CGG/Viridien - comment

Results were positive for creditors. Revenue was 8% light vs our model on lower-than-expected orders in the Sensor and Monitoring business. However, EBITDA margins at the Earth and Geo Science business were stronger than we modelled (as was pre-funding), hence the company reported EBITDA at $155m vs our estimate of $135m. The higher EBITDA flowed through Operating Cash flow ($58m vs $43m estimated). Capex was $14m higher as Viridien invested in development, therefore net cash flow was in line with our estimates.

https://www.viridiengroup.com/investors/results-publications#1702591434-1260323894