TGS Nopec (Buy, TP: NOK270.00) - At a crossroads
Following three disappointing quarters, we believe TGS is dependent on a solid Q2 to reignite the investment case. For the revenue update (due 8 July) we are in line with consensus, with the risk more skewed to the downside in our view. Despite the high uncertainty from volatile markets, management has been upbeat about Q2 lately. We have cut our target price to NOK270 (280) with the inclusion of Spectrum, but reiterate our BUY on an attractive 2021e 7.3x EV/EBIT.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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