DnB Markets - PGS ASA (PGS) Northern Lights

Report

DnB Markets

Jon Masdal ...

Martin Huseby Karlsen
Ole-Andreas Krohn

EUR 45.77 For Business Accounts Only

Northern Lights

04/06/2020 12 EN

Underlying

PGS ASA

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.

See profile

NO0010199151 Oslo Bors Norway

Provider

DnB Markets

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.

See profile

Analysts

Jon Masdal

Martin Huseby Karlsen

Ole-Andreas Krohn

Other Reports on these Companies

GlobeNewsWire

PGS Webcast Details for Q1 2024 Presentation

PGS Webcast Details for Q1 2024 Presentation April 22, 2024, Oslo, Norway: PGS will publish its Q1 2024 results on Wednesday May 8, at 07:00am Central European Summer Time (CEST). The earnings release and the presentation will be published on and on PGS’ website Rune Olav Pedersen, President & CEO and Gottfred Langseth, EVP & CFO will present the results the same day at 08:00am CEST at House of Oslo Conference Center, Ruseløkkveien 34, 0251 Oslo, Norway. The presentation is open to the public and will be webcasted live. To join the webcast, copy and paste the link below into your brow...

April 22, 2024 April 22, 2024 1 EN

GlobeNewsWire

PGS and TGS receives Norwegian competition clearance for Merger

PGS and TGS receives Norwegian competition clearance for Merger April 17, 2024, Oslo, Norway: Reference is made to the joint stock exchange announcement on 18 September 2023 by TGS ASA ("TGS" or the "Company," OSE: TGS) and PGS ASA ("PGS," OSE: PGS) regarding the combination of the two companies (the "Merger") to establish the premier energy data company, as well as subsequent announcements on 25 October 2023 and 1 December 2023 regarding, respectively, the execution of the definitive merger agreement and approval by the extraordinary general meetings. As further announced in the update ...

April 17, 2024 April 17, 2024 1 EN

DnB Markets

Limited change in EP spending

After reviewing oil companies’ most recent spending plans, we estimate offshore spending growth of c7% YOY for 2024, in line with our November update. Growth is concentrated, with Petrobras being the key driver, favouring service companies with Brazil exposure. Looking ahead, further spending growth is likely to be partly limited by total spending already being on a par with operating cash flow. Delayed energy transition spending is seen as positive for oil services, while recent E&P consolidation underpins the oil companies’ focus on M&A above organic growth (through exploration), allowing fo...

Free Trial

April 11, 2024 April 11, 2024 1 EN

Boliden (Buy, TP: SEK420.00) - In a sweet spot

Despite low mining volumes, the Q1 results were close to our expectations, thanks to good cost control. We have made significant estimate increases on better metal price and FX assumptions, and beyond 2024 we continue to see additional earnings support from: 1) higher mining volumes due to richer metal grades; 2) normal operations at Rönnskär; and 3) growing profits from the Odda smelter. Our spot-based estimates for 2027 translate to an EV/EBIT of 5.2x, but we see significant upside potential to our forecasts on our view of a promising outlook for copper and gold. We have raised our target pr...

Free Trial

16h / 45m 16h / 45m 1 EN

Douglas Lindahl

Douglas Lindahl

Beijer Ref (Hold, TP: SEK156.00) - Building (cash flow) confidence

We have increased our cash flow estimates but have made moderate underlying forecast changes after the Q1 report. Inclusion of recent M&A and updated FX has led us to raise our adj. EBITA by c3% on average for 2024–2026e. We have raised our target price to SEK156 (152) due to our model changes and updated peer multiples. We reiterate our HOLD and see limited upside potential given the valuation seems on the high side.

Free Trial

19h / 23m 19h / 23m 1 EN

Mattias Holmberg

Mattias Holmberg

Epiroc (Buy, TP: SEK230.00) - Mix headwind, benefits to come

Similar to Sandvik’s Mining business, the main miss in Epiroc’s Q1 was the soft margin, albeit for different reasons. Sandvik pointed to the unfavourable timing of equipment deliveries, while Epiroc alluded to a pure mix issue (high share of equipment, low share of service). Only small benefits from Epiroc’s cost measures have started to show – we expect more to be gradually realised through 2024. We have trimmed our 2024–2026e adj. EBIT by 1% on average. We reiterate our BUY, but have lowered our target price to SEK230 (235).

Free Trial

20h / 11m 20h / 11m 1 EN

Sign-up for free to access full reports immediately

Email Address*

Choose Password* ( 6 or more characters )

Due to regulatory restrictions regarding the distribution of financial research, this report is restricted to a specific region or investor type. Get access to exclusive reports by answering the questions below.

Select your country*

Get financial insights straight to your inbox

By clicking "register" you accept the Terms and Conditions & Privacy Policy

Already on ResearchPool?

Almost there...

Are you a professional investor?

Select your country

REGISTER

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

In order to access this report please create an account.

LOGIN

Northern Lights

PGS Webcast Details for Q1 2024 Presentation

PGS and TGS receives Norwegian competition clearance for Merger

Limited change in EP spending

Boliden (Buy, TP: SEK420.00) - In a sweet spot

Beijer Ref (Hold, TP: SEK156.00) - Building (cash flow) confidence

Epiroc (Buy, TP: SEK230.00) - Mix headwind, benefits to come

Create a free ResearchPool account to access full reports, get a personalised dashboard and follow providers or companies

Sign-up for free to access full reports immediately

ResearchPool Subscriptions

Get the most out of your insights

Why subscribe?

How to subscribe

ResearchPool Subscriptions

This report is only available to subscribers

Why subscribe?

How to subscribe