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Update shared on19 Sep 2025

Fair value Decreased 12%
AnalystConsensusTarget's Fair Value
NOK 120.10
35.8% undervalued intrinsic discount
19 Sep
NOK 77.05
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1Y
-20.2%
7D
-4.5%

The sharp downward revision in TGS's consensus analyst price target is primarily driven by a substantial increase in its projected future P/E ratio, reflecting lower anticipated earnings growth or higher risk, with the fair value estimate falling from NOK136.80 to NOK120.10.


What's in the News


  • TGS launched PAMA Phase II 3D multi-client survey offshore Brazil, extending coverage by approximately 11,500 sq km in the Para-Maranhao Basin with support from industry funding and advanced GeoStreamer® technology; completion expected early March 2026.
  • In partnership with Viridien, TGS commenced the Megabar Extension Phase I survey in the Barreirinhas Basin, Northern Brazil, covering 5,300 sq km with high-end seismic imaging; initial imaging products expected by third quarter 2026 and final data by first quarter 2027.
  • TGS secured a major streamer contract offshore Indonesia to acquire about 10,000 sq km of 3D and 4D seismic data for exploration and production monitoring, with an estimated eight-month project duration starting fourth quarter 2025.
  • The company was awarded a streamer acquisition contract in the East Mediterranean, scheduled for approximately 30 days starting third quarter this year.
  • TGS provided preliminary second-quarter 2025 revenue guidance, expecting IFRS revenues of around USD 332 million (up from USD 224 million in 2024), and produced revenues around USD 306 million (up from USD 215 million), with higher multi-client investment and contract revenues.

Valuation Changes


Summary of Valuation Changes for TGS

  • The Consensus Analyst Price Target has significantly fallen from NOK136.80 to NOK120.10.
  • The Future P/E for TGS has significantly risen from 14.80x to 131.09x.
  • The Discount Rate for TGS has risen slightly from 7.83% to 8.00%.

Disclaimer

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