Argeo is the only pure-play provider of AUVs in the market.
ARGEO
ARGEO (Buy, TP NOK 18): Transforming the ocean surveying and inspection industry
Conclusion
We initiate coverage of Argeo with a Buy recommendation and NOK 18 target price. Argeo targets to transform the ocean survey and inspection industry with Autonomous Underwater Vehicles (AUVs), which are faster, cheaper and greener than conventional ROVs. The AUV market is expected to double by 2025 and surpass the ROV market in size by 2030. Argeo is the only pure-play provider of AUVs in the market, and has an asset light and flexible setup with low required utilization for break-even. We see revenues increasing from USD 66m in 2021e to USD 506m in 2024e, driven by ramp-up of the AUV fleet and increased utilization, with EBIT margin increasing from 5% to 27% in the period. Note that Argeo’s own revenue estimates are 46-79% above our estimates for 2022-24, meaning there could be upside to our estimates. We calculate EV/EBIT of 4.2x/1.8x in 2022-23e and P/E at 6.3x/3.1x, which is very low both on an absolute basis and vs peers. If Argeo delivers on estimates, we see vast upside beyond our NOK 18 target price.
ARGEO (Buy, TP NOK 18): Transforming the ocean surveying and inspection industry
Conclusion
We initiate coverage of Argeo with a Buy recommendation and NOK 18 target price. Argeo targets to transform the ocean survey and inspection industry with Autonomous Underwater Vehicles (AUVs), which are faster, cheaper and greener than conventional ROVs. The AUV market is expected to double by 2025 and surpass the ROV market in size by 2030. Argeo is the only pure-play provider of AUVs in the market, and has an asset light and flexible setup with low required utilization for break-even. We see revenues increasing from USD 66m in 2021e to USD 506m in 2024e, driven by ramp-up of the AUV fleet and increased utilization, with EBIT margin increasing from 5% to 27% in the period. Note that Argeo’s own revenue estimates are 46-79% above our estimates for 2022-24, meaning there could be upside to our estimates. We calculate EV/EBIT of 4.2x/1.8x in 2022-23e and P/E at 6.3x/3.1x, which is very low both on an absolute basis and vs peers. If Argeo delivers on estimates, we see vast upside beyond our NOK 18 target price.
Redigert 19.08.2021 kl 00:19
Du må logge inn for å svare
Joffe3
19.08.2021 kl 00:29
2055
Argeo AS – Invitation to presentation of Q2 2021 Financial results
Asker, 18.8.2021: Argeo AS will publish its financial results for Q2 2021 on Wednesday 25 August 2021.
There will be a livestreamed presentation and Q&A session at 10:00 CEST.
Register here: https://attendee.gotowebinar.com/register/7171858578584959500
For more information, please contact:
Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
Phone: +47 976 37 273
About Argeo
Argeo is a company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles (“AUVs”) will significantly increase efficiency and imaging quality in addition to contribute to significant reduction in CO2 emissions from operations for the global industry in which the Company operates. The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic and geological methods from shallow waters to the deepest oceans for the market segments Infrastructure, Offshore Wind, Oil & Gas and Deep Sea Minerals. Argeo was established in 2017 and has offices in Asker and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.
www.argeo.no
Asker, 18.8.2021: Argeo AS will publish its financial results for Q2 2021 on Wednesday 25 August 2021.
There will be a livestreamed presentation and Q&A session at 10:00 CEST.
Register here: https://attendee.gotowebinar.com/register/7171858578584959500
For more information, please contact:
Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
Phone: +47 976 37 273
About Argeo
Argeo is a company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles (“AUVs”) will significantly increase efficiency and imaging quality in addition to contribute to significant reduction in CO2 emissions from operations for the global industry in which the Company operates. The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic and geological methods from shallow waters to the deepest oceans for the market segments Infrastructure, Offshore Wind, Oil & Gas and Deep Sea Minerals. Argeo was established in 2017 and has offices in Asker and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.
www.argeo.no
Joffe3
19.08.2021 kl 19:09
1958
Alle Sammen !
