>Underperform recommendation, target price of NOK6 - Following the link-up with TGS, PGS shareholders will receive 0.06829 TGS shares for each PGS share held. We think this transaction makes sense for PGS shareholders, but we believe that it is more difficult to justify for shareholders of TGS shareholder whose business model of an asset-light group has proven its resilience over the past cycles. Following the Q1 2024 results publication and conference call, we maint...
>Recommandation Sous-performance OC 6 NOK - A l’issue du rapprochement avec TGS, les actionnaires de PGS recevront 0.06829 action TGS pour chaque action PGS. Nous pensons que cette opération fait du sens pour les actionnaires de PGS mais nous estimons qu’elle est plus difficile à justifier pour un actionnaire de TGS dont le business model d’un groupe asset light a fait la preuve de sa résilience aux cours des différents cycles passés. A l’issue de la publication et d...
PGS Contract Award in West Africa May 10, 2024, Oslo, Norway: PGS is awarded a 4D contract in West Africa for an international energy company. Mobilization is scheduled for early September. The contract has a total duration of approximately 65 days, with an option to extend. “We are very pleased with this contract award, securing visibility for another of our vessels well into the fourth quarter. After completion of scheduled acquisitions programs during the Northern Europe summer season we will steam a vessel to West Africa to commence this contract. By combining the Ramform acquisition p...
Q1 EBITDA was below expectations, on higher costs. While cash conversion appeared exceptionally strong, we believe it was driven by non-recurring items, leaving underlying cash flow much weaker than headline figures suggest. We forecast negative underlying FCF in 2024, adjusting for arbitration proceeds received in Q1. Expecting soft vessel utilisation in Q2 as well, due to steaming and yard stays, we have reduced our 2024e EBITDA by 7%. We reiterate our HOLD, but have cut our target price to NO...
PGS ASA: First Quarter 2024 Results Good start to 2024 Highlights Q1 2024 Produced Revenues of $222.6 million, compared to $172.2 million in Q1 2023Produced EBITDA of $112.5 million, compared to $71.5 million in Q1 2023Produced EBIT (ex. Impairments and other charges, net) of $26.1 million, compared to a loss of $19.7 million in Q1 2023Revenues and Other Income according to IFRS of $217.2 million, compared to $143.1 million in Q1 2023Cash flow from operations of $127.8 million, compared to $134.4 million in Q1 2023Cash and cash equivalents of $147.2 million, compared to $154.1 millio...
Needing to increase its activity meaningfully to cut its cash burn, soft order intake in Q1 leaves us concerned. With market prospects remaining weak, we consider one of the three following outcomes as likely: 1) a full take-over by the majority owners to restructure the company; 2) a sale to an industrial company; or 3) the stock remaining listed and existing owners carrying out a rights issue, resetting the equity value. With high uncertainty and a broad set of potential outcomes for the curre...
Tryg A/S – total number of voting rights and capital With reference to section 32 of the Danish Capital Markets Act (Kapitalmarkedsloven), Tryghereby publishes the company's total number of voting rights and the total share capital. After the capital decrease registered on 29 April 2024 the company's share capital was reduced by nominal DKK 92,214,355 to nominal DKK 3,081,960,545. Tryg's nominal share capital amounts to DKK 3,081,960,545 equivalent to 616.392.109 shares and 308,196,054,500 voting rights as of 30 April 2024. Attachment
The market appears to be pricing in credit losses remaining high for many years, but we see the potential for declines starting in mid-2024, with early positive signs in March. We also find it likely that margins will be stable from here, which is not reflected in consensus. At a P/E of 3–4x for 2025e, we see good risk/reward. We have raised our 2025–2026e EPS by 3–7%, our target price to SEK18 (15), and have upgraded to BUY (HOLD).
PGS ASA: Annual Report 2023 April 29, 2024, Oslo, Norway: PGS' 2023 annual report can be downloaded from or The Company's 2023 annual financial statements in European Single Electronic Format (ESEF) can be downloaded from the same web pages. For details, contact: Bård Stenberg VP IR & Corporate Communication Mobile: . Attachments
Tryg A/S – capital reduction At Tryg’s annual general meeting on 21 March 2024, it was decided to cancel repurchased shares from the Group’s share buy back programmes. The Group’s share capital is reduced by nominal DKK 92,214,355 to nominal DKK 3,081,960,545. The reduction of the share capital was announced by the Danish Business Authority on 22 March 2024. Tryg has not received any objections to the capital reduction. Therefore, the reduction is effective as the Danish Business Authority has registered the capital reduction. After the cancellation of the 18,442,871 repurchased share...
A director at Resurs Holding AB bought 17,750 shares at 14.160SEK and the significance rating of the trade was 52/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years cle...
A strong underwriting performance, driven by insurance revenue growth of 37% YOY, was offset by softer investments in Q1, leading to PTP down 11% YOY. The combined ratio improved 2%-points YOY, despite harsh weather, helped by the UK Property segment. We see a continued strong growth outlook for Protector after the UK segment reported 28% local currency growth YOY as part of the 1 April GWP renewals. We have raised our 2025–2026e EPS by 2% on the back of the improved underlying underwriting perf...
PGS Webcast Details for Q1 2024 Presentation April 22, 2024, Oslo, Norway: PGS will publish its Q1 2024 results on Wednesday May 8, at 07:00am Central European Summer Time (CEST). The earnings release and the presentation will be published on and on PGS’ website Rune Olav Pedersen, President & CEO and Gottfred Langseth, EVP & CFO will present the results the same day at 08:00am CEST at House of Oslo Conference Center, Ruseløkkveien 34, 0251 Oslo, Norway. The presentation is open to the public and will be webcasted live. To join the webcast, copy and paste the link below into your brow...
PGS and TGS receives Norwegian competition clearance for Merger April 17, 2024, Oslo, Norway: Reference is made to the joint stock exchange announcement on 18 September 2023 by TGS ASA ("TGS" or the "Company," OSE: TGS) and PGS ASA ("PGS," OSE: PGS) regarding the combination of the two companies (the "Merger") to establish the premier energy data company, as well as subsequent announcements on 25 October 2023 and 1 December 2023 regarding, respectively, the execution of the definitive merger agreement and approval by the extraordinary general meetings. As further announced in the update ...
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