CGG : Cycle recovery taking longer to materialise
>Neutral recommendation, target price adjusted to € 0.85 - We are sticking with our Neutral recommendation on the stock with our target price adjusted to € 0.85 (following the downward revision of 15% to segment EBITDA which we now forecast at $ 315m/group guidance at around $ 310m). Our new target price now stands at € 0.85 (based on a 12-month fwd EV/EBITDA multiple by business of 4.5x). Upside remains significant, although in our sector stocks harbour more potentia...CGG is a global participant in the geophysical seismic industry. Co. manufactures geophysical equipment and provides marine, land, and airborne data acquisition services. Co. also provides geosciences services, including data imaging, seismic data characterization, geosciences and petroleum engineering consulting services, and collecting, developing and licensing geological data. Co.'s clients are in oil and gas exploration and production industies. Co. divides its activities into four segments: Equipment, Contractual Data Acquisition, Geology, Geophysics and Reservoir (GGR), and Non-Operated Resources, including eight business lines, six Corporate functions, and four Group Departments.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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