Subsea 7 S.A. (SUBC) fair value: what the stock is really worth
As of Oct 28, 2026: fair value (intrinsic value) of Subsea 7 S.A. stock NOK 254, price NOK 328, upside -22.5%, quality 72 out of 100. Rating: overvalued. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Oct 28, 2026.
How to read this chart
60‑month range kr 49.07 – kr 351.00 · fair‑value band kr 164.80 – kr 286.65 · the kr 328.00 price screens above the kr 254.04 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Oct 28, 2026.
Follow Subsea 7 in your weekly email
Every Wednesday you see whether Subsea 7 is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Subsea 7 S.A. delivers offshore projects and services for the energy industry worldwide.
Show moreShow less
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.
Stock analysis
Subsea 7 S.A. (SUBC) currently trades at kr 328.00, while our model-based Fair Value estimate is kr 254.04, 22.5% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the DCF Models group reads highest at a median of kr 433.10 per share, and 10 of the 26 models we run sit above the kr 328.00 price.
Bear case: the Asset-Based group reads lowest at kr 86.36, and 16 of the 26 models stay below the price. Data coverage for this calculation is high.
Scenario range: kr 164.80 (bear) to kr 286.65 (bull), the price of kr 328.00 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 72/100 (solid quality), in the Energy sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
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.
Key figures
Market cap 97.1B NOK (≈ $10.5B) Large · P/E ratio 15.6 · P/S ratio 0.90 · EPS (TTM) kr 21.05 · Dividend yield 4.0% · Net margin 5.8% · Return on equity 14.2% · Return on assets (EBIT) 4.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 87% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at −35% fair-value upside, at −23%, SUBC screens cheaper than that median.
Fair Value models
Bearkr 164.80Fair Value kr 254.04Bullkr 286.65
Price kr 328.00 · Upside -22.5%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (kr 6.66 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.87/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+3.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+11.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.4%
Start year 2020 (pandemic). Over 10 years: +4.1% a year
Revenue growth 32 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years) (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip.
≈ +102.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year≈ +98.3%
Dividend (yield on the price)4.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: 67.1% / 0.9%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−30% → 11%
2025 sits 1,018% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
⚠ Base effect: the rate starts in the earnings trough around 2020 (starting value 0.11 per share, median 0.91 in 2015 to 2018). It measures the recovery from the trough, not lasting growth.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far and less than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−9.3%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+3.2%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about −11.4% a year for the price and +0.8% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: Contract momentum across West Africa and the North Sea stands as the main strength, yet thin public data on innovation and operations leaves durability unassessed.
Main risk: Ongoing EU review of the Saipem merger could delay or block the scale and backlog gains the combination is intended to deliver.
Subsea7 continues securing subsea installation contracts across regions including West Africa and the North Sea. Its planned merger with Saipem has cleared a key US regulatory step but faces ongoing EU review. Our models see it as overvalued. Will the combination mainly expand scale and backlog visibility, or will it add more integration and competitive risks?
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer Groupⓘ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.Oil & Gas Equipment & Services · 177 stocks
Beats the industry median on 12/15 measures
Overall it ranks above its industry peers.
Valuation
Quality Score72 · Top 25%
Fair Value upside−22.5% · Below median
Profitability
Return on equity (12 months)14.2% · Top 25%
Return on assets5.1% · Above median
Net margin (12 months)8.2% · Above median
Operating margin (12 months)15.9% · Above median
Growth and dividend
Revenue growth (quarter YoY)9.8% · Above median
Dividend yield (12 months)4.0% · Top 25%
Balance sheet
Debt / equity0.09× · Below median
Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Subsea 7 S.A. (SUBC) overvalued or undervalued?
As of Oct 28, 2026, our model estimates a fair value of kr 254.04 versus a price of kr 328.00, about −23% upside (overvalued).
What is the fair value of SUBC?
Our model-based fair value for Subsea 7 S.A. is kr 254.04 (as of Oct 28, 2026), built from audited fundamentals. The current price: kr 328.00.
What is the quality score of SUBC?
Subsea 7 S.A. has a Quality Score of 72/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Subsea 7 S.A. (SUBC)?
Our model-based price target is the fair value of kr 254.04 (as of Oct 28, 2026) from 26 valuation models. Cautious scenario kr 164.80, optimistic scenario kr 286.65. It is a calculation from audited fundamentals, not an analyst target.
What is the Subsea 7 S.A. stock forecast for 2026?
Our models put fair value at kr 254.04, about −23% upside versus a price of kr 328.00 (overvalued). Cautious scenario kr 164.80, optimistic scenario kr 286.65. The calculation is refreshed regularly with new filings.
What is the revenue of Subsea 7 S.A. (SUBC)?
Subsea 7 S.A. reported trailing-twelve-month revenue of about $7.5B (latest available figure, as of Oct 28, 2026).
Does Subsea 7 S.A. pay a dividend?
Subsea 7 S.A. currently shows a dividend yield of 3.96% relative to its recent price (as of Oct 28, 2026).
What growth is priced into Subsea 7 S.A. (SUBC)?
For today's price to be fair in a discounted-cash-flow model, Subsea 7 S.A. would have to grow free cash flow by -9.3 % per year for five years (discount rate 8.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.4 % per year. As of Oct 28, 2026.
