PGS (Hold, TP: NOK6.50) - Awaiting regulatory approval
PGS reported in-line Q4 results, although we found the 2024 guidance slightly negative with higher than expected capex. The TGS merger remains contingent on regulatory approval in Norway and the UK, and we expect more clarity on the timeline by end-April. We continue to base our target price on the proposed merger exchange ratio, with PGS shareholders receiving 0.06829 shares in TGS per PGS share. We reiterate our HOLD and NOK6.5 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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