Subsea 7 SA
SUBC: XOSL (NOR)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
NOK 618.00 | Pzmg | Xrcvjrrh |
Maintaining Subsea 7's FVE as First-Quarter Results Exhibit Strong Year-Over-Year Gains
Subsea 7’s first-quarter results were in line with expectations but indicated improvements in offshore activity. Quarterly revenue fell 13% sequentially but improved 20% year over year to $1.2 billion. We maintain our fair value estimate of NOK 120 and our no-moat rating.