CGG : Impact of numerous deferrals set to make 2022 a transition year
>Neutral rating maintained (€ 0.95 target price) - We maintain our Neutral rating on the stock (€ 0.95 target price), and have lowered, post-release, our expectations for 2022 (post 2022 changes to a limited extent, with EBITDA down by 3% on average for 2023-2024). Again, deferrals are undermining the group’s momentum while the energy security theme is a priority. Higher oil prices are set initially to benefit the short-cycle projects and development capex. There...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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