PGS (Hold, TP: NOK6.00) - Better risk/reward, still fairly valued
We believe most of the downside risks to the PGS investment case have played out following the recent weak share price performance. Q2 revenues were 3% shy of our estimate, primarily on weaker late-sales as contract dayrate momentum continued to exceed our expectations. We have raised our 2023–2025e EBITDA by 5–7% on higher contract dayrate assumptions along with the recently awarded offshore wind farm characterisation contract. We have upgraded PGS to HOLD (SELL) and raised our target price to NOK6 (5).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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