Short term view - CGG : The moving average is capping prices.

A correction is underway. The trend is not bearish anymore as the previous significant peak has been passed, but it is not yet bullish. We do not have two ascending peaks and troughs. The trend is neutral.Arguments :- The support has been reached, it causes the bounce.- The resistance is close.- The moving average is capping prices.

Analyse court terme - CGG : La moyenne mobile sert de résistance.

Une correction est en cours. La tendance n'est plus baissière car le dernier sommet significatif a été dépassé, mais elle n'est pas encore haussière (nous n'avons pas encore deux creux et deux sommets en hausse). La tendance est neutre.Arguments :- Le support est atteint, il cause le rebond.- La résistance est proche.- La moyenne mobile sert de résistance.

Proxy Report - 26/04/2018

L'exercice 2017 a été marqué par le plan de restructuration financière qui a profondément remanié l'actionnariat et le conseil. Dans ce contexte, le Président du conseil, Rémi Dorval, sera remplacé par Philippe Salle et le Directeur général, Jean-Georges Malcor, par Sophie Zurquiyah à l'issue de la présente assemblée générale. Point positif, le conseil est majoritairement libre de conflits d'intérêts potentiels, ce qui permet d'accepter la plupart des nominations proposées à l'exception de Cole...

CGG- Rating Report

Spread Research has upgraded its rating on Compagnie Générale de Géophysique (“CGG”) to B- from D following the closing of the financial restructuring in February. It resulted in a sharp reduction of CGG’s leverage and an improvement of its liquidity profile.CGG’s seismic market has experienced a sharp downturn, reinforced by the decline in oil prices from mid-2014. The fast and material decline of oil prices resulted in a drop in the profitability of oil companies and cuts in spending for explo...

CGG SA: Update following successful completion of debt restructuring

A detailed explanation of our credit view on CGG SA

2018 offshore spending still set to fall

Following Q4 reports and multiple capital markets updates, we maintain our forecast that 2018 offshore E&P spending will decline ~5%. At current oil prices, we see meaningful positive cash-flow generation from offshore-focused E&Ps. Yet capital allocation trends towards onshore and strong capital discipline with focus on shareholder returns (including elimination of scrip dividends) remain. Hence, we do not see a near-term significant offshore spending increase and maintain our selective view on...

Short term view - CGG : La reprise est une consolidation.

The trend has been momentarily interrupted by a correction. Prices just hit the resistance, it is probably resuming. The next target is at €1.241. The invalidation level is above €1.665.

Analyse court terme - CGG : La reprise est une consolidation.

La tendance a été momentanément interrompue par une correction. Les prix viennent de buter sur la résistance, elle reprend donc. Le prochain objectif est à 1,241 €. Le niveau d'invalidation est au-dessus de 1,665 €.

CGG - Improving 4Q17, financial restructuring completed with supportiv...

CGG completed its financial restructuring on 21 February 2018. As a result, its net debt decreased by c. $2.0bn to $0.63bn pro forma as of 31 December 2017, with a reported net leverage of 1.7x (vs. 7.2x before restructuring) and cash interest expenses limited to around $85m a year. We calculate a net adjusted leverage of c. 4x pro forma fo  YE17 (vs. 9-10x). Existing senior secured debt ($0.8bn) got a $150m cash pay-down and exchanged for new senior secured notes maturing in 2023. Former holder...

Medium term view - CGG : New historical low

The trend is still neutral but within that interval prices could head towards the bottom of the range.Arguments :- The major support has been shortly breached, but it is now reinstated. Prices can bounce.- Prices made a new all-time-low, but the trend is very slow.- The volume is exceptional.

Analyse moyen terme - CGG : Nouveau plus bas historique

La tendance est toujours neutre, mais au sein de cet intervalle un mouvement de plus court terme se dessine vers le bas de la consolidation.Arguments :- Le support majeur a été enfoncé, mais il est réintégré. Les prix peuvent rebondir.- Les cours font un nouveau plus bas historique, mais la tendance se développe avec lenteur.- Les volumes sont exceptionnels.

Northern Lights

CGG (Hold, TP: EUR1.60) - Welcome relief

CGG’s Q4 results were broadly in line with expectations following the pre-announcement in January. The 2018 guidance was maintained, implying EBITDA of USD525m–600m versus current consensus of USD512m. While we do not expect any large consensus revisions on the back of the report, we believe the maintained guidance has de-risked estimates somewhat. As the report did not contain any major surprises, we consider it positive relief for investors.

Northern Lights

CGG (Hold, TP: EUR1.60) - Clean sheet

Following the restructuring, CGG has a sound balance sheet. While CGG is well positioned for an exploration recovery, this continues to be pushed out in time, and we have a muted outlook. However, we find the stock more fairly valued and we are more neutral on 2018 estimates; thus we have upgraded our recommendation to HOLD. Our SOTP-based target price is EUR1.6 (1.75).

Short term view - CGG : The support has been breached.

The trend is still bearish, the invalidation level is above €2.800. The target is at €1.360.Arguments :- The support has been breached.- The major resistance has been reached, it causes the fall.- Prices are breaking below the moving average, it is a sign of weakness.

Analyse court terme - CGG : Le support est enfoncé.

La tendance est toujours baissière, son niveau d'invalidation est au-dessus de 2,800 €. L'objectif est à 1,360 €.Arguments :- Le support est enfoncé.- La résistance majeure est atteinte, elle cause le repli.- Les prix enfoncent la moyenne mobile, c'est un signal de faiblesse.

Short term view - CGG : The descending resistance has been breached.

The trend is momentarily interrupted by a consolidation on a shorter time horizon but prices remain above the invalidation level at €2.130. It can resume at anytime towards the target at €4.370.Arguments :- Prices are pulling back to the support level (previously a resistance). The rise will resume afterwards.- The descending resistance has been breached.- Prices are breaking above the moving average, it is a sign of strength.- The measuring gap, opened in the middle of the rally, reinforces...

Analyse court terme - CGG : La résistance descendante est dépassée.

La tendance est momentanément interrompue par une correction sur l'horizon de temps inférieur, mais les prix restent au-dessus du seuil d'invalidation à 2,130 €. Elle peut donc rependre à tout moment vers l'objectif à 4,370 €.Arguments :- Les cours font un pull-back sur le support (ancienne résistance), la hausse reprendra ensuite.- La résistance descendante est dépassée.- Les prix dépassent la moyenne mobile, c'est un signal de force.- Le gap haussier ouvert en milieu de mouvement...

Short term view - CGG : The support has been reached, it causes the bo...

The evolution is choppy, but peaks and troughs are ascending. The next target is at €8.40. The invalidation level is below €2.83.Arguments :- The support has been reached, it causes the bounce.- The moving average is capping prices.- The descending resistance is not causing prices to fall anymore, it may be passed.