SEB Equity Research 06 February 2017 81
SEB Equity Research 06 February 2017 82
Estimate revisions
Earnings revision
(USD) 2017E 2018E 2019E
Revenues (m)
Old 395 449 0
New 473 545 666
Change (%) 20 21 n.a.
Operating profit (m)
Old 18 56 0
New 82 140 228
Change (%) 347 151 n.a.
Pre-tax profit (m)
Old 19 57 0
New 83 142 230
Change (%) 331 149 n.a.
EPS (reported)
Old 0.13 0.39 0.00
New 0.57 0.96 1.56
Change (%) 331 149 n.a.
Source: SEB
TGS guided for 2017 multi-client investments of approximately USD 220m, or in line with 2016. The visibility in the investment budget for 2017 is high with committed investments accounting for USD 150m, or 67% of the total budget. TGS will likely announce additional projects during this year and according to CEO Kristian Johansen there is more upside potential than downside risk in the investment budget. TGS guided for a pre-funding ratio of 40-45% for 2017, which excludes revenues and investments related to previously acquired projects with risk sharing contracts with vessel owners.
TGS project schedule entering 2017
Source: TGS
TGS reported an order backlog of only USD 51m at the end of 2016, down from USD 71m at the end of Q3. However, TGS has announced several projects so far this year that will improve the order backlog for Q1. At the peak in Q4 2016 the order backlog was as high as USD 290m.
SEB Equity Research 06 February 2017 83 We believe TGS’ order backlog was at trough in Q4 2016
Source: SEB
TGS revenues
Source: SEB
TGS’ late sales as a percentage of the book value of the multi-client library one year ago dropped to 0.35x for the last 12 months as per end Q2 2016. This is a historical low and below the previous troughs of 0.8x. This will apply upward pressure on amortisation ratios, despite the USD 161m impairment in 2015, and could force higher amortisation than the new linear amortisation policy of USD 290m per year. This will have an adverse impact on reported EPS for many years ahead.
0 50 100 150 200 250 300 350
Q1/00 Q1/01 Q1/02 Q1/03 Q1/04 Q1/05 Q1/06 Q1/07 Q1/08 Q1/09 Q1/10 Q1/11 Q1/12 Q1/13 Q1/14 Q1/15 Q1/16
USDm
0 100 200 300 400 500 600 700 800 900 1,000
USDm
SEB Equity Research 06 February 2017 84 Multi-client late sales relative to book value
Source: SEB
For 2016, we estimate a sales to investment ratio of 1.5x, even with investments as low as USD 230m. Amortisation ratio of 60% implies sales to investment ratio of 1.7x over time.
Multi-client sales to investment ratio
Source: SEB
Based on guidance of USD 290m in amortisation for 2016, we estimate a ratio of close to 90% for 2016 and 75% for 2017 should the nominal amortisation remain unchanged.
0.0 0.2 0.4 0.6 0.8 1.0 1.2 1.4 1.6 1.8 2.0
Q4/00 Q2/01 Q4/01 Q2/02 Q4/02 Q2/03 Q4/03 Q2/04 Q4/04 Q2/05 Q4/05 Q2/06 Q4/06 Q2/07 Q4/07 Q2/08 Q4/08 Q2/09 Q4/09 Q2/10 Q4/10 Q2/11 Q4/11 Q2/12 Q4/12 Q2/13 Q4/13 Q2/14 Q4/14 Q2/15 Q4/15 Q2/16 Q4/16 Q2/17E Q4/17E
Late sales vs book value (x)
3.1 3.8
7.4
2.9
2.0 1.9 1.4
1.82.2 2.7
2.2 2.8 2.9
1.7 1.7 1.82.0
1.8 2.0 1.9 1.1
1.6 1.71.9 2.1
0.0 1.0 2.0 3.0 4.0 5.0 6.0 7.0 8.0
1995 1997 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017E 2019E
Sales investment ratio (x)
SEB Equity Research 06 February 2017 85 Multi-client amortisation ratio
Source: SEB
The cash balance was USD 162m at the end of Q2, down from USD 210m at the end of Q1 and USD 176m a year ago. For 2016 we have assumed a slight increase in working capital and estimate cash generation of USD 38m before dividend payments. After USD 60m in dividend, we estimate a negative cash flow of USD 22m for 2016. For 2017 we estimate a slight increase in free cash flow to USD 43m, or USD 0.42 per share.
