Seismikkselskapet PGS rewarded with a sharp upturn on the Oslo stock Exchange after it has delivered a positive profit warnings for the third quarter.
It only takes a button week after its competitor TGS also surprised with higher results than analytikerkorpset had seen for themselves.
– It is difficult to say exactly how large the improvement is, but I think it indicates that it has been flipped and that we begin to see clear improvement here, ” says analysis supervisor Anne Gjøen at Handelsbanken to E24.
PGS with positive profit warnings
Think the bottom is reached
Analysesjefen believe the positive resultatvarslene from PGS and TGS is an indication of the markedsbedring and think it looks like the bottom has been reached in the seismic data.
the Collapse in the price of oil has gone hard beyond the supply industry, but from the bunnivåene, the oil price was ticking up and passed the 52 dollars a barrel. Gjøen believe it now is fundamentally the basis for optimism in the oil market.
the Optimism the recent past has been driven by the oljekartellet Opec, which has entered into a preliminary agreement that shall result in restrictions in oil production. Gjøen see also characters to lower oljelagre. Years of overproduction have filled stockpiles to record levels, and a sign of better balance would be that the bearings again fall.
One thing is the most recent time the rise and the promise from Opec, but there has been a clear rebalancing of the oil market which suggests that we now begin to eat of the OECD-the bearings too, ” says Gjøen.
IN the PGS, however, it has been feared an equity issue, and there has been a significant shortposisjon in the stock.
I don’t think just that it goes over because of this, ” says Gjøen about emisjonsfrykten.
Storbank: Opecs oljeavtale can be self-defeating
Pareto with more upgrades
Karl Oscar Power in the Pareto tells us that the earlier in the day set in the morning meeting with a review of the sector, and more upgrades before the current message from the PGS. The faith has not been something less now.
Power refers to the positive alerts from TGS and PGS, messages about better flåteutnyttelse from Polarcus and PGS, as well as that of its competitor, Western Geco has added additional boats in circulation.
in addition, They are boost from oil prices, and one begins perhaps to see the bottom in the sector. There have been questions about the particular PGS may need additional funding or not. It, we have no definitive answer on this yet, but the messages reduces the chances for this, ” he says.
jpmorgan chase has not faith in some immediate seismikkfest, and with that the demand is still limited and there is spare capacity that can be inserted if the market improved. French CGG is thus jacked down. But the recommendations of several of the Oslo-listed shares is lifted.
the investment firm has now kjøpsanbefaling on PGS, TGS and Spectrum with a price target of respectively 32, 180, and 34, respectively. They have no recommendation at Polarcus. CGG recommended sold with the price target to 18 euros.
Tops expectations
the Reason for a solid quarter is well the sale of the library, which amounted to 145 million dollars, provide PGS. Forhåndsfinansieringen was at 85 million dollars.
In a multi-client study brings into seismikkdata that all interested customers can buy, and one puts in the time survey as you are comfortable with how many that have purchased in advance (pre-funding).
A good part of the revenue from multi-client, in the form of so-called post-sales support of the data, however, may come months or years after a survey in the area is completed.
A kontraktundersøkelse be made for a single customer and the payment is ongoing during the investigation.
Overall, the estimates PGS revenues in the third quarter to 220 million dollars, while gross operating profit (EBITDA) will be around 110 million dollars.
This is somewhat weaker than last year, but not very much. The company had, respectively, revenues and EBITDA of 226 and 115 million in sensommermånedene.
This was far above what we had expected and far above what we had expected in “late sales” which is the big positive in this message. I think this is being very well received, ” says Gjøen.
Analysts had overall expected lower earnings. It was in advance expected revenue of $ 180 million and EBITDA of 75,4 million, according to SME Direkt for TDN.
– It is multi-client as it is we have the best income in today’s market. We have had a part multi-client activity in the north Sea and Canada in the third quarter, ” says IR contact Bård Stenberg in PGS.
If the market says Stenberg the following:
” When we reported figures for the second quarter we said that we saw early signs of better markedssentiment.
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