Huib Horizon schreef:
Het originele commentaar van SNS:
Research Ochtendcommentaar
Fugro (60.21), Rating: BUY, 2006A: 2.05 2007E: 2.99 2008E: 3.69
The facts:
Seismic contract wins of EUR 50m, we reduce our recommendation from Buy to Add new PT 68 (was 61)
Our analysis:
Fugro has been awarded two contracts for 3D marine seismic surveys in Australia and
Indonesia and received a letter of intent for another seismic contract in Indonesia. The
total contract value is USD 68.5 million (almost EUR 50 million). Fugro has been awarded a 1,700 square kilometres 3D seismic survey for ConocoPhilips in Australia. Fugro's seismic vessel ‘Geo Atlantic' will undertake the two month project offshore North Western Australia commencing late November 2007. In addition, a further letter of award was agreed upon with ConocoPhilips, and a letter of intent was received from StatoilHydro, each for a 3D seismic survey in Indonesia. These contracts cover two neighbouring blocks with a total area of 3,500 square kilometres. The vessel ‘Geo Atlantic' will take on the work after the Australian survey. All the surveys will be undertaken with a 10 streamer spread.
Conclusion & Action:
The announced contracts show there is strong demand for the high capacity seismic vessels of Fugro, which result for at least 6 months of work for the Geo Atlantic at day rates between USD 350,000-USD 400,000 we estimate, which is at the high end of the market. If we include these high-end tariffs for the seismic fleet and partly to the survey vessel fleet as well we derive at a price target of EUR 68 per share, which 11% higher than our current share price. At a price target of EUR 68 per share we believe a big part of the value creation potential of the current fleet expansion program is price in. For that reason we cut our recommendation from Buy to Add with a new price target of EUR 68 versus our previous EUR 61.
Bovenstaande update is gepubliceerd in onze Research Ochtendcommentaars voor 06/11/2007 HTML en PDF
HH