TGS-NOPEC Geophysical Co. ASA,

TGS Nopec Geophysical provides geoscience data to oil and gas exploration and production companies worldwide. In addition to global geophysical and geological data libraries that include seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, Co. also provides advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions.
  • TickerTGS
  • ISINNO0003078800
  • ExchangeOslo Bors
  • SectorOil Equipment, Services & Distribution
  • CountryNorway
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...

Haakon Amundsen ...
  • John Olaisen

TGS Nopec - Generates FCF in historically weak markets

We make only minor EBITDA and FCF changes TGS can generate FCF in tough years too We stick to BUY and TP of NOK 190

Jon Masdal

TGS Nopec (Hold, TP: NOK150.00) - The Good, the Bad and the Ugly

We believe that to see further share price upside, fundamentals need to improve. However, with exploration spending set to be hit particularly hard, we see a risk of more disappointment, and limited room for further near-term re-rating potential, after the 40% rebound from its March lows. We have downgraded to HOLD (BUY), while we have lowered our target price to NOK150 (160) on estimate revisions. Nonetheless, for long-term holders, P/B at 1.2x is not very demanding.

Haakon Amundsen ...
  • John Olaisen

TGS Nopec - TGS Q1 EBIT hurt by high amortization

EBITDA and FCF 2-3% < est, accounting hits EBIT No change in guidance All in all, a small neg. reaction likely today

Martin Huseby Karlsen

Down, down, deeper and down

Following the large negative capex revisions so far this year, offshore E&P spending is set to take another leg down in 2020, representing a sixth (out of seven) years of decline since 2014. So far the oil companies have shown impressive flexibility in their budgets, and we calculate that 29 of those that have offshore exposure have on aggregate cut their spending for 2020 by 26%. Given the now even lower oil prices, we would not be surprised to see further cuts. As highlighted before, we are surprisingly seeing oil companies with pure offshore exposure cutting guidance more than those with bo...

Haakon Amundsen ...
  • John Olaisen

TGS Nopec - Q1 better than feared + action to secure FCF

Q1 revenues USD 152m Cutting costs, MC investments and DPS We like what we see. BUY, t.p. NOK 190.

Alexander Aukner ...
  • Håkon Astrup
  • Helene Kvilhaug Brøndbo
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Nicolai Farstad Olsen
  • Nicolay Dyvik
  • Ole Martin Westgaard
  • Ole-Andreas Krohn

Northern Lights

Alexander Aukner ...
  • Eivind Sars Veddeng
  • Håkon Astrup
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Niklas Wetterling
  • Ole Martin Westgaard
  • Ole-Andreas Krohn
  • Olof Larshammar
  • Patrik Ling
  • Simen Mortensen
  • Viktor Trollsten

Northern Lights

Jon Masdal ...
  • Marius Knudssøn
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Nicolay Dyvik
  • Ole-Andreas Krohn
  • Patrik Ling

Northern Lights

Alexander Aukner ...
  • Joachim Gunell
  • Jon Masdal
  • Karl-Johan Bonnevier
  • Martin Huseby Karlsen
  • Nicolay Dyvik
  • Ole-Andreas Krohn

Northern Lights

Joachim Gunell ...
  • Jon Masdal
  • Martin Hoang Nguyen
  • Martin Huseby Karlsen
  • Mattias Holmberg
  • Ole-Andreas Krohn
  • Tomi Railo

Northern Lights

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the week...

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