Christian Ryther presented his in-depth investment thesis on TGS Nopec (Oslo: TGS) at Wide-Moat Investing Summit 2015.

TGS Nopec licenses seismic surveys to oil and gas explorers, and is a superior business operating in a cyclical industry, going from strength to strength as its competitors rise and fall with the cycle. TGS Nopec’s business model is superior to its large competitors’, and TGS has scale advantages over its smaller copy-cat competitors. The company has a clean balance sheet and generates strong returns on capital even at the exploration industry’s cyclical nadir. As in the past, this oil downturn is allowing TGS Nopec to profitably gain meaningful market share. At a better than 5:1 upside/downside, the market is currently offering this wide-moat investment at a great price.

About the instructor:

Christian Ryther is an investor focused on excellent businesses with exceptional management teams, whose securities are undervalued. Christian founded Curreen Capital in 2013 having previously worked at NeuStrada Capital, Principled Capital Management and Riva Ridge Capital Management. Christian earned an MBA from the Columbia Business School, where he was selected to join the school’s elite Value Investing Program. Christian holds a bachelor’s degree in economics from Boston College.

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