Company Valuation: TGS ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,115 1,668 1,706 1,956 1,794 2,774 - -
Change - 49.61% 2.3% 14.68% -8.3% 54.64% - -
Enterprise Value (EV) 1 932.4 1,479 1,595 2,445 2,221 3,209 3,191 3,157
Change - 58.65% 7.8% 53.36% -9.17% 44.48% -0.56% -1.05%
P/E -20.9x 18.4x 76.7x 19.2x 101x 13.6x 11.8x 9.88x
PBR 1x 1.34x 1.34x 0.94x 0.91x 1.39x 1.34x 1.31x
PEG - -0x -1x 0x -1.2x 0x 0.8x 0.5x
Capitalization / Revenue 3.61x 2.33x 2.15x 1.48x 1.17x 1.86x 1.74x 1.67x
EV / Revenue 3.02x 2.06x 2.01x 1.86x 1.45x 2.15x 2x 1.9x
EV / EBITDA 4.76x 2.75x 4.15x 3.52x 2.48x 3.54x 3.17x 2.99x
EV / EBIT -5.77x 11.3x 29.9x 12.5x 12.2x 9.93x 9.02x 7.9x
EV / FCF 6.28x 21x 10.2x 10.7x 5.69x 13.2x 14.6x 12.3x
FCF Yield 15.9% 4.76% 9.83% 9.36% 17.6% 7.6% 6.84% 8.1%
Dividend per Share 2 0.56 0.56 0.56 0.56 0.62 0.6136 0.71 0.9067
Rate of return 5.83% 4.18% 4.3% 5.62% 6.79% 4.35% 5.03% 6.42%
EPS 2 -0.46 0.73 0.17 0.52 0.09 1.036 1.196 1.429
Distribution rate -122% 76.7% 329% 108% 689% 59.2% 59.3% 63.5%
Net sales 1 308.9 716.6 794.3 1,318 1,527 1,495 1,595 1,664
EBITDA 1 196 538.9 383.9 694.2 896.2 905.9 1,008 1,057
EBIT 1 -161.6 130.7 53.3 195.5 182.4 323.3 353.6 399.5
Net income 1 -54.11 86.67 21.65 94.22 18.3 218.4 256.8 292.3
Net Debt 1 -182.3 -188.5 -111.5 488.9 427 434.6 416.5 383
Reference price 2 9.60 13.40 13.04 9.97 9.13 14.12 14.12 14.12
Nbr of stocks (in thousands) 116,107 124,469 130,862 196,213 196,459 196,503 - -
Announcement Date 2/10/22 2/9/23 2/15/24 2/20/25 2/12/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
20.43x2.2x10.08x2.36% 74.01B
19.16x2.33x13.13x1.66% 55.51B
14.56x2x8.7x4.89% 27.8B
22.46x2.44x12.06x0.29% 27B
13.12x1.4x7.64x2.16% 26.28B
31.87x5.33x20.79x0.89% 16.69B
13.51x1.24x5.31x3.64% 10.08B
27.43x0.51x4.43x3.8% 9.57B
6.87x1.39x5.45x3.03% 6.77B
Average 18.82x 2.09x 9.73x 2.52% 28.19B
Weighted average by Cap. 19.35x 2.23x 10.73x 2.27%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield