CGG is a global participant in the geophysical seismic industry. Co. manufactures geophysical equipment and provides marine, land, and airborne data acquisition services. Co. also provides geosciences services, including data imaging, seismic data characterization, geosciences and petroleum engineering consulting services, and collecting, developing and licensing geological data. Co.'s clients are in oil and gas exploration and production industies. Co. divides its activities into four segments: Equipment, Contractual Data Acquisition, Geology, Geophysics and Reservoir (GGR), and Non-Operated Resources, including eight business lines, six Corporate functions, and four Group Departments.
  • TickerCGG
  • ISINFR0013181864
  • ExchangeEuronext Paris
  • SectorOil Equipment, Services & Distribution
  • CountryFrance
Jon Masdal

CGG (Hold, TP: EUR1.00) - In line on sales, below on EBITDA

As we forecast Q2 sales of USD212m – broadly in line with consensus – we do not expect a pre-warning from CGG. However, as our EBITDA estimate is 17% below consensus, we advise caution ahead of the Q2 report, due on 29 July. We expect a challenging period ahead for exploration spending, and maintain our muted sector view, with a HOLD and EUR1 target price reiterated for CGG.

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Remains In Favor; Shanghai Comp Breaking Out A weakening US dollar (DXY) continues to be a major tailwind for both EM equities and the commodity Sectors. Improving price and RS trends for these risk-on areas of the market are among the many characteristics consistent with historical bull markets. Therefore, we continue to label this a bull market and we believe global equities are still in the early innings of a broad-based advance. • EM Equities. Price action has remained weak for the US dollar (DXY), which has been great news for EM equities. As outlined in our 12/19/19 Int'l Compass an...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Breakout -- Add Exposure The laundry list of market characteristics consistent with historical bull markets continues to grow, helping support our ongoing belief that global equities are in the early stages of a broad-based advance. • US Dollar; EM Equities. The US dollar (DXY) exhibits signs of rolling over, something we outlined as increasingly likely in our 12/10/19 Int'l Macro Vision strategy. This is bullish for global equities -- especially EM -- and has paved the way for the MSCI EM index to break above key resistance. Add exposure... see chart below and page 2. • Europe and Japan...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The Pause that Refreshes? We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several international markets that are breaking out to new highs or making bullish inflections since our previous Int'l Compass (10/31/19). While developments continue to lean bullish, global equities have rallied substantially since the start of October, making it perfectly reasonable to expect some consolidation of recent gains which would allow for a more meaningful move higher. • New Highs or Bullish Inflections. The number of in...

Matthieu DRIOL

Short term view - CGG : The trend is bearish.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €1.952. The bearish trend would be challenged above €3.578.

Matthieu DRIOL

Analyse court terme - CGG : La tendance est baissière.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 1,952 €. La tendance baissière serait remise en cause au-dessus de 3,578 €.

Jon Masdal

CGG (Hold, TP: EUR1.00) - In line on sales, below on EBITDA

As we forecast Q2 sales of USD212m – broadly in line with consensus – we do not expect a pre-warning from CGG. However, as our EBITDA estimate is 17% below consensus, we advise caution ahead of the Q2 report, due on 29 July. We expect a challenging period ahead for exploration spending, and maintain our muted sector view, with a HOLD and EUR1 target price reiterated for CGG.

Baptiste Lebacq ...
  • Jean-François Granjon

ODDO : Seismic sector: San Andreas Fault or Fear and Trembling

The seismic sector, having got an initial recovery under way in 2019 after the crisis of 2014, is set to once more be sacrificed in the new oil paradigm. The previous shock had led several players to reposition in different businesses and, in some cases, to adopt an asset-light strategy. This approach should allow them to adjust their cost bases more readily in the first instance. But the move to boost exposure to multi-client surveys could lead to huge impairments on their libra...

Baptiste Lebacq ...
  • Jean-François Granjon

ODDO : Sismique : la faille de San Andreas ou Stupeur et tremblement

La sismique qui avait initié en 2019 un premier rebond depuis la crise de 2014 va de nouveau être sacrifiée suite au changement de paradigme pétrolier. Le choc précédent avait amené à un repositionnement de nombreux acteurs sur des métiers différents et pour certains à l’adoption d’une stratégie « asset light ». Cette dernière devrait leur permettre d’ajuster plus facilement leur base de coûts dans un premier temps. Cependant, le renforcement de l’exposition aux métiers des donné...

