TGS Nopec (Buy, TP: NOK270.00) - Need to exceed sales guidance
Despite the company’s Q3 guidance, we believe there is a range of potential outcomes for the revenue update due on 8 October. We believe the company needs to deliver USD275m in revenues to meet investor expectations on underlying late sales given the solid transfer fee contribution and higher investment level. We expect revenues of USD282m, which we believe investors would view as fairly neutral. We maintain our BUY and NOK270 target price, and expect a solid DPS of USD2 for 2020.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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