CGG : Future equipment deliveries weighing on cash flow
>Neutral recommendation maintained - In the wake of Q2 results, we maintain our earnings estimates and our Neutral recommendation (€ 0.95 target price). The group benefited from strong SMO business, but this weighed on its capacity to generate FCF. Ytd the shares have gained 23% which is an outperformance vs main peer PGS (flat ytd) but a sharp underperformance vs the E&C groups we prefer.Q2 2023 EBITDA in line with expectations - In Q2 2023, s...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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