Merk datoen 25.08.2021 (Shortere kommer til å gå på en store slem)
Her kommer det positive tall.
And up we go.
Joffe3
Merk datoen 25.08.2021 (Shortere kommer til å gå på en store slem)
Her kommer det positive tall.
And up we go.
Joffe3
Redigert 19.08.2021 kl 19:21
Du må logge inn for å svare
Joffe3
21.08.2021 kl 23:26
1843
Alle sammen !
Minner om Wednesday 25 August 2021.
Argeo AS – Invitation to presentation of Q2 2021 Financial results
Asker, 18.8.2021: Argeo AS will publish its financial results for Q2 2021 on Wednesday 25 August 2021.
There will be a livestreamed presentation and Q&A session at 10:00 CEST.
Register here: https://attendee.gotowebinar.com/register/7171858578584959500
For more information, please contact:
Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
Phone: +47 976 37 273
About Argeo
Argeo is a company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles (“AUVs”) will significantly increase efficiency and imaging quality in addition to contribute to significant reduction in CO2 emissions from operations for the global industry in which the Company operates. The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic and geological methods from shallow waters to the deepest oceans for the market segments Infrastructure, Offshore Wind, Oil & Gas and Deep Sea Minerals. Argeo was established in 2017 and has offices in Asker and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.
www.argeo.no
Minner om Wednesday 25 August 2021.
Argeo AS – Invitation to presentation of Q2 2021 Financial results
Asker, 18.8.2021: Argeo AS will publish its financial results for Q2 2021 on Wednesday 25 August 2021.
There will be a livestreamed presentation and Q&A session at 10:00 CEST.
Register here: https://attendee.gotowebinar.com/register/7171858578584959500
For more information, please contact:
Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
Phone: +47 976 37 273
About Argeo
Argeo is a company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles (“AUVs”) will significantly increase efficiency and imaging quality in addition to contribute to significant reduction in CO2 emissions from operations for the global industry in which the Company operates. The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic and geological methods from shallow waters to the deepest oceans for the market segments Infrastructure, Offshore Wind, Oil & Gas and Deep Sea Minerals. Argeo was established in 2017 and has offices in Asker and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.
www.argeo.no
Joffe3
25.08.2021 kl 08:11
1538
Argeo AS Reports Unaudited Results for the Second Quarter of 2021
Asker, 25th of August 2021: Argeo AS (Ticker: ARGEO) today reported unaudited results for the second quarter 2021.
Highlights
Argeo had high operational activity during the quarter and successfully completed several key milestone projects involving all our robotics solutions and data analysis methods for clients.
“As we are in a build-up period, I am very pleased that we managed to successfully demonstrate our services based on our surface robotics platform (ASV) for EPCI clients in Aquaculture and Oil & Gas proving our high-performance potential in data acquisition and data quality, says CEO Trond Figenschou Crantz in Argeo.
The revenue for the quarter was slightly lower than our guidance target of NOK 15M, ending at NOK 11M.
“Despite all the positive results during the quarter when commissioning the used Hugin system we experienced some initial technical delays relating to a long period of system standstill that in turn resulted in slightly lower revenues compared to our Q1 guidance. I am however very pleased by the great effort put in by the operational and geoscience team, resolving the problems and bringing the project to close. The recorded productivity was more than 70-line kilometers over a period of 12-hour continuous acquisition, over 6x the traditional ROV acquisition speed”, says Crantz.
Good commercial scaling of market activities resulting in significant project pipeline build-up leading to several Request For Information (RFI), Request For Quotation (RFQ) and Tenders in mainly Offshore Wind, O&G and Deep Sea Minerals.
“All three robotics systems, the two Autonomous Surface Vehicle and the Hugin AUV are occupied from late August with potential for extension in September which reflects the high activity level”, says Crantz.
The construction of the two SeaRaptor systems is going according to the earlier communicated plan with the first delivery in Q4-2021 and the second delivery in Q1-2022.
Presentation and webcast
Argeo will host a presentation and a webcast to discuss the Company's results for the period ended 30 June 2021 on Wednesday, 25th August 2021, at 10:00 CEST. There will be a Q&A session following the presentation.
