TGS ASA

BATS-CHIXE:TGSo Stock Report

Market Cap: NOK 14.5b

TGS Valuation

Is TGSo undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TGSo when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TGSo (NOK85.83) is trading below our estimate of fair value (NOK283.98)

Significantly Below Fair Value: TGSo is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TGSo?

Key metric: As TGSo is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for TGSo. This is calculated by dividing TGSo's market cap by their current earnings.
What is TGSo's PE Ratio?
PE Ratio14.5x
EarningsUS$94.22m
Market CapUS$1.36b

Price to Earnings Ratio vs Peers

How does TGSo's PE Ratio compare to its peers?

The above table shows the PE ratio for TGSo vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average10x
GMS Gulf Marine Services
6.4x15.3%UK£173.3m
YCA Yellow Cake
6.7x48.9%UK£887.8m
SEPL Seplat Energy
9.6x-16.4%UK£1.1b
ENOG Energean
17.2x15.7%UK£1.4b
TGSO TGS
18x45.6%NOK 13.9b

Price-To-Earnings vs Peers: TGSo is expensive based on its Price-To-Earnings Ratio (14.5x) compared to the peer average (9.5x).

Price to Earnings Ratio vs Industry

How does TGSo's PE Ratio compare vs other companies in the European Energy Services Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
No. of Companies6PE0612182430+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: TGSo is expensive based on its Price-To-Earnings Ratio (14.5x) compared to the European Energy Services industry average (9.3x).

Price to Earnings Ratio vs Fair Ratio

What is TGSo's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TGSo PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.5x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TGSo's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst TGSo forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Apr ’26n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Mar ’26NOK 114.60
NOK 155.15
+35.4%
16.7%NOK 199.36NOK 121.56n/a5
Feb ’26n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Jan ’26n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Dec ’25n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Nov ’25NOK 98.70
NOK 155.15
+57.2%
16.7%NOK 199.36NOK 121.56n/a5
Oct ’25n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Sep ’25NOK 131.85
NOK 155.15
+17.7%
16.7%NOK 199.36NOK 121.56n/a5
Aug ’25n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Jul ’25n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Jun ’25n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
May ’25n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Apr ’25n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56n/a5
Mar ’25n/a
NOK 155.15
0%
16.7%NOK 199.36NOK 121.56NOK 114.605
Feb ’25NOK 100.98
NOK 155.15
+53.7%
16.7%NOK 199.36NOK 121.56n/a5
Jan ’25NOK 132.90
NOK 186.77
+40.5%
13.0%NOK 214.15NOK 146.07n/a5
Dec ’24NOK 137.65
NOK 186.77
+35.7%
13.0%NOK 214.15NOK 146.07n/a5
Nov ’24NOK 149.10
NOK 195.25
+31.0%
14.5%NOK 232.94NOK 150.13NOK 98.705
Oct ’24NOK 142.45
NOK 209.18
+46.8%
13.4%NOK 234.72NOK 154.98n/a5
Sep ’24n/a
NOK 204.94
0%
10.0%NOK 231.38NOK 168.81NOK 131.856
Aug ’24n/a
NOK 201.56
0%
6.0%NOK 220.27NOK 180.22n/a6
Jul ’24NOK 158.10
NOK 219.21
+38.7%
10.3%NOK 240.37NOK 182.25n/a6
Jun ’24NOK 150.60
NOK 228.66
+51.8%
8.1%NOK 249.70NOK 199.81n/a6
May ’24n/a
NOK 230.08
0%
9.6%NOK 262.42NOK 202.06n/a6
Apr ’24NOK 187.30
NOK 232.00
+23.9%
7.6%NOK 256.91NOK 207.04n/a4

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2025/04/13 20:35
End of Day Share Price 2025/04/03 00:00
Earnings2024/12/31
Annual Earnings2024/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

TGS ASA is covered by 32 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullABG Sundal Collier
Iver BaatvikABN AMRO Bank N.V.
Christian YggesethArctic Securities ASA