TGS cash balance per quarter
Source: SEB 0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018E
Amortisation ratio (%)
0 50 100 150 200 250 300 350 400 450 500
Q1/00 Q3/01 Q1/03 Q3/04 Q1/06 Q3/07 Q1/09 Q3/10 Q1/12 Q3/13 Q1/15 Q3/16
USDm
SEB Equity Research 06 February 2017 86
Valuation
TGS is in an earnings recovery phase with strong earnings growth in the years to come.
Our updated DCF value (10.0% WACC) for TGS-Nopec is NOK 195 per share (up from NOK 100 per share), reflecting better library sales than expected in 2016 and the significant positive earnings revisions. In our DCF calculation, we have factored in revenue increase of 4% in 2017, 15% in 2018 and 22% for 2019 after a 25% drop in 2016. Factoring in NOK 5 per share in dividend to be paid in 2017, our updated target price is NOK 200 per share, or 5% upside potential, hence we have upgraded our recommendation from Sell to Hold. While we like the business model, management and exposure towards the potential market recovery, the valuation of 2.1x P/BV and PER of 2018E 25x has discounted a significant earnings recovery, in our view. Our valuation of NOK 200 per share implies long-term sales to investment ratio of 1.9x, which is slightly higher than the historical average of 1.85x.
DCF valuation assumptions
DCF summary DCF value Assumptions
WACC (before tax) % 10.0
USD/NOK 8.20
Enterprise value 2,244 Terminal growth (from 2019) (%) 2.50
Net interest bearing debt 168
DCF value of equity (USD) 2,412
Mill shares outs. (fully dill.) 101 Revenue growth 2017 (%) 4
Equity / Share (USD) 23.8 Sale inv. ratio - MC seismic long-term (x) 1.9
Equity / Share (NOK) 195 EBIT marg contract seismic. (%) 20
Source: SEB
TGS EPS
Source: SEB
-0.50 0.00 0.50 1.00 1.50 2.00 2.50 3.00
1996199719981999200020012002200320042005200620072008200920102011201220132014201520162017E2018E2019E
USD per share
SEB Equity Research 06 February 2017 87 TGS EBIT margin
Source: SEB
TGS return on equity and return on capital employed
Source: SEB 26%
32%
45%48%
35%
42%42%
33%31%33%
40%
56%
49%46%
44%
40%40%43%44%
32%
-3%
12%
17%
26%
34%
-10%
0%
10%
20%
30%
40%
50%
60%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017E2018E2019E
EBIT margin (%)
-20%
0%
20%
40%
60%
80%
100%
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017E2018E2019E
ROE ROCE
SEB Equity Research 06 February 2017 88
Overview
Investment case ● Oil companies are currently in the last phase of capex reductions and many have already started to increase its spending. While we expect a modest recovery in seismic market in 2017, we are confident that TGS will show solid progress from 2016.
Company profile ● TGS-Nopec is a global provider of multi-client geoscientific data and associated products and services for the oil and gas industry. TGS specialises in the creation of non-exclusive global seismic surveys. The company provides advanced depth imaging solutions and software through its TGS Imaging division. Well log data is available for conversion, sourcing, management and immediate delivery through the TGS subsidiary A2D Technologies. In 2011, TGS acquired Stingray in order to get a footprint in the permanent monitoring of reservoirs, while in 2012 the company acquired Arcis Seismic to strengthen its focus on onshore seismic in North America.
TGS is focused on providing high-quality data and the highest level of service to the industry.
Valuation approach ● Our target price is based on our DCF valuation, where we currently apply a WACC of 10.0%. We cross-reference this with PER and EV/EBIT multiples.
Target price risks ● If the Brent oil price should drop below USD 50 per barrel, it could delay the recovery in exploration spending by oil and gas companies. Lack of discoveries and licensing rounds in TGS's key markets could negatively affect multi-client seismic demand.
