Petroleum Geo-Services (Sell, TP: NOK17.00) - Peak earnings required
EBITDA was in line with our estimate, but 7% above consensus. Still, cash flow was well below consensus expectations. As the backlog lags that seen last year, we struggle with the current excitement for Petroleum Geo-Services as we believe peak earnings are needed to justify the current share price. We maintain SELL, but have raised our target price to NOK17 (13) on our higher library valuation.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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