TGS Nopec (Hold, TP: NOK245.00) - Lack of triggers
TGS reported Q1 sales in line with pre-announced figures and EBIT below expectations on higher amortisation. We have raised 2018e sales by 4% and 9% for 2019e and 2020e. For 2018 our estimates are aligned with consensus. While we continue to find the share price overvalued on traditional metrics we believe that with a lack of triggers the share price will be range-bound around current levels. Hence, we have upgraded to HOLD, with a new target price of NOK245 (180).TGS Nopec Geophysical provides geoscience data to oil and gas exploration and production companies worldwide. In addition to global geophysical and geological data libraries that include seismic data, magnetic and gravity data, digital well logs, production data and directional surveys, Co. also provides advanced processing and imaging services, interpretation products, permanent reservoir monitoring and data integration solutions.
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.
Unfortunately, this report is not available for the investor type or country you selected.
Browse all ResearchPool reportsReport is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.