CGG (Hold, TP: EUR1.60) - Welcome relief
CGG’s Q4 results were broadly in line with expectations following the pre-announcement in January. The 2018 guidance was maintained, implying EBITDA of USD525m–600m versus current consensus of USD512m. While we do not expect any large consensus revisions on the back of the report, we believe the maintained guidance has de-risked estimates somewhat. As the report did not contain any major surprises, we consider it positive relief for investors.
DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.
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