CGG : On course for FCF breakeven in 2023 post WC effect (vs pre WC effect previously)
>Neutral rating maintained - Following this release, we maintain our earnings sequence, Neutral rating and target price (€ 0.95). The diversification strategy implemented by the group (Beyond the core business) is beginning to ramp up and should see it reduce its cyclical exposure going forward. But there are stocks with greater upside in our coverage universe (Vallourec and Schoeller Bleckmann +80%), hence our Neutral rating on CGG relative to the sector. ...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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