Revenues by region EBITDA margin
Source: SEB Source: SEB
Norway: 0% Other Nordic: 0%
Other Europe: 21% Americas: 48%
Asia: 14% RoW: 17%
54%50%
64%
73%74%
80%81%79%77%77%81%84%
78%77%83%85%
80%
86%83%83%81%80%81%81%82%
0%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20162017E2018E2019E
EBITDA margin (%)
SEB Equity Research 06 February 2017 89
PER - 12 month forward P/BV - 12 month forward
Source: SEB Source: SEB
EV/Sales - 12 month forward EV/EBITA - 12 month forward
Source: SEB Source: SEB
Net sales & EBITDA margin EBIT & Operating margin
Source: SEB Source: SEB
Comparison with sector index - 1 year Comparison with Petroleum Geo-Services - 1 year
Source: SIX Source: SIX
0.0 20.0 40.0 60.0 80.0
0 500 1,000 1,500 2,000
2007 2009 2011 2013 2015 2017E 2019E
(%)
(USDm)
Net sales EBITDA margin
0 100 200 300 400 500 600 700
1997 2000 2003 2006 2009 2012 2015 2018
(%)
P/BV - 12 month forward
(10.0) 0.0 10.0 20.0 30.0 40.0 50.0
(200) 0 200 400 600 800 1,000
2007 2009 2011 2013 2015 2017E 2019E
(%)
(USDm)
EBIT Operating margin 0
10 20 30 40 50 60
1997 2000 2003 2006 2009 2012 2015 2018
(x)
PER - 12 month forward
05 1015 2025 3035 4045 50
1997 2000 2003 2006 2009 2012 2015 2018
(x)
EV/EBITA - 12 month forward 0.0
1.0 2.0 3.0 4.0 5.0 6.0
1997 2000 2003 2006 2009 2012 2015 2018
(x)
EV/Sales - 12 month forward
100 120 140 160 180 200 220
Feb 16 May 16 Aug 16 Oct 16 Jan 17
TGS-Nopec Rel European Oil Services
100 120 140 160 180 200 220 240
Feb 16 May 16 Aug 16 Oct 16 Jan 17
TGS-Nopec Rel Petroleum Geo-Services
SEB Equity Research 06 February 2017 90 Profit & loss statement - TGS-Nopec
(USDm) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E
Net Sales 453 582 478 568 609 932 883 915 612 456 473 545 666
Other revenues 0 0 0 0 0 0 0 0 0 0 0 0 0
Total revenues 453 582 478 568 609 932 883 915 612 456 473 545 666
Total expenses (100) (133) (82) (83) (120) (130) (150) (153) (113) (93) (92) (103) (122)
Profit before depreciation 352 449 396 485 489 802 733 762 499 363 381 442 544
Depreciation - Fixed assets (130) (180) (185) (258) (248) (400) (346) (467) (520) (310) (299) (302) (315)
Depreciation - Other assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Amortisation - Goodwill 0 0 0 0 0 0 0 0 0 0 0 0 0
Amortisation - Other intangibles 0 0 0 0 0 0 0 0 0 0 0 0 0
Operating profit 222 269 210 227 240 402 387 295 (21) 53 82 140 228
Net interest expenses 14 (10) 3 1 2 5 4 6 6 (1) 1 1 1
Foreign exchange items (38) (56) 6 (1) (2) 0 (9) (12) (9) 0 0 0 0
Other financial items 0 0 0 0 0 0 0 0 0 0 0 0 0
Value changes - Fixed assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Value changes - Financial assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Value changes - Other assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Reported pre-tax profit 197 203 219 228 241 408 381 288 (24) 52 83 142 230
