TGS Nopec (Sell, TP: NOK155.00) - A unique selling opportunity
Compared to current consensus expectations of 14% revenue growth in 2018, we consider the earnings risk over the next few quarters to be skewed to the downside. In our view, the downside protection from TGS’s operational flexibility has inflated investor sentiment. With a stretched valuation and potential negative triggers on earnings risk, we have downgraded our recommendation to SELL (HOLD); our target price has been raised to NOK155 (145) on FX.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.
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