TGS (Hold, TP: NOK155.00) -
We expect Q3 revenues of USD261m (Q3 revenue update due around 07:00 CET on 9 October), representing ~8% growth QOQ, primarily driven by stronger MultiClient revenues. Our Q3 revenue estimate is c3% above Bloomberg consensus. Given the more favourable macro environment, with the Brent oil price moving from USD75/bbl at the start of Q3 to USD95/bbl at the end of the quarter, we believe investor expectations are that revenues should trend higher in H2 than in the soft H1. We reiterate our HOLD and target price of NOK155.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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