Stock TGS TGS ASA
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Financials TGS ASA

Equities

TGS

NO0003078800

Oil Related Services and Equipment

Market Closed - Oslo Bors
Other stock markets
 10:45:00 2024-04-26 am EDT 		5-day change 1st Jan Change
130.4 NOK +3.82% Intraday chart for TGS ASA +0.85% -1.36%
Apr. 18 Norwegian Antitrust Regulator Greenlights TGS-PGS Merger MT
Apr. 12 UK Competition Watchdog to Probe TGS-PGS Merger MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,550 1,824 1,115 1,677 1,702 1,545 - -
Enterprise Value (EV) 1 3,229 1,631 932.8 1,488 1,702 1,326 1,251 1,159
P/E ratio 33.3 x -8.89 x -20.9 x 18.5 x 76.5 x 11.3 x 9.51 x 10.1 x
Yield 3.56% 3.21% 5.83% 4.16% 4.31% 4.69% 5.54% 6.01%
Capitalization / Revenue 4.6 x 4.06 x 3.61 x 2.34 x 2.14 x 1.52 x 1.39 x 1.43 x
EV / Revenue 4.18 x 3.63 x 3.02 x 2.08 x 2.14 x 1.3 x 1.12 x 1.07 x
EV / EBITDA 5.03 x 4.67 x 4.76 x 2.76 x 4.43 x 2.28 x 1.95 x 1.88 x
EV / FCF 15.7 x -75.4 x 6.28 x 21.1 x 10.9 x 9.35 x 7.72 x 7.9 x
FCF Yield 6.36% -1.33% 15.9% 4.73% 9.21% 10.7% 13% 12.7%
Price to Book 2.32 x 1.46 x 1 x 1.35 x - 1.16 x 1.1 x 1.1 x
Nbr of stocks (in thousands) 117,171 117,228 116,107 124,469 130,862 130,862 - -
Reference price 2 30.30 15.56 9.604 13.47 13.00 11.81 11.81 11.81
Announcement Date 2/12/20 2/11/21 2/10/22 2/9/23 2/15/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 772.6 448.8 308.9 716.6 794.3 1,018 1,113 1,082
EBITDA 1 642 349.1 196 538.9 383.9 581 642.4 615.7
EBIT 1 221.2 -293 -161.6 130.7 53.3 179.9 212.9 200.3
Operating Margin 28.63% -65.29% -52.32% 18.24% 6.71% 17.67% 19.12% 18.51%
Earnings before Tax (EBT) 1 131.2 -289.7 -39.93 127.6 51.88 187.4 216.5 201
Net income 1 99.45 -204.9 -54.11 86.67 21.65 143.7 163.5 154.3
Net margin 12.87% -45.65% -17.52% 12.09% 2.73% 14.11% 14.69% 14.26%
EPS 2 0.9100 -1.750 -0.4600 0.7300 0.1700 1.048 1.242 1.173
Free Cash Flow 1 205.4 -21.62 148.6 70.43 156.7 141.8 162 146.7
FCF margin 26.59% -4.82% 48.1% 9.83% 19.73% 13.93% 14.55% 13.55%
FCF Conversion (EBITDA) 31.99% - 75.82% 13.07% 40.81% 24.41% 25.22% 23.82%
FCF Conversion (Net income) 206.52% - - 81.27% 723.81% 98.71% 99.06% 95.03%
Dividend per Share 2 1.080 0.5000 0.5600 0.5600 0.5600 0.5540 0.6540 0.7100
Announcement Date 2/12/20 2/11/21 2/10/22 2/9/23 2/15/24 - - -
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 60.94 119.5 132.2 230.1 135.3 219 173.2 206.3 225 189.4 189.5 257 265.9 290.2 -
EBITDA 1 28.47 84.04 101 197.3 97.04 143.5 63.52 97.08 102.6 120.7 115 147.1 145.8 179 -
EBIT 1 -27.75 -87.7 33.54 31.42 13.13 64.63 -6.812 - 26.16 10.9 18.25 44.21 44.4 71.96 -
Operating Margin -45.53% -73.38% 25.38% 13.66% 9.7% 29.51% -3.93% - 11.63% 5.76% 9.63% 17.2% 16.7% 24.8% -
Earnings before Tax (EBT) 1 -28.7 -103.1 28.29 33.5 -2.317 68.08 -12.94 20.73 28.52 15.57 18.07 42.43 41.28 73.28 65
Net income 1 -25.8 -85.89 20.93 25.42 -1.738 42.06 -8.705 22.64 16.78 -9.067 14.02 34.54 33.67 54.38 48.75
Net margin -42.34% -71.88% 15.83% 11.05% -1.28% 19.2% -5.03% 10.97% 7.46% -4.79% 7.4% 13.44% 12.66% 18.74% -
EPS 2 -0.1900 -0.7400 0.1800 0.2200 -0.0200 0.3400 -0.0700 0.1800 0.1300 -0.0700 0.1022 0.2722 0.2797 0.4429 0.3713
Dividend per Share 2 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 0.1400 0.1267 0.1267 0.1400
Announcement Date 10/28/21 2/10/22 5/12/22 7/21/22 10/27/22 2/9/23 5/11/23 7/20/23 10/26/23 2/15/24 - - - - -
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - - - - - - - -
Net Cash position 1 321 193 182 188 - 219 294 386
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow 1 205 -21.6 149 70.4 157 142 162 147
ROE (net income / shareholders' equity) 11.8% -14.7% -4.59% 7.35% - 10.6% 12% 10.9%
ROA (Net income/ Total Assets) 8.66% -4.95% -2.98% 4.92% - 7.7% 8.2% 8.5%
Assets 1 1,149 4,142 1,818 1,761 - 1,866 1,994 1,816
Book Value Per Share 2 13.10 10.70 9.580 9.980 - 10.10 10.70 10.70
Cash Flow per Share 2 5.130 3.030 2.700 2.890 - 3.500 3.900 3.600
Capex 1 355 376 169 225 428 385 365 356
Capex / Sales 45.98% 83.86% 54.74% 31.33% 53.89% 37.81% 32.78% 32.89%
Announcement Date 2/12/20 2/11/21 2/10/22 2/9/23 2/15/24 - - -
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for TGS ASA

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
5
Last Close Price
11.81 USD
Average target price
13.59 USD
Spread / Average Target
+15.12%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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