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 3,010 - -
Change - 49.61% 2.3% 14.68% -8.3% 67.8% - -
Enterprise Value (EV) 1 932.4 1,479 1,595 2,445 2,221 3,445 3,427 3,393
Change - 58.65% 7.8% 53.36% -9.17% 55.11% -0.53% -0.98%
P/E -20.9x 18.4x 76.7x 19.2x 101x 14.8x 12.8x 10.7x
PBR 1x 1.34x 1.34x 0.94x 0.91x 1.51x 1.46x 1.42x
PEG - -0x -1x 0x -1.2x 0x 0.8x 0.6x
Capitalization / Revenue 3.61x 2.33x 2.15x 1.48x 1.17x 2.01x 1.89x 1.81x
EV / Revenue 3.02x 2.06x 2.01x 1.86x 1.45x 2.3x 2.15x 2.04x
EV / EBITDA 4.76x 2.75x 4.15x 3.52x 2.48x 3.8x 3.4x 3.21x
EV / EBIT -5.77x 11.3x 29.9x 12.5x 12.2x 10.7x 9.69x 8.49x
EV / FCF 6.28x 21x 10.2x 10.7x 5.69x 14.1x 15.7x 13.3x
FCF Yield 15.9% 4.76% 9.83% 9.36% 17.6% 7.08% 6.37% 7.54%
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% 4.01% 4.63% 5.92%
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 15.32 15.32 15.32
Nbr of stocks (in thousands) 116,107 124,469 130,862 196,213 196,459 196,503 - -
Announcement Date 2/10/22 A 2/9/23 A 2/15/24 A 2/20/25 A 2/12/26 A - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.78x2.3x3.8x4.01% 3.01B
13.53x1.25x5.31x6.19% 10.09B
16.46x0.18x2.59x3.27% 5.75B
35.2x1.06x8.44x1.82% 3.15B
35.66x1.92x8.6x1.4% 2.68B
6.84x0.4x4.5x18.37% 2.16B
15.88x1.2x3.05x2.19% 890M
4.99x0.78x1.26x5.81% 780M
4.88x2.63x7.49x6.32% 641M
Average 16.47x 1.30x 5.01x 5.49% 3.24B
Weighted average by Cap. 17.77x 1.14x 5.07x 5.25%

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

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