Feb ’26NOK 187.30
NOK 238.47
+27.32%
8.16%NOK 274.71NOK 190.44NOK 245.6017
Jan ’26NOK 180.10
NOK 244.18
+35.58%
7.57%NOK 277.87NOK 205.21NOK 203.2016
Dec ’25NOK 174.30
NOK 235.95
+35.37%
7.92%NOK 269.49NOK 198.68NOK 193.3016
Nov ’25NOK 170.40
NOK 236.92
+39.04%
8.37%NOK 269.50NOK 200.52NOK 185.0017
Oct ’25NOK 172.90
NOK 228.90
+32.39%
7.83%NOK 259.16NOK 202.53NOK 208.6017
Sep ’25NOK 189.20
NOK 220.76
+16.68%
15.82%NOK 260.87NOK 107.03NOK 208.0018
Aug ’25NOK 206.40
NOK 224.48
+8.76%
15.68%NOK 268.31NOK 110.08NOK 196.4019
Jul ’25NOK 201.60
NOK 209.95
+4.14%
15.52%NOK 242.50NOK 111.98NOK 188.0019
Jun ’25NOK 193.80
NOK 196.27
+1.28%
14.21%NOK 230.62NOK 110.63NOK 173.8019
May ’25NOK 180.20
NOK 203.12
+12.72%
13.47%NOK 231.71NOK 116.10NOK 156.5019
Apr ’25NOK 172.55
NOK 187.76
+8.82%
12.28%NOK 218.41NOK 115.05NOK 165.4018
NOK 276.78
Fair Value
5.9% overvalued intrinsic discount
14
Number of Analysts

Analyst Forecast: Target price is lower than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/02 19:19
End of Day Share Price 2026/04/01 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Subsea 7 S.A. is covered by 32 analysts. 16 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
James WestBarclays
Michael PickupBarclays
Richard DawsonBerenberg