Minority interests 0 0 0 0 0 0 0 0 0 0 0 0 0
Total taxes (62) (89) (57) (72) (70) (123) (112) (72) (3) (30) (26) (44) (71)
Reported profit after tax 135 114 162 156 171 285 269 216 (28) 22 58 98 158
Discontinued operations 0 0 0 0 0 0 0 0 0 0 0 0 0
Extraordinary items 0 0 0 0 0 0 0 0 0 0 0 0 0
Net Profit 135 114 162 156 171 285 269 216 (28) 22 58 98 158
Adjustments:
Discontinued operations 0 0 0 0 0 0 0 0 0 0 0 0 0
Interest on convertible debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Minority interests (IFRS) 0 0 0 0 0 0 0 0 0 0 0 0 0
Value changes 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill/intangibles amortisations 0 0 0 0 0 0 0 0 0 0 0 0 0
Restructuring charges 0 0 0 0 0 0 0 0 0 0 0 0 0
Other adjustments 15 0 0 0 0 0 0 0 0 0 0 0 0
Tax effect of adjustments 0 0 0 0 0 0 0 0 0 0 0 0 0
Adjusted profit after tax 150 114 162 156 171 285 269 216 (28) 22 58 98 158
Margins, tax & returns
Operating margin 49.0 46.2 44.0 40.0 39.5 43.2 43.8 32.2 (3.5) 11.6 17.3 25.7 34.3
Pre-tax margin 43.6 34.9 45.9 40.1 39.6 43.7 43.2 31.5 (4.0) 11.4 17.7 26.0 34.5
Tax rate 31.6 44.0 25.9 31.6 29.2 30.2 29.5 25.1 (13.8) 57.8 31.0 31.0 31.0
ROE 25.8 18.5 21.6 17.6 17.7 26.1 21.9 16.4 (2.2) 1.9 5.0 8.4 13.1
ROCE 41.6 41.5 27.7 25.9 25.1 37.4 31.8 22.7 (1.2) 4.7 7.2 12.1 19.0
Growth rates y-o-y (%)
Total revenues n.a. 28.6 (18.0) 19.0 7.1 53.2 (5.2) 3.5 (33.1) (25.5) 3.6 15.3 22.2
Operating profit 0.3 21.2 (21.8) 8.0 5.9 67.3 (3.8) (23.9) n.m. n.m. 54.6 71.1 62.8
Pre-tax profit (10.1) 3.0 7.9 3.9 5.9 69.0 (6.4) (24.4) n.m. n.m. 60.1 69.6 62.3
EPS (adjusted) (1.0) (23.6) 45.0 (3.4) 10.3 65.9 (5.8) (19.0) 0.0 0.0 161.7 69.6 62.3
Cash flow
(USDm) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E
Net profit 135 114 162 156 171 285 269 216 (28) 22 58 98 158
Non-cash adjustments 131 180 185 258 248 400 286 467 520 310 301 306 322
Cash flow before work cap 266 294 348 413 419 684 555 684 492 332 359 404 481
Ch. in working capital / Other (96) 60 (8) 23 22 (16) (21) (21) 37 (1) (26) (14) (14)
Operating cash flow 171 354 340 436 441 668 534 662 529 331 332 389 467
Capital expenditures (230) (295) (273) (301) (334) (578) (460) (479) (541) (279) (288) (295) (327)
Asset disposals 0 0 0 0 0 0 0 0 0 0 0 0 0
L/T financial investments 0 0 14 0 0 0 0 0 0 0 0 0 0
Acquisitions / adjustments 0 0 0 0 0 0 0 0 0 0 0 0 0
Free cash flow (59) 59 81 136 107 90 74 184 (12) 51 44 94 140
Net loan proceeds 8 (1) (44) 2 0 0 0 0 0 0 1 1 2
Dividend paid 0 0 0 (70) (88) (104) (149) (135) (115) (61) (61) (81) (101)
Share issue 0 (13) 0 0 0 0 0 0 0 0 0 0 0
Other (44) 21 5 (20) 0 0 0 (31) 2 0 0 0 0
Net change in cash (96) 66 42 47 19 (14) (76) 18 (125) (9) (16) 14 40
Adjustments
C/flow bef chng in work cap 266 294 348 413 419 684 555 684 492 332 359 404 481
