Viridien: Looks tempting

研报英文原文证据摘录

Viridien: Looks tempting

27 July 2026

Guillaume Delaby

+33 1 42 13 62 29

Global Oil Services guillaume.delaby@bernsteinsg.com

Viridien Specialist Sales

Gareth Williams

Rating +44 20 7762 5256

Outperform gareth.b.williams@bernsteinsg.com

Price Target

VIRI.FP 130.00 EUR

The share is looking increasingly tempting ahead of the 2Q26 results (due 30 July Close Date 24 Jul 2026

after the market close). Intellectual honesty forces us to recognize that, up to now, we have

VIRI.FP Close Price (EUR) 83.40

not had a strong view ahead of 2Q26 results, even though we have always felt confident

Price Target (EUR) 130.00

in our 2Q26 revenue/EBITDA estimate of $239m/$91m. In our 10 June 2026 report, we

Upside/(Downside) 56%

suggested that a new disappointment could not be ruled out at the 2Q26 stage. However,

52-Week Range 161.40/47.52

we are now are turning more constructive ahead of 2Q26. First, because the Viridien share is

EDME 1,600.33

now c.23% lower (vs10 June 2026). Second, because the company’s two main peers - PGS

FYE Dec

(NC) and SLB - released bullish messages on 23 and 24 July 2026. PGS mentioned that “the

Div Yield NA

LT outlook for O&G exploration continues to strengthen”. SLB released very strong 2Q26

Market Cap (EUR) (M) 602

Digital Exploration sales ($126m Digital Exploration revenue +25% qoq and +100% yoy),

EV (EUR) (M) 1,606

even though part of that 2Q26 performance was attributable to (always erratic) transfer fees.

Performance YTD 1M 6M 12M

“Option” and “temptation”. “Option” and “temptation” are two different concepts, even Absolute (%) (15.2) (3.8) (31.5) 42.6

if they are closely related. 1) Option (1). We have often argued that Viridien - as any highly EDME (%) 8.8 1.2 5.2 17.6