TGS Nopec (Hold, TP: NOK150.00) - No drama in Q2 update
TGS reported preliminary Q2 sales of USD96m, versus our USD101m estimate and consensus in the low-90s, hence we consider it a slight relief. Late sales were better than expected, while the pre-funding ratio was weaker, partly offset by higher investments (thus a bit weaker cash flow). We expect only minor estimate revisions in the underlying results, but impairments to likely move book value multiples slightly higher.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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