Subsea 7 S.A.

OB:SUBC Stock Report

Market Cap: NOK 62.0b

Subsea 7 Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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.

NOK 557.14
Fair Value
62.4% undervalued intrinsic discount
14
Number of Analysts

Below Fair Value: SUBC (NOK209.4) is trading below our estimate of fair value (NOK557.14)

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 Ratio23.2x
EarningsUS$268.30m
Market CapUS$6.24b

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 Average18.8x
DOFG DOF Group
6.5x9.06%NOK 24.5b
AKSO Aker Solutions
6.5x-14.42%NOK 14.3b
TGS TGS
58.3x75.81%NOK 14.5b
SOMA Solstad Maritime
4x2.42%NOK 10.5b
SUBC Subsea 7
23.2x23.52%NOK 62.0b

Price-To-Earnings vs Peers: SUBC is expensive based on its Price-To-Earnings Ratio (23.2x) compared to the peer average (18.8x).

Price to Earnings Ratio vs Industry

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

1 CompanyPrice / EarningsEstimated GrowthMarket Cap
AWDR Awilco Drilling
0.01xn/aUS$2.46m
No more companies available in this PE range
SUBC 23.2xIndustry Avg. 6.5xNo. of Companies5PE0612182430+
1 CompanyEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SUBC is expensive based on its Price-To-Earnings Ratio (23.2x) compared to the Norwegian Energy Services industry average (6.5x).

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 Ratio23.2x
Fair PE Ratio10.4x

Price-To-Earnings vs Fair Ratio: SUBC is expensive based on its Price-To-Earnings Ratio (23.2x) compared to the estimated Fair Price-To-Earnings Ratio (10.4x).

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 209.40
NOK 224.47
+7.20%
11.10%NOK 261.71NOK 154.84n/a14
Sep ’26NOK 208.00
NOK 220.11
+5.82%
10.22%NOK 262.90NOK 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 159.92n/a16
Mar ’26NOK 172.70
NOK 231.33
+33.95%
9.85%NOK 273.35NOK 171.27n/a16
Feb ’26NOK 187.30
NOK 238.47
+27.32%
8.16%NOK 274.71NOK 190.44n/a17
Jan ’26NOK 180.10
NOK 244.18
+35.58%
7.57%NOK 277.87NOK 205.21n/a16
Dec ’25NOK 174.30
NOK 235.95
+35.37%
7.92%NOK 269.49NOK 198.68n/a16
Nov ’25NOK 170.40
NOK 237.01
+39.09%
8.36%NOK 269.50NOK 200.52n/a17
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
Mar ’25NOK 158.95
NOK 174.23
+9.61%
13.02%NOK 198.69NOK 107.32NOK 172.7018
Feb ’25NOK 143.85
NOK 171.74
+19.39%
13.21%NOK 195.27NOK 106.52NOK 187.3019
Jan ’25NOK 148.20
NOK 165.21
+11.47%
13.22%NOK 192.18NOK 104.84NOK 180.1019
Dec ’24NOK 151.90
NOK 172.37
+13.48%
13.78%NOK 202.35NOK 110.39NOK 174.3019
Nov ’24NOK 148.85
NOK 174.16
+17.00%
13.72%NOK 218.71NOK 122.08NOK 170.4019
Oct ’24NOK 147.40
NOK 165.92
+12.56%
16.57%NOK 209.75NOK 95.48NOK 172.9018
NOK 224.47
Fair Value
6.7% undervalued intrinsic discount
14
Number of Analysts

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/10/06 09:41
End of Day Share Price 2025/10/03 00:00
Earnings2025/06/30
Annual Earnings2024/12/31

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 57 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
John A. OlaisenABG Sundal Collier
Mark van der GeestABN AMRO Bank N.V.
Kjetil GarstadArctic Securities ASA