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 2,753 - -
Change - 49.61% 2.3% 14.68% -8.3% 53.44% - -
Enterprise Value (EV) 1 932.4 1,479 1,595 2,445 2,221 3,187 3,169 3,136
Change - 58.65% 7.8% 53.36% -9.17% 43.51% -0.57% -1.06%
P/E -20.9x 18.4x 76.7x 19.2x 101x 13.5x 11.7x 9.8x
PBR 1x 1.34x 1.34x 0.94x 0.91x 1.38x 1.33x 1.3x
PEG - -0x -1x 0x -1.2x 0x 0.8x 0.5x
Capitalization / Revenue 3.61x 2.33x 2.15x 1.48x 1.17x 1.84x 1.73x 1.65x
EV / Revenue 3.02x 2.06x 2.01x 1.86x 1.45x 2.13x 1.99x 1.88x
EV / EBITDA 4.76x 2.75x 4.15x 3.52x 2.48x 3.52x 3.15x 2.97x
EV / EBIT -5.77x 11.3x 29.9x 12.5x 12.2x 9.86x 8.96x 7.85x
EV / FCF 6.28x 21x 10.2x 10.7x 5.69x 13.1x 14.5x 12.3x
FCF Yield 15.9% 4.76% 9.83% 9.36% 17.6% 7.65% 6.88% 8.16%
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% 4.38% 5.07% 6.47%
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 14.01 14.01 14.01
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.($)
19.93x2.16x9.87x2.41% 72.22B
19.06x2.32x13.07x1.67% 55.21B
14.63x1.99x8.7x5.09% 27.8B
22.46x2.44x12.05x0.29% 27B
13.26x1.41x7.71x2.14% 26.56B
32x5.35x20.88x0.89% 16.75B
13.31x1.22x5.22x3.7% 9.92B
26.66x0.5x4.36x3.85% 9.38B
21.19x0.79x6.92x2.04% 6.74B
Average 20.28x 2.02x 9.87x 2.45% 27.95B
Weighted average by Cap. 19.55x 2.20x 10.71x 2.28%

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