Petroleum Geo-Services (Sell, TP: NOK21.00) - Staying true to the calculator
PGS disappointed across the board with revenues 13% below consensus and cash EBITDA 48% below, resulting in a cash flow deficit after maintenance and interest. With all-time low backlog coverage, we see high earnings risk with our 2019e EBIT 62% below consensus. Hence, we see vanished hope of cash flow ahead of required maintenance needs and debt maturities by 2020. SELL and NOK21 target reiterated.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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