Petroleum Geo-Services (Hold, TP: NOK15.00) - More questions than answers
With the Q4 results pre-announced and guidance set to be focused on cost items, we expect limited consensus revisions following the CMD on 31 January. We believe there are several key questions investors need to hear addressed to restore their confidence in the investment case, such as progress on underlying cash generation, medium-term maintenance capex needs, the quality of the Q4 beat, and refinancing risk. However, as we do not expect clarification on these topics at the CMD, we maintain our HOLD and NOK15 target price.Petroleum Geo-Services is engaged in providing geophysical services and oil and gas production services. As of Dec. 31, 2001, Co. operated six Ramform design vessels in its marine seismic data acquisition operations.
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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