The presentation will be hosted by:
Mr. Trond Figenschau Crantz, CEO
Mr. Odd Erik Rudshaug, CFO
To access the webcast please register on the following link: https://attendee.gotowebinar.com/register/7171858578584959500
For more information, please contact:
Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
Phone: +47 976 37 273
Web: www.argeo.no
About Argeo
Argeo is a company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles ("AUVs") will significantly increase efficiency and imaging quality in addition to contribute to significant reduction in CO2 emissions from operations for the global industry in which the Company operates.
The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic and geological methods from shallow waters to the deepest oceans for market segments in Infrastructure, Offshore Wind, Oil & Gas and Deep Sea Minerals.
Argeo was established in 2017 and has offices in Asker and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.
Argeo is listed on The Euronext Growth Oslo under the ticker: ARGEO.
Oslo Børs
Asker, 25th of August 2021: Argeo AS (Ticker: ARGEO) today reported unaudited results for the second quarter 2021.
Highlights
Argeo had high operational activity during the quarter and successfully completed several key milestone projects involving all our robotics solutions and data analysis methods for clients.
“As we are in a build-up period, I am very pleased that we managed to successfully demonstrate our services based on our surface robotics platform (ASV) for EPCI clients in Aquaculture and Oil & Gas proving our high-performance potential in data acquisition and data quality, says CEO Trond Figenschou Crantz in Argeo.
The revenue for the quarter was slightly lower than our guidance target of NOK 15M, ending at NOK 11M.
“Despite all the positive results during the quarter when commissioning the used Hugin system we experienced some initial technical delays relating to a long period of system standstill that in turn resulted in slightly lower revenues compared to our Q1 guidance. I am however very pleased by the great effort put in by the operational and geoscience team, resolving the problems and bringing the project to close. The recorded productivity was more than 70-line kilometers over a period of 12-hour continuous acquisition, over 6x the traditional ROV acquisition speed”, says Crantz.
Good commercial scaling of market activities resulting in significant project pipeline build-up leading to several Request For Information (RFI), Request For Quotation (RFQ) and Tenders in mainly Offshore Wind, O&G and Deep Sea Minerals.
“All three robotics systems, the two Autonomous Surface Vehicle and the Hugin AUV are occupied from late August with potential for extension in September which reflects the high activity level”, says Crantz.
The construction of the two SeaRaptor systems is going according to the earlier communicated plan with the first delivery in Q4-2021 and the second delivery in Q1-2022.
Presentation and webcast
Argeo will host a presentation and a webcast to discuss the Company's results for the period ended 30 June 2021 on Wednesday, 25th August 2021, at 10:00 CEST. There will be a Q&A session following the presentation.
The presentation will be hosted by:
Mr. Trond Figenschau Crantz, CEO
Mr. Odd Erik Rudshaug, CFO
To access the webcast please register on the following link: https://attendee.gotowebinar.com/register/7171858578584959500
For more information, please contact:
Trond Figenschou Crantz, CEO
Email: trond.crantz@argeo.no
Phone: +47 976 37 273
Web: www.argeo.no
About Argeo
Argeo is a company with a mission to transform the ocean surveying and inspection industry by utilizing autonomous surface and underwater robotics solutions. Equipped with unique sensors and advanced digital imaging technology, the Autonomous Underwater Vehicles ("AUVs") will significantly increase efficiency and imaging quality in addition to contribute to significant reduction in CO2 emissions from operations for the global industry in which the Company operates.
The Company’s highly accurate digital models and digital twin solutions are based on geophysical, hydrographic and geological methods from shallow waters to the deepest oceans for market segments in Infrastructure, Offshore Wind, Oil & Gas and Deep Sea Minerals.
Argeo was established in 2017 and has offices in Asker and Tromsø, Norway. Since its incorporation, Argeo has carried out complex projects for some of Norway’s largest companies in the field.
Argeo is listed on The Euronext Growth Oslo under the ticker: ARGEO.
Oslo Børs