What discount rate (WACC) does the fair value of SUBC use?
Our models discount Subsea 7 S.A. at 8.2 %: a base by market capitalisation (large), damped by beta 0.66, country premium for Norway. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Subsea 7 S.A. that is -9.3 % per year a year over ten years, using the same discount rate (8.2 %) and the same formula as our fair value.
How much growth has Subsea 7 S.A. (SUBC) delivered so far?
Over the past 5 years revenue at Subsea 7 S.A. grew +15.4 % a year. The price currently implies -9.3 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Subsea 7 S.A. (SUBC) growing?
The median revenue growth in the sector is +13.0 % a year. That is the yardstick for the growth priced into Subsea 7 S.A. (-9.3 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Subsea 7 S.A. (SUBC)?
The free-cash-flow yield on the price is 11.34 %: that much free cash flow Subsea 7 S.A. produces per unit of market value. When it exceeds the discount rate of our models (8.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Subsea 7 S.A. (SUBC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Subsea 7 S.A. it is kr 254.04 per share (as of Oct 28, 2026), against a price of kr 328.00. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is Subsea 7 S.A. stock overvalued or undervalued in 2026?
As of Oct 28, 2026, SUBC trades above its calculated fair value: price kr 328.00, fair value kr 254.04, a gap of about −23% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SUBC?
No. The price is what the market pays today (kr 328.00); the fair value is what the company's own numbers justify (kr 254.04). For Subsea 7 S.A. the two are kr 73.96 per share apart. That gap is exactly why we show both numbers side by side.
How much is Subsea 7 S.A. worth?
The market values Subsea 7 S.A. at about 97.1B NOK (market capitalisation, as of Oct 28, 2026). Per share that is kr 328.00; our models calculate a fair value of kr 254.04 per share.
What do the bullish and bearish scenarios say about SUBC?
Our models span a range for Subsea 7 S.A.: cautious scenario kr 164.80, base kr 254.04, optimistic kr 286.65 per share (as of Oct 28, 2026, price kr 328.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SUBC?
Subsea 7 S.A. trades at a price-to-earnings ratio of 15.6 (as of Oct 28, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of kr 254.04 is built from several models across several years. Other multiples: PEG 0.1, P/B 2.4, P/S 1.4, EV/EBITDA 7.0.
What is the PEG ratio of SUBC?
The PEG ratio of Subsea 7 S.A. is 0.12 (P/E divided by earnings growth, as of Oct 28, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Subsea 7 S.A. (SUBC)?
Balance-sheet figures for Subsea 7 S.A. (as of Oct 28, 2026): return on equity 14.2%, debt of 0.09 per unit of equity. They feed the Quality Score of 72/100, which measures business quality independently of the share price.
How far is SUBC from its 52-week high?
Subsea 7 S.A. trades at kr 328.00, about 7% below its 52-week high of kr 351.00 and 87% above the low of kr 175.18 (as of Oct 28, 2026). Distance from the high says nothing about value: that is what the fair value of kr 254.04 is for.
Which stocks are comparable to Subsea 7 S.A.?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, Halliburton Company, TechnipFMC plc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Subsea 7 S.A. stock attractive at the current price?
The data as of Oct 28, 2026: price kr 328.00, calculated fair value kr 254.04 (−23%), Quality Score 72/100, from 26 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SUBC calculated?
We run Subsea 7 S.A. through 26 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 254.04, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.4 % above its aggregate fair value. Subsea 7 S.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Subsea 7 S.A. (SUBC)?
The closing price on Oct 28, 2026 was kr 328.00. Our model-based fair value is kr 254.04, about −23% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Subsea 7 S.A. right 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 286.65). The favourable scenario is already priced in.
Key figures of Subsea 7 S.A.
How large is the market capitalisation of Subsea 7 S.A. (SUBC)?
The market capitalisation of Subsea 7 S.A. is 97.1B NOK (≈ $10.5B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Subsea 7 S.A. (SUBC)?
The price-to-sales ratio of Subsea 7 S.A. is 0.90 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Subsea 7 S.A. (SUBC)?
Earnings per share at Subsea 7 S.A. are kr 21.05 (price ÷ EPS = P/E 15.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Subsea 7 S.A. (SUBC)?
The dividend yield of Subsea 7 S.A. is 4.0% (payout 61.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Subsea 7 S.A. (SUBC)?
The net margin of Subsea 7 S.A. is 5.8% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Subsea 7 S.A. (SUBC)?
The return on equity (ROE) of Subsea 7 S.A. is 14.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Subsea 7 S.A. (SUBC)?
On an EBIT basis the return on assets of Subsea 7 S.A. is 4.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Subsea 7 S.A. (SUBC)?
The operating margin of Subsea 7 S.A. is 15.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Subsea 7 S.A. (SUBC)?
Revenue at Subsea 7 S.A. is growing +9.8% versus a year earlier (3y avg +11.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Subsea 7 S.A. (SUBC)?
Earnings per share at Subsea 7 S.A. are growing +88.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Subsea 7 S.A. (SUBC) carry?
The net debt of Subsea 7 S.A. is $621M (fiscal year 2024, ≈ 0.5 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Subsea 7 S.A. in the live analysis
One click puts Subsea 7 S.A. on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 28,000+ stock screener.
Broad data
Oct 28, 2026