TGS Nopec (Sell, TP: NOK100.00) - A weak Q2e well flagged
With the share price falling 18% in the past year despite Brent prices rising 62%, TGS has significantly underperformed the market as well as oil service and seismic peers. While part of the funding case has played out, in our view, we believe that TGS continues to face structural challenges. We reiterate our SELL and NOK100 target price, as we find limited support at current levels, even on improved earnings for 2023e.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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