TGS Nopec (Sell, TP: NOK155.00) - Unable to deliver 14% growth
With no Q4 announcement from TGS, we believe most focus in the report due on 8 February will be on the 2018 market outlook, including investment and dividend levels. We expect TGS to be somewhat more cautious in its market outlook than other seismic companies. We maintain our SELL recommendation and NOK155 target price owing to the very high consensus estimates for 2018.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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