TGS (Hold, TP: NOK150.00) - Moving sideways
Our investment case on TGS is unchanged following its Q3 report. Underlying multi-client late sales have trended flat in recent quarters and, while we expect high single-digit YOY underlying growth in 2023, consensus seem to be factoring in higher growth. We see Q4e sales, the investment guidance for 2023, and the successful integration of Magseis Fairfield as key drivers of our investment case. However, we believe positive outcomes for all of these are more than priced in; thus, we reiterate our HOLD and NOK150 target price.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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