Robert Robotti presented his in-depth investment thesis on Subsea 7 (Oslo: SUBC) at Wide-Moat Investing Summit 2015.
Subsea 7 is Robotti & Company’s highest conviction investment idea. The firm believes that the shares will more than double within two to three years. Subsea 7 is a global leader in a niche industry with a sustainable competitive advantage. The market underestimates the barriers to entry shared by the 3 Tier-1 competitors. The dislocation of oil prices should accelerate consolidation opportunities and further differentiate the Tier-1 competitors. Backlog dynamics are in place to create a runway for significant growth. Shares of the business today trade at a single-digit multiple of current and normalized earnings. Note the disclosure and disclaimer contained in the presentation available below.
About the instructor:
Robert Robotti is the President of Robotti & Company. Prior to forming Robotti & Company, Incorporated in 1983, Bob was a vice president and shareholder of Gabelli & Company, Inc. He worked in public accounting before coming to Wall Street and is currently an inactive CPA. Bob holds a BS from Bucknell University and an MBA in Accounting from Pace University. Some of Bob’s areas of coverage include Special Situations, Energy Industry, Property-Casualty Insurance and Banking. Bob is the principal of the managing member or general partner of several investment vehicles. Bob currently serves on the Board of Directors of Panhandle Oil & Gas Company, a NYSE-listed diversified mineral company located in Oklahoma City; as Chairman of the Board of Directors of Pulse Seismic Inc., a seismic data licensing business located in Calgary, Alberta; and on the Board of Directors of Build with BMC, a privately held company specializing in building materials and construction services throughout the United States. In addition, he serves on the Boards of many non-profit organizations where he generously donates his time and expertise. Previously, Bob was a member of the Securities and Exchange Commission’s Advisory Committee on Smaller Public Companies, established to examine the impact of Sarbanes-Oxley Act and other aspects of the federal securities law.
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