CGG : Les livraisons futures d’équipements pèsent sur la génération de cash-flow
>Recommandation Neutre maintenue - Post publication, nous maintenons notre séquence de résultats et réitérons notre recommandation Neutre sur le titre (OC 0.95 €). Le groupe a bénéficié d’une activité soutenue du côté de SMO mais cela a pesé sur la capacité du groupe à générer du FCF. Le titre affiche une performance YtD de 23% soit une surperformance versus PGS (flat YtD) son principal comparable, cependant une nette sous-performance versus les groupes E&C que ...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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