TGS Nopec (Hold, TP: NOK314.00) - Q3 unlikely to be a catalyst
For Q3 we forecast revenues of USD158m, 3% above consensus. We find current valuation stretched, trading at a P/E of 16x on 2020e consensus, assuming revenues 70% above 2017 levels. However, with our 2018e numbers marginally above consensus and low guidance risk, we maintain our HOLD, while we have raised our target price to NOK314 (287) on estimate revisions. TGS will update the market by Monday 8 October, while the Q3 report is due 1 November at 07:00 CET.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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