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 2,850 - -
Change - 49.61% 2.3% 14.68% -8.3% 58.86% - -
Enterprise Value (EV) 1 932.4 1,479 1,595 2,445 2,221 3,285 3,267 3,233
Change - 58.65% 7.8% 53.36% -9.17% 47.89% -0.55% -1.03%
P/E -20.9x 18.4x 76.7x 19.2x 101x 13.6x 12.1x 10.2x
PBR 1x 1.34x 1.34x 0.94x 0.91x 1.42x 1.38x 1.34x
PEG - -0x -1x 0x -1.2x 0x 1x 0.5x
Capitalization / Revenue 3.61x 2.33x 2.15x 1.48x 1.17x 1.91x 1.79x 1.71x
EV / Revenue 3.02x 2.06x 2.01x 1.86x 1.45x 2.2x 2.05x 1.94x
EV / EBITDA 4.76x 2.75x 4.15x 3.52x 2.48x 3.65x 3.24x 3.06x
EV / EBIT -5.77x 11.3x 29.9x 12.5x 12.2x 10.2x 9.24x 8.09x
EV / FCF 6.28x 21x 10.2x 10.7x 5.69x 13.5x 15x 12.6x
FCF Yield 15.9% 4.76% 9.83% 9.36% 17.6% 7.42% 6.68% 7.91%
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% 4.23% 4.9% 6.25%
EPS 2 -0.46 0.73 0.17 0.52 0.09 1.065 1.196 1.429
Distribution rate -122% 76.7% 329% 108% 689% 57.6% 59.3% 63.5%
Net sales 1 308.9 716.6 794.3 1,318 1,527 1,495 1,595 1,664
EBITDA 1 196 538.9 383.9 694.2 896.2 899.3 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 18.3 218.4 238.8 292.3
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 14.50 14.50 14.50
Nbr of stocks (in thousands) 116,107 124,469 130,862 196,213 196,459 196,503 - -
Announcement Date 10/02/22 09/02/23 15/02/24 20/02/25 12/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.87x2.23x3.71x4.15% 2.9B
14.36x1.33x5.61x6.33% 10.71B
17.58x0.23x3.26x3.05% 6.26B
36.61x1.08x8.66x1.75% 3.28B
34.44x1.86x8.33x1.45% 2.59B
6.89x0.41x4.68x17.96% 2.23B
16.82x1.28x3.21x2.07% 954M
5.13x0.81x1.31x5.65% 802M
4.64x2.55x7.26x6.64% 617M
Average 16.70x 1.31x 5.12x 5.45% 3.37B
Weighted average by Cap. 18.18x 1.15x 5.28x 5.24%

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