Citi Sees Upside After 47% Oilfield Rally

Citi notes European oilfield services stocks have risen 47% YTD, outpacing Stoxx Europe 600 Oil & Gas (+13%) and broader market (+43%).
Saipem trades at 3.4x 2027 EV/EBITDA, about half its 20‑year average and five‑times below U.S. peers, with a €5.10 target price.
Subsea 7 valued at 6.6x 2027 EV/EBITDA versus 9.7x historical, target NOK248 versus April‑24 close of NOK316.
Citi forecasts average EBITDA growth of 9% for European services 2025‑27, double the broader energy sector’s 4% pace.