TGS Nopec (Sell, TP: NOK95.00) - When USD60/bbl is not enough
TGS reported Q1 sales of USD75m, 21% below consensus and 25% below our estimate. The miss came on late sales 30% below expectations. With continued struggles and likely lower investment level, we remain confident in our below-consensus estimates for the remainder of the year and expect meaningful downward consensus revisions. Today, we see the share price down 5–10% as warranted.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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