Subsea 7 (SUBC.OL) fair value: NOK 541.28 a share
What is one share of Subsea 7 worth today if its net income keeps growing and the market keeps paying the multiple it has paid? Every starting value below comes from Subsea 7's own filings and price history. Change any of them; nothing here is a forecast or advice.
What the price says
On its own net income, growing 25.0% a year and fading, valued at 26.6x in 5 years and discounted at 10%, one share of Subsea 7 is worth about NOK 541.28: 72% above the price of 315.00. Today's price assumes 9.9% growth a year on the same assumptions, against 82.5% a year over the last 4.0 years.
It trades at 26.6x its net income today, against a five-year median of 46.5x.
Its share count has risen 0.0% a year over five years.
How much the answer moves
Fair value a share, NOK, for the growth rate across and the return wanted down; everything else as above.
| Return wanted | 22.0% growth | 25.0% growth | 28.0% growth |
|---|---|---|---|
| 8% | 535.37 | 593.28 | 656.09 |
| 10% | 488.44 | 541.28 | 598.57 |
| 12% | 446.35 | 494.64 | 547.00 |
On assumptions, not a forecast, and not advice: the inputs are the company's own history, and the future need not repeat it.
Net income, as filed and projected
| Year | Growth | Net income |
|---|---|---|
| 1 | 25.0% | 4.83B |
| 2 | 22.5% | 5.92B |
| 3 | 20.2% | 7.12B |
| 4 | 18.2% | 8.41B |
| 5 | 16.4% | 9.79B |
How it is worked out
The figure is grown for each year of the horizon at a rate that fades, the multiple puts a market value on the last year's figure, and that value is divided over the share count as it will be by then. What that future price is worth today is it discounted at the return you want.
growth in year n = g × (1 − fade)n−1
figure in year n = figure in year n−1 × (1 + growth in year n)
future price = figure in year N × multiple ÷ (shares today × (1 + share change)N)
fair value = future price ÷ (1 + return wanted)N
The starting values are Subsea 7's own: the latest twelve months of the figure as filed, what it actually grew at over four years, the company's own five-year median multiple of it or today's if that is lower, and what its share count actually did. A model this simple is only as good as the assumptions put into it, and the most important one -- that the business keeps growing -- is the one no filing can tell you.
Subsea 7 reports in USD and its shares trade in NOK. Its figures and its multiples are converted at one rate, 1 NOK = 0.1046 USD as at 2026-10-14, so a move in that rate over the five years shows up as a move in the multiple.