Subsea 7 S.A. (SUBC) Fair Value & Analysis
Energy · NO · Market cap 93.3B NOK (≈ $10.0B) · ISIN LU0075646355
What is Subsea 7 S.A. really worth?
A solid business, but trading 47% above our fair value of kr 221.37.
Strengths
Risks
For context
Fair value as of: Aug 20, 2026
From 26 valuation models · updated 16 days ago
Fair value updated Aug 20, 2026, revised from kr 224.63 to kr 221.37 (−1.5%) since Aug 13, 2026. Share price −0.9% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- A high-quality business (quality 72/100), yet the market already pays well above fair value. Quality at a full price, with little margin of safety.
- The price sits above even our optimistic bull case (kr 276.71). The favourable scenario is already priced in.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 20, 2026.
How to read this chart
60‑month range kr 49.07 – kr 351.00 · fair‑value band kr 166.02 – kr 276.71 · the kr 326.40 price screens above the kr 221.37 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 20, 2026.
Analysis
Subsea 7 S.A. (SUBC) currently trades at kr 326.40, while our model-based Fair Value estimate is kr 221.37, implying the stock looks roughly 47.4% overvalued today. The Quality Score stands at 72/100 (solid quality), in the Energy sector. Bull case: the DCF Models group reads highest at a median of kr 44.38 per share, and 0 of the 26 models we run sit above the kr 326.40 price. Bear case: the Multiples group reads lowest at kr 23.62, and 26 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Subsea 7 S.A. generated revenue of 7.3B NOK at a net margin of 6.7%. Revenue grew 17.0% year over year. It earns a return on equity of 10.9%. Net debt stands at 621M NOK. Fundamentals as of Aug 20, 2026
Our scenario range runs from kr 166.02 (bear case) to kr 276.71 (bull case); at kr 326.40, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 4% below its 52-week high and 102% above its 52-week low, currently above its 200-day average. For context, the median of 10 Energy peers we cover trades at −50% fair-value upside, at −32%, SUBC screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly kr 1.63 per share, which is 0.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: DCF Models (kr 44.38) versus Asset-Based (kr 9.97). Highest evidence: FCF DCF (79).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 72 · Market factors (momentum, volatility) 81
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Subsea 7 S.A. delivers offshore projects and services for the energy industry worldwide. The company offers 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 …
Full company description
Subsea 7 S.A. delivers offshore projects and services for the energy industry worldwide. The company offers 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. It also provides remotely operated vehicles and tooling services to support exploration and production activities and to deliver full life-of-field services; procurement and installation of offshore wind turbine foundations and inter-array cables, as well as heavy lifting operations for renewables structures and heavy transportation services; and engineering and advisory services to clients in the oil and gas, renewables, and utilities industries. In addition, the company offers engineering, procurement, installation, and commissioning of subsea oil and gas systems in deep waters; fabrication, installation, extension, and refurbishment of fixed and floating platforms and associated pipelines in shallow water environments; inspection, and repair and maintenance services, management of subsea infrastructure, and remote intervention support; and carbon capture, utilization, and storage services. The company was incorporated in 1993 and is based in Luxembourg, Luxembourg.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Subsea 7 S.A. reported revenue of $7.1B in FY2025 versus $5.0B in FY2021, a compound +9.1%/yr. Reported net income was $411M in FY2025, compounding +89.7%/yr from FY2021.
SUBC screens 47% overvalued. Compare with SLB N.V →
Peer Group
Oil & Gas Equipment & Services · 185 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Oil & Gas Equipment & Services median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Oil & Gas Equipment & Services stocks, each showing price versus our Fair Value estimate (as of Aug 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| SLB N.V SLB | $57.33 | $28.66 | −50% |
| Baker Hughes Company BKR | $64.63 | $32.40 | −50% |
| TechnipFMC plc FTI | $75.27 | $27.43 | −64% |
| Halliburton Company HAL | $36.18 | $21.50 | −41% |
| Tenaris S.A TS | $53.09 | $45.68 | −14% |
| Yantai Jereh Oilfield Services Group 002353 | ¥144.58 | ¥34.17 | −76% |
| Saipem SpA SPM | €4.57 | €2.72 | −40% |
| China Oilfield Services Limited 601808 | ¥12.31 | ¥12.64 | +3% |
| Gaztransport & Technigaz SA GTT | €211.80 | €95.01 | −55% |
| Kodiak Gas Services, Inc KGS | $59.55 | $13.56 | −77% |
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