CGG : Deleveraging starting to show through
>Outperform rating and target price of € 0.9 maintained - Following this release and the conference call, we maintain our Outperform rating and have slightly adjusted our earnings sequence. After several years of significant underperformance markets-wise, the current valuation is really in the doldrums. We continue to play a re-rating, despite seismic market fundamentals being more fragile than in other businesses. The roadmap set out by the group looks realistic. The...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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