Q1 proved another solid quarter, aided by impressive earnings resilience in SSAB Special Steels and SSAB Europe. While we have lowered our 2024-25 forecasts for SSAB Americas, this is offset by a more positive view on SSAB Special Steels and SSAB Europe, meaning our group earnings are largely unchanged. We reiterate our BUY, but given the stock is now trading ex-dividend (DPS of SEK5), we have lowered our target price to SEK100 (SEK105).
>Q1 a strong beat on Europe and Special Steels, Americas more underwhelming - SSAB delivered better-than-expected Q1 results with EBITDA at SEK 4.1bn, 18% > consensus and 26% > ODDO BHF. The beat was essentially driven by the Special Steels division which achieved SEK 2.1bn of EBITDA, 45% > consensus on very sound volume growth (+17% q-o-q) as good demand in material handling offset weakness in construction. Europe also outperformed with EBITDA at SEK 0.6bn, 44% > con...
>Q1 a strong beat on Europe and Special Steels, Americas more underwhelming - SSAB delivered better-than-expected Q1 results with EBITDA at SEK 4.1bn, 18% > consensus and 26% > ODDO BHF. The beat was essentially driven by the Special Steels division which achieved SEK 2.1bn of EBITDA, 45% > consensus on very sound volume growth (+17% q-o-q) as good demand in material handling offset weakness in construction. Europe also outperformed with EBITDA at SEK 0.6bn, 44% > con...
CGG: Availability of the preparatory documents for the Combined General Meeting CGGSociété Anonyme with a share capital of €7,136,762Registered office: 27 avenue Carnot, 91300 MassyEvry Trade and Company Register No.: 969 202 241 AVAILABILITY AND CONSULTATION OF THE PREPARATORY DOCUMENTS FOR THE CGG COMBINED GENERAL MEETING OF WEDNESDAY, MAY 15, 2024 Massy, France – April 24, 2024 The Combined General Meeting of CGG (the “Company”) will be held on Wednesday, May 15, 2024 at 10:30 a.m. at Business Center Paris Trocadéro, 112 avenue Kléber, 75016 Paris, France. The meeting notice publi...
CGG : Communiqué de mise à disposition des documents préparatoires à l'assemblée générale mixte CGG Société anonyme au capital de 7 136 762 €Siège social : 27 avenue Carnot91300 Massy969 202 241 R.C.S. Evry MISE A DISPOSITION ET CONSULTATION DES DOCUMENTS PREPARATOIRES A L’ASSEMBLEE GENERALE MIXTE DE CGG DU MERCREDI 15 MAI 2024 Massy, France – 24 avril 2024 L’Assemblée Générale Mixte de CGG (la « Société ») se tiendra le mercredi 15 mai 2024 à 10 heures 30 au Business Center Paris Trocadéro, 112 avenue Kléber, 75016 Paris L’avis de réunion publié au Bulletin des Annonces Légales Obli...
Despite 45% performance in the last two months, we continue to view Fugro as attractive. Likely slower than last year's 28% but the company keeps growing revenue, supporting profitability on the back of strong execution, and continued high added value of its services. For FY24-26 we are optimistic that the company will deliver double digit growth. In our view €3-3.5bn revenues with an 11-15% EBIT margin range by FY27 does not seem too challenging. The tailwinds of relevant markets, such as offsh...
The Pullback Finally Begins; Testing 2-Month Supports We have discussed for months that we will need to see the S&P 500 and Nasdaq 100 (QQQ) close below their 20-day MAs/21-day EMAs for more than 2-3 consecutive days in order to get more cautious. While this has not happened yet (only two consecutive days so far, yesterday and Friday), it does appear to be going in that direction as the U.S. dollar (DXY) climbs to test major $106 resistance, and amid 10- and 30-year Treasury yields breaking abo...
After reviewing oil companies’ most recent spending plans, we estimate offshore spending growth of c7% YOY for 2024, in line with our November update. Growth is concentrated, with Petrobras being the key driver, favouring service companies with Brazil exposure. Looking ahead, further spending growth is likely to be partly limited by total spending already being on a par with operating cash flow. Delayed energy transition spending is seen as positive for oil services, while recent E&P consolidati...
Long-Term Breakouts for Emerging & Frontier Markets The bullish outlook we initiated in early November 2023 remains intact. The S&P 500 and Nasdaq 100 (QQQ) still refuse to close below their 20-day MAs/21-day EMAs for more than 2-3 consecutive days -- and even if/when they do, important supports are close by, including at 4983-5050 on the S&P 500 and $425-$433 on QQQ (gap supports from 2/22/24). The Fed's next move is almost guaranteed to be a cut (though when it happens is up for debate). And ...
Sercel Announces First Commercial Sale of its New 528 Land Acquisition System Sercel Announces First Commercial Sale of its New 528 Land Acquisition System Paris, France – April 10, 2024 CGG announced today the first major sale by , its Sensing & Monitoring business line, of its next-generation ™ cable-based land acquisition system to the Turkish Petroleum International Corporation (TPIC). The client will deploy the system, representing a total of 8,000 channels, on a 3D seismic survey in Turkey, across challenging, semi-arid terrain. Delivery of the system commenced at the end...
Sercel Annonce la Première Vente Commerciale de son Nouveau Système d'Acquisition Terrestre 528 Sercel Annonce la Première Vente Commerciale de son Nouveau Système d'Acquisition Terrestre 528 Paris, France – le 10 avril 2024 CGG annonce aujourd'hui la première vente par , sa division Sensing & Monitoring, du TM, le nouveau système d'acquisition terrestre à câble, à TPIC (Turkish Petroleum International Corporation). Le déploiement du 528 et de 8000 canaux, sur une étude sismique 3D dans un terrain difficile et semi-aride en Turquie, est prévu au troisième trimestre 2024. Cette premi...
CGG’s Long Term Debt Upgraded by S&P PARIS, France – April 8, 2024 CGG today announced that S&P Global Ratings ("S&P") has upgraded the Company's issuer credit rating to 'B-' from 'CCC+'. S&P noted "a markedly stronger 2024 – 2025 financial performance " as a reason for the upgrade. "We believe that S&P’s rating upgrade aligns with our recently communicated financial roadmap”, said CGG CFO, Jérôme Serve. “We remain focused on the strengthening of our financial performance, cash generation and balance sheet deleveraging.” Q1 2024 Results and conference call CGG will announce its fi...
La Dette à Long Terme de CGG Revue à la Hausse par S&P Paris, France – le 8 avril 2024 CGG annonce aujourd'hui que S&P Global Ratings (" S&P") a relevé la note de crédit émetteur de la société de " CCC+ " à " B- ", sur la base « d’une performance financière nettement plus forte attendue en 2024 – 2025 ». « Nous pensons que le réhaussement de la note de S&P est en ligne avec notre récente feuille de route financière », a déclaré Jérôme Serve, Directeur Financier de CGG. « Nous restons focalisés sur l’amélioration de la performance financière, la génération de trésorerie et la réductio...
CGG: Information on the total number of voting rights and shares CGG A French société anonymewith a share capital of € 7,136,762Registered office: 27 avenue Carnot, 91300 Massy, FranceEvry Trade and Companies Register 969 202 241 Information on the total number of voting rights and shares Pursuant to Article L. 233-8 II of the French Commercial Code and Article 223-16 of the General Regulation of the French Financial markets authority (AMF- Autorité des Marchés Financiers) Date of the informationTotal number of issued sharesNumber of actual voting rights*Number of theoretical voting ri...
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