Jean-François Granjon

CGG : Impairments and no guidance – Neutral recommendation (vs Buy)

>Quarterly results impacted by impairments - In a trading update (see our comment of 8 April 2020), the group had provided some quarterly indicators. Turnover came to $ 270.8m, down 4% but reflects a very good performance in the multi-client activity (+17%). In terms of earnings, EBITDA was $ 122.7m ($ 110m est.), up +3%, i.e. a margin of 45%. Note for the quarter a good FCF generation + $17m ($ 25m announced during the trading update).The group's initial...

Jean-François Granjon

CGG : Des dépréciations d’actifs et pas de guidances – Neutre (vs Achat)

>Des résultats trimestriels affectés par des dépréciations d’actifs - Dans le cadre d’un trading update (cf. notre commentaire du 8 avril 2020), le groupe avait fourni quelques indicateurs trimestriels. Le CA ressort à 270,8 M$ en repli de 4% mais traduit une très bonne performance de l’activité Multi-Clients (+17%). Pour les résultats, l’EBITDA ressort à 122,7 M$ (110 M$ estimés), +3%, soit une marge de 45%. A noter également pour le trimestre une bonne génération de...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Hela Zarrouk
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 05/12/2020

...

Anis Zgaya ...
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Fehmi Ben Naamane
  • Hela Zarrouk
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Nicolas David
  • Oussema Denguir
  • Salma Bouraoui
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 12/05/2020

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 04/20/2020

...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Geoffroy Michalet
  • Jean-François Granjon
  • Jerôme Bodin
  • Matthias Desmarais
  • Roland Pfaender,MBA,CFA,CCRA
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 20/04/2020

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Aurelien Sivignon
  • Baptiste Lebacq
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Jean-François Granjon
  • Jerôme Bodin
  • Martial Descoutures
  • Oussema Denguir
  • Virginie Rousseau

ODDO BHF Small & MIDCAP MORNING NEWS - 03/24/2020

...

CGG sees an upgrade to Slightly Negative thanks to a better star rating, but the title remains unattractive

The independent financial analyst theScreener just awarded an improved star rating to CGG (FR), active in the Oil Equipment & Services industry. As regards its fundamental valuation, the title receives an improved star rating and now shows 1 out of 4 possible stars. Given its market behaviour as risky, theScreener considers that these elements allowing slightly upgrading its general evaluation to Slightly Negative; the title, however, remains unattractive. As of the analysis date May 26, 2020, the closing price was EUR 1.03 and its target price was estimated at EUR 0.68.

Jehanne Leroy

CGG - Assemblée Générale des actionnaires du 16 Juin 2020

RémunérationsLes plans d’actions de performance attribués en 2019 comprennent une condition de performance mesurée à fin 2021, soit 2 ans après l’attribution. Ce type de pratique court-termiste ne correspond pas du tout aux pratiques en France et encore moins dans le SBF 120 et n’est pas acceptable. C’est la raison pour laquelle nous ne soutenons pas la résolution 10 relatives aux rémunérations 2019 de la Directrice Générale. La société a toutefois corrigé le tir pour 2020 puisque les conditions de performance sont toutes désormais mesurées sur 3 ans. En raison de cette amélioration, nous rec...

CGG - Assemblée générale des actionnaires du 15 mai 2019

A la suite du plan de restructuration financière et de la modification de l'actionnariat, la société a été marquée en 2018 par l'évolution de la gouvernance avec l'arrivée de Philippe Salles à la présidence du conseil en remplacement de Remi Dorval et la nomination de Sophie Zurquiyah comme Directeur général en remplacement de Jean-Georges Malcor. Par ailleurs, le nombre de membres au conseil sera réduit de 11 à 9 à l'issue de la présente assemblée générale. Les conditions de départ de Jean-Georges Malcor sont inacceptables. Proxinvest évalue l'ensemble de ses avantages à 5,5 M€ (estimation d...

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