External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

Tgs Nopec Geophysical Co / Equity Bottom-Up

<ul><li>Seismic industry is overlooked and misunderstood by many investors due to its volatility</li><li>Recent changes in the industry could lead to growth opportunities, including potential increased demand in 2024</li><li>Author is optimistic about TGS NO equity as a potential investment, despite previous reservations about company's high quality and valuation</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Seismic industry is overlooked and misunderstood by many investors due to its volatilityRecent changes in the industry could lead to growth opportunities, including potential increased demand in 2024Author is optimistic about TGS NO equity as a potential investment, despite previous reservations about company's high quality and valuationThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

European Event-Driven Analyst

Jesus Rodriguez Aguilar

Event-Driven

<ul>
<li>TGS is seizing an opportunity by acquiring a competitor at a low valuation, in an all-share deal 0.06829 TGS NO x 1 PGS NO, departing from its traditional asset-light approach.</li>
<li>The Merger is subject to ongoing review by UK and Norwegian competition authorities. I believe the deal will be cleared, but might be delayed until Q4.</li>
<li>The dividend-adjusted gross spread is 6.7%. Regulatory approval concerns seem overblown. I would set up the spread.</li>
</ul>


TGS is seizing an opportunity by acquiring a competitor at a low valuation, in an all-share deal 0.06829 TGS NO x 1 PGS NO, departing from its traditional asset-light approach.
The Merger is subject to ongoing review by UK and Norwegian competition authorities. I believe the deal will be cleared, but might be delayed until Q4.
The dividend-adjusted gross spread is 6.7%. Regulatory approval concerns seem overblown. I would set up the spread.


T G S/P G S: Delayed by Competition Review, Spread

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a> entered a scheme implementation deed (SID) with Thoma Bravo at A$2.10 per share, a 39.1% premium to the undisturbed price.</li>
<li>The offer price is attractive. The key conditions are shareholders and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is in November. </li>
<li>At last close and for the end of November payment, the gross and annualised spread to the offer is 1.4% and 5.2%, respectively.</li>
</ul>



Nearmap Ltd (NEA AU) entered a scheme implementation deed (SID) with Thoma Bravo at A$2.10 per share, a 39.1% premium to the undisturbed price.
The offer price is attractive. The key conditions are shareholders and regulatory (FIRB &amp; US antitrust) approvals. The scheme meeting is in November. 
At last close and for the end of November payment, the gross and annualised spread to the offer is 1.4% and 5.2%, respectively.


Nearmap Enters a SID with Thoma Bravo at A$2.10

<ul>
<li>
<a href="https://www.smartkarma.com/entities/nearmap-ltd" target="_blank" data-smartkarma-citation="entities:5142:1" rel="noopener">Nearmap Ltd (NEA AU)</a> disclosed a non-binding indicative offer of A$2.10 per share from Thoma Bravo. The offer price represents a 39.1% premium to the last trading day price.</li>
<li>Thoma Bravo has secured a 7-day exclusivity to firm up an offer. Thoma Bravo is a credible bidder and agreed to acquire <a href="https://www.smartkarma.com/entities/ping-identity-holding-corp" target="_blank" data-smartkarma-citation="entities:28271:1" rel="noopener">Ping Identity Holding Corp (PING US)</a> last week. </li>
<li>Nearmap also revealed other non-binding expressions of interest. The exclusivity could flush out other bids. We think that offer is reasonable. At the last close, the gross spread is 11.4%.</li>
</ul>



Nearmap Ltd (NEA AU) disclosed a non-binding indicative offer of A$2.10 per share from Thoma Bravo. The offer price represents a 39.1% premium to the last trading day price.
Thoma Bravo has secured a 7-day exclusivity to firm up an offer. Thoma Bravo is a credible bidder and agreed to acquire Ping Identity Holding Corp (PING US) last week. 
Nearmap also revealed other non-binding expressions of interest. The exclusivity could flush out other bids. We think that offer is reasonable. At the last close, the gross spread is 11.4%.


Nearmap’s A$2.10 Per Share Indicative Offer from Thoma Bravo

Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

<ul>
<li>Global equity indexes have staged impressive rallies from oversold levels, and certain hard-hit areas in Europe (STOXX600 Technology, Industrial Goods &amp; Services, and Chemicals Sectors) display bullish short-term price reversals.</li>
<li>We view this as a potential signal that the lows may have been established for this correction, but we need to see more upside follow-through.</li>
<li>Regardless, we want to stick with Sectors and stocks that have remained technically attractive throughout this pullback, not on areas that are just now spiking from oversold levels within downtrends.</li>
</ul>


Global equity indexes have staged impressive rallies from oversold levels, and certain hard-hit areas in Europe (STOXX600 Technology, Industrial Goods &amp; Services, and Chemicals Sectors) display bullish short-term price reversals.
We view this as a potential signal that the lows may have been established for this correction, but we need to see more upside follow-through.
Regardless, we want to stick with Sectors and stocks that have remained technically attractive throughout this pullback, not on areas that are just now spiking from oversold levels within downtrends.


Value Remains Leadership; Actionable Ideas: Energy, Financials, Industrials, and Materials

Norway

TGS Nopec Geophysical Company ASA offers geophysical consulting and contracting services.  The Company also collects and processes magnetic and gravitational data.  TGS focuses on planning, collection, processing, and sale of marine seismic data.  The Company's customers are international oil and exploration companies.

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Tgs Nopec Geophysical Co (TGS NO)

Tgs Asa (TGS NO) - Tuesday, Apr 2, 2024

Author is optimistic about TGS NO equity as a potential investment, despite previous reservations about company's high quality and valuation

Value Investors Club (VIC)

T G S/P G S: Delayed by Competition Review, Spread

TGS is taking advantage of a low valuation to acquire a competitor in an all-share deal. Regulatory approval for the merger is pending but likely...

Jesus Rodriguez Aguilar

Nearmap Enters a SID with Thoma Bravo at A$2.10

The offer price is attractive. At last close and for the end of November payment, the annualised spread to the offer is 5.2%.

Arun George

Value Remains Leadership; Actionable Ideas: Energy, Financials, Industrials, and Materials

We are sticking with Sectors and stocks that have remained technically sound throughout this correction, not on areas that are just now spiking...

Vermilion Research

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52-week Range

Market Cap (USDm)

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Tgs Asa (TGS NO) - Tuesday, Apr 2, 2024

Author is optimistic about TGS NO equity as a potential investment, despite previous reservations about company's high quality and valuation

Value Investors Club (VIC)

T G S/P G S: Delayed by Competition Review, Spread

​TGS is taking advantage of a low valuation to acquire a competitor in an all-share deal. Regulatory approval for the merger is pending but likely...

Jesus Rodriguez Aguilar

Nearmap Enters a SID with Thoma Bravo at A$2.10

The offer price is attractive. At last close and for the end of November payment, the annualised spread to the offer is 5.2%.

Arun George

Nearmap’s A$2.10 Per Share Indicative Offer from Thoma Bravo

Thoma Bravo is a credible bidder, and the Board will likely recommend a binding offer. We think that the offer is reasonable. At the last close,...

Arun George

Value Remains Leadership; Actionable Ideas: Energy, Financials, Industrials, and Materials

We are sticking with Sectors and stocks that have remained technically sound throughout this correction, not on areas that are just now spiking...

Vermilion Research

TGS is taking advantage of a low valuation to acquire a competitor in an all-share deal. Regulatory approval for the merger is pending but likely...