·油服与能源技术 ·内部研究
TechnipFMC: A Higher-Quality Subsea Franchise Now Priced for Continued Delivery
TechnipFMC is a focused subsea production-systems and SURF contractor whose earnings are anchored by a record offshore order book. A 16.57 billion USD backlog, free cash flow that doubled to 1.45 billion USD, and a swing to net cash have re-rated it from a post-merger cleanup story into a cyclical-quality franchise. Rating Hold: a genuinely better subsea business, but at 64.44 USD the price already discounts most of the backlog and cash-conversion improvement, leaving a thin margin of safety.
Hold