Adjustments 0 0 0 0 0 0 0 0 0 0 0 0 0
Int on conv debt net of tax 0 0 0 0 0 0 0 0 0 0 0 0 0
Cash earnings 266 294 348 413 419 684 555 684 492 332 359 404 481
Per share information
Cash earnings 2.51 2.79 3.36 4.03 4.11 6.68 5.39 6.7 4.85 3.27 3.54 3.98 4.74
Operating cash flow 1.61 3.37 3.29 4.25 4.32 6.52 5.19 6.49 5.21 3.26 3.28 3.84 4.6
Free cash flow (0.56) 0.56 0.78 1.32 1.05 0.88 0.71 1.8 (0.12) 0.51 0.44 0.93 1.38
Investment cover
Capex/sales (%) 50.8 50.7 57.2 52.9 54.9 62.0 52.1 52.3 88.3 61.3 60.9 54.2 49.1
Capex/depreciation (%) 176 164 147 117 134 145 133 102 104 90 96 98 104
Source for all data on this page: SEB
SEB Equity Research 06 February 2017 91
Balance sheet - TGS-Nopec
(USDm) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E
Cash and liquid assets 173 228 271 318 337 342 285 256 163 191 175 189 230
Debtors 327 270 340 291 278 458 447 521 308 353 367 392 422
Inventories 0 0 0 0 0 0 0 0 0 0 0 0 2
Other 0 0 0 0 0 0 0 0 0 0 0 0 0
Current assets 500 497 611 609 614 801 731 778 471 544 542 581 654
Interest bearing fixed assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Other financial assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Capitalized development cost 0 0 0 0 0 0 0 0 0 0 0 0 0
Goodwill 46 45 45 45 45 87 85 67 68 68 68 68 68
Other intangibles 0 0 0 0 0 0 0 0 0 0 0 0 0
Fixed tangible assets 307 411 488 531 616 774 920 923 916 861 850 843 855
Other fixed assets 0 0 0 0 0 0 0 0 0 0 0 0 0
Fixed assets 352 457 534 577 662 860 1,005 990 984 929 918 911 923
Total assets 853 954 1,144 1,186 1,276 1,661 1,736 1,768 1,455 1,473 1,460 1,493 1,577
Creditors 191 195 232 208 210 375 342 393 218 262 249 260 278
Other trade financing 0 0 0 0 0 0 0 0 0 0 0 0 0
S/T interest bearing debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Other 0 0 0 0 0 0 0 0 0 0 0 0 0
Current liabilities 191 195 232 208 210 375 342 393 218 262 249 260 278
L/T interest bearing debt 56 43 0 2 2 4 17 7 6 6 7 8 10
Other long-term liabilities 1 0 0 (2) 4 0 0 0 0 0 0 0 0
Convertible debt 0 0 0 0 0 0 0 0 0 0 0 0 0
Pension provisions 0 0 0 0 0 0 0 0 0 0 0 0 0
Other provisions 0 0 0 (20) (20) (0) (0) 0 0 0 0 0 0
Deferred tax 38 56 73 73 73 114 85 29 33 41 43 48 55
Long term liabilities 95 99 73 52 58 118 102 36 39 47 51 56 65
Minority interests 0 0 0 0 0 0 0 0 0 0 0 0 0
Shareholders' equity 568 661 840 925 1,008 1,168 1,293 1,339 1,198 1,164 1,160 1,177 1,234
Total liabilities and equity 854 954 1,144 1,186 1,276 1,661 1,736 1,768 1,455 1,473 1,460 1,493 1,577
Net debt (m) (117) (185) (271) (316) (335) (338) (268) (249) (157) (185) (168) (181) (220)
Working capital (m) 136 75 108 84 67 84 105 129 90 91 118 132 146
Capital employed (m) 624 704 840 927 1,010 1,173 1,310 1,346 1,204 1,170 1,167 1,185 1,244
