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 3,094 - -
Change - 49.61% 2.3% 14.68% -8.3% 72.49% - -
Enterprise Value (EV) 1 932.4 1,479 1,595 2,445 2,221 3,529 3,511 3,477
Change - 58.65% 7.8% 53.36% -9.17% 58.9% -0.51% -0.96%
P/E -20.9x 18.4x 76.7x 19.2x 101x 15.2x 13.2x 11x
PBR 1x 1.34x 1.34x 0.94x 0.91x 1.55x 1.5x 1.46x
PEG - -0x -1x 0x -1.2x 0x 0.9x 0.6x
Capitalization / Revenue 3.61x 2.33x 2.15x 1.48x 1.17x 2.07x 1.94x 1.86x
EV / Revenue 3.02x 2.06x 2.01x 1.86x 1.45x 2.36x 2.2x 2.09x
EV / EBITDA 4.76x 2.75x 4.15x 3.52x 2.48x 3.9x 3.48x 3.29x
EV / EBIT -5.77x 11.3x 29.9x 12.5x 12.2x 10.9x 9.93x 8.71x
EV / FCF 6.28x 21x 10.2x 10.7x 5.69x 14.5x 16.1x 13.6x
FCF Yield 15.9% 4.76% 9.83% 9.36% 17.6% 6.91% 6.21% 7.35%
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% 3.9% 4.51% 5.76%
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 15.75 15.75 15.75
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.19x2.36x3.9x3.9% 3.09B
13.46x1.24x5.29x6.22% 10.04B
16.54x0.18x2.64x3.26% 5.72B
33.22x1.02x8.17x1.93% 2.98B
33.51x1.82x8.17x1.43% 2.52B
6.91x0.4x4.54x18.2% 2.15B
15.29x1.17x2.96x2.28% 857M
4.86x0.75x1.22x5.97% 759M
4.83x2.61x7.44x6.38% 629M
Average 15.98x 1.28x 4.92x 5.51% 3.19B
Weighted average by Cap. 17.21x 1.13x 4.97x 5.3%

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