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Compagnie Générale de Géophysique-Veritas

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CGV.N

ISIN: US2043861069
SEDOL: 2139418

Rating:

HOLD

Target Price:

11.48 USD

Investment Horizon:

6 to 12 months
14th May 2009 View Report   Download

1Q 09 News Alert

Compagnie Generale de Geophysique-Veritas (CGG Veritas) reported an increase in its 1Q 09 top-line primarily due to additional revenues from Wavefield Inseis ASA (Wavefield), while higher cost of operations adversely impacted its operating level performance. Going forward, we expect low demand for seismic activities to continue in FY 2009, impacting the company's revenues during the period. However, we expect higher demand for the…

20th Apr 2009 View Report   Download

Company News Alert

Compagnie Générale de Géophysique-Veritas’s (CGG Veritas) common stock has increased significantly since our last update report, achieving our target price on 17 April 2009. We believe the common stock is fairly valued at current levels over our investment horizon of 6-12 months and therefore downgrade the common stock rating from a BUY to a HOLD. We will reassess our common stock rating for CGG Veritas after the company releases its 1Q 09 results on 14 May 2009....

6th Apr 2009 View Report   Download

4Q 08 & FY 2008 Update Report

CGG Veritas acquired Wavefield after the completion of the agreed share exchange on 19 December 2008. Wavefield’s revenues and earnings will be accretive to that of CGG Veritas. The company’s backlog stood at approximately US$2.0 bn (including Wavefield’s order backlog) as of 01 February 2009 (compared to US$1.9 bn on 01 October 2008). Of the backlog, US$1.6 bn is attributed to the Services segment, with the remaining US$0.4 bn attributed to CGG Veritas’ subsidiary. Sercel…

26th Feb 2009 View Report   Download

4Q 08 & FY 2008 News Alert

Compagnie Générale de Géophysique-Veritas (CGG Veritas) reported robust increase in its top-line and bottom-line in 4Q 08, given the incremental revenues from the recently acquired Wavefield Inseis ASA (Wavefield). Going forward, the company expects a decline of 10%-15% in the oil and gas sector’s Exploration and Production (E&P;) spending, which we believe will have a direct impact on the company’s revenues. However, the company expects to reduce…

23rd Jan 2009 View Report   Download

Company News Alert

CLICK VIEW REPORT TO READ FREE REPORT

Compagnie Générale de Géophysique-Veritas’ (CGG Veritas) common stock price has declined significantly since our last update report, reflecting a decline in the CAC index and in oil prices over the same period. However, as we believe that this decline has left the common stock significantly undervalued, we maintain our current BUY rating for the stock. We will reassess the common stock…