TGS Nopec (Hold, TP: NOK150.00) - The Good, the Bad and the Ugly
We believe that to see further share price upside, fundamentals need to improve. However, with exploration spending set to be hit particularly hard, we see a risk of more disappointment, and limited room for further near-term re-rating potential, after the 40% rebound from its March lows. We have downgraded to HOLD (BUY), while we have lowered our target price to NOK150 (160) on estimate revisions. Nonetheless, for long-term holders, P/B at 1.2x is not very demanding.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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