Net debt/equity (%) (21) (28) (32) (34) (33) (29) (21) (19) (13) (16) (14) (15) (18)
Net debt/EBITDA (x) (0.3) (0.4) (0.7) (0.7) (0.7) (0.4) (0.4) (0.3) (0.3) (0.5) (0.4) (0.4) (0.4)
Equity/total assets (%) 67 69 73 78 79 70 74 76 82 79 79 79 78
Interest cover 65.0 16.9 322.7 5,195.5 988.2 680.7 107.9 263.2 (29.0) 14.1 197.8 287.4 408.2
Valuation
(USD) 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017E 2018E 2019E
No of shares, fully dil. (y/e) 106.1 102.8 103.5 102.0 102.0 102.5 103.0 101.3 101.5 101.5 101.5 101.5 101.5
No of shares, fully dil. avg. 106.1 105.1 103.5 102.7 102.0 102.5 103.0 102.0 101.5 101.5 101.5 101.5 101.5
Share price, y/e 74.6 34.7 104.8 131.5 132.5 181.5 160.8 161.7 141.4 191.7 191.6 191.6 191.6
Share price, high 147.0 90.0 107.0 133.4 168.5 200.6 231.0 210.7 204.3 199.3 209.5
Share price, low 66.6 27.1 34.7 73.0 96.8 130.9 138.9 143.2 135.3 100.3 185.0
Share price, avg 112.8 63.3 68.3 103.6 135.3 167.0 189.0 178.1 173.9 142.2 198.6
EPS (reported) 1.27 1.08 1.57 1.52 1.67 2.78 2.61 2.12 (0.27) 0.22 0.57 0.96 1.56
EPS (adjusted) 1.42 1.08 1.57 1.52 1.67 2.78 2.61 2.12 (0.27) 0.22 0.57 0.96 1.56
Cash earnings/share 2.51 2.79 3.36 4.03 4.11 6.68 5.39 6.70 4.85 3.27 3.54 3.98 4.74
Dividend/share 0.00 0.00 0.68 0.86 1.02 1.45 1.31 1.13 0.60 0.60 0.80 1.00 1.20
Enterprise value/share 12.7 3.2 15.5 19.4 18.8 29 24 19.3 14.5 20 22 21 21
Book value/share 5.4 6.4 8.1 9.1 9.9 11.4 12.6 13.2 11.8 11.5 11.4 11.6 12.2
Adjusted equity/share 5.4 6.4 8.1 9.1 9.9 11.4 12.6 13.2 11.8 11.5 11.4 11.6 12.2
PER (adjusted) 9.7 4.6 11.6 14.8 13.2 11.7 10.1 10.3 n.m. 102.6 40.9 24.1 14.9
CEM 5.5 1.8 5.4 5.6 5.4 4.9 4.9 3.2 3.3 6.8 6.6 5.8 4.9
Dividend yield 0.0 0.0 3.7 3.8 4.6 4.5 5.0 5.2 3.7 2.7 3.4 4.3 5.2
EV/EBITDA 3.8 0.7 4.1 4.1 3.9 3.7 3.3 2.6 3.0 5.7 5.8 4.9 3.9
EV/EBITA 6.1 1.2 7.6 8.7 8.0 7.5 6.3 6.6 (69.4) 39.1 26.7 15.5 9.4
EV/EBIT 6.1 1.2 7.6 8.7 8.0 7.5 6.3 6.6 (69.4) 39.1 26.7 15.5 9.4
EV/Sales (x) 2.97 0.56 3.36 3.47 3.16 3.22 2.76 2.14 2.41 4.54 4.63 4.00 3.21
Price/Book value 2.58 0.77 2.24 2.47 2.24 2.86 2.10 1.64 1.36 1.94 2.03 2.00 1.91
Price/adjusted equity 2.58 0.77 2.24 2.47 2.24 2.86 2.10 1.64 1.36 1.94 2.03 2.00 1.91
Free cash flow/Market cap (%) (4.1) 11.3 3.6 5.9 4.7 2.7 2.7 8.3 (0.7) 2.3 1.9 4.0 5.9
Operating cash flow/EV (%) 12.7 109.3 21.2 22.1 23.0 22.2 21.9 33.9 35.9 16.0 15.2 17.9 21.8
EV/Capital employed (x) 2.2 0.5 1.9 2.1 1.9 2.6 1.9 1.5 1.2 1.8 1.9 1.8 1.7
Main shareholders Management Company information
Name (%) Votes Capital Title Name Contact
State Street Corp 9.0 9.0 COB Hank Hamilton Internet www.tgsnopec.no
JPMorgan Chase & Co 6.2 6.2 CEO Robert Hobbs Phone number (47) 66 76 99 00
JPMorgan Bank Luxembourg 5.5 5.5 CFO Sven Børre Larsen
IR Sven Børre Larsen
Source for all data on this page: SEB
SEB Equity Research 06 February 2017 92