CGG : Impairments and no guidance – Neutral recommendation (vs Buy)
>Quarterly results impacted by impairments - In a trading update (see our comment of 8 April 2020), the group had provided some quarterly indicators. Turnover came to $ 270.8m, down 4% but reflects a very good performance in the multi-client activity (+17%). In terms of earnings, EBITDA was $Â 122.7m ($ 110m est.), up +3%, i.e. a margin of 45%. Note for the quarter a good FCF generation + $17m ($ 25m announced during the trading update).The group's initial...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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