TGS (Hold, TP: NOK120.00) - Weak risk/reward ahead of Q1e
The TGS share price is now only 6% shy of the levels ahead of the material Q4 revenue miss in early January, after trading almost 30% lower at the trough in mid-February. This, in combination with our Q1 revenue estimates being 3% below consensus, implies that the risk/reward ahead of numbers does not look particularly attractive, in our view. We reiterate our HOLD, but have raised our target price to NOK120 (105).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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