TGS ASA

LSE:0MSJ Stock Report

Market Cap: NOK 21.7b

TGS Valuation

Is 0MSJ 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 0MSJ when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: 0MSJ (NOK110.4) is trading below our estimate of fair value (NOK231.46)

Significantly Below Fair Value: 0MSJ is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for 0MSJ?

Key metric: As 0MSJ is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for 0MSJ. This is calculated by dividing 0MSJ's market cap by their current earnings.
What is 0MSJ's PE Ratio?
PE Ratio40.6x
EarningsUS$47.15m
Market CapUS$1.92b

Price to Earnings Ratio vs Peers

How does 0MSJ's PE Ratio compare to its peers?

The above table shows the PE ratio for 0MSJ vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.9x
HTG Hunting
4.3x-7.9%UK£458.6m
GMS Gulf Marine Services
5.3x16.5%UK£169.6m
ITH Ithaca Energy
19.7x-3.9%UK£1.8b
SEPL Seplat Energy
18.2x13.4%UK£1.2b
0MSJ TGS
40.6x49.7%NOK 21.7b

Price-To-Earnings vs Peers: 0MSJ is expensive based on its Price-To-Earnings Ratio (40.6x) compared to the peer average (11.9x).

Price to Earnings Ratio vs Industry

How does 0MSJ's PE Ratio compare vs other companies in the European Energy Services Industry?

3 CompaniesPrice / EarningsEstimated GrowthMarket Cap
0MSJ 40.6xIndustry Avg. 8.8xNo. of Companies7PE0816243240+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: 0MSJ is expensive based on its Price-To-Earnings Ratio (40.6x) compared to the European Energy Services industry average (8.8x).

Price to Earnings Ratio vs Fair Ratio

What is 0MSJ'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.

0MSJ PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio40.6x
Fair PE Ratio27.3x

Price-To-Earnings vs Fair Ratio: 0MSJ is expensive based on its Price-To-Earnings Ratio (40.6x) compared to the estimated Fair Price-To-Earnings Ratio (27.3x).

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 0MSJ forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentNOK 110.40
NOK 152.19
+37.9%
35.5%NOK 259.34NOK 80.65n/a6
Dec ’25NOK 107.63
NOK 145.69
+35.4%
38.1%NOK 254.04NOK 69.82n/a6
Nov ’25NOK 99.75
NOK 146.30
+46.7%
37.4%NOK 253.13NOK 70.81n/a6
Oct ’25NOK 98.30
NOK 155.57
+58.3%
25.0%NOK 239.69NOK 125.11n/a6
Sep ’25NOK 120.50
NOK 160.40
+33.1%
25.5%NOK 236.72NOK 124.94n/a5
Aug ’25NOK 131.10
NOK 163.42
+24.7%
26.6%NOK 244.68NOK 125.72n/a5
Jul ’25NOK 129.04
NOK 150.21
+16.4%
14.2%NOK 181.20NOK 124.72n/a5
Jun ’25NOK 137.02
NOK 148.01
+8.0%
14.7%NOK 178.06NOK 124.66n/a5
May ’25NOK 129.97
NOK 149.35
+14.9%
13.2%NOK 185.98NOK 130.68n/a5
Apr ’25NOK 118.18
NOK 140.69
+19.0%
24.2%NOK 199.69NOK 104.84n/a5
Mar ’25NOK 106.30
NOK 142.90
+34.4%
22.5%NOK 199.56NOK 104.77n/a5
Feb ’25NOK 102.81
NOK 155.19
+50.9%
16.7%NOK 199.48NOK 121.56n/a5
Jan ’25NOK 132.20
NOK 187.00
+41.5%
13.0%NOK 214.15NOK 146.07n/a5
Dec ’24NOK 135.10
NOK 187.00
+38.4%
13.0%NOK 214.15NOK 146.07NOK 107.635
Nov ’24NOK 153.97
NOK 195.25
+26.8%
14.5%NOK 232.94NOK 150.13NOK 99.755
Oct ’24NOK 146.60
NOK 208.69
+42.4%
13.2%NOK 233.15NOK 155.48NOK 98.305
Sep ’24NOK 142.91
NOK 204.65
+43.2%
9.9%NOK 230.44NOK 168.81NOK 120.506
Aug ’24NOK 138.47
NOK 201.28
+45.4%
5.9%NOK 219.38NOK 180.22NOK 131.106
Jul ’24NOK 158.79
NOK 219.21
+38.0%
10.3%NOK 240.37NOK 182.25NOK 129.046
Jun ’24NOK 151.94
NOK 228.66
+50.5%
8.1%NOK 249.70NOK 199.81NOK 137.026
May ’24NOK 164.90
NOK 230.08
+39.5%
9.6%NOK 262.42NOK 202.06NOK 129.976
Apr ’24NOK 187.60
NOK 225.98
+20.5%
8.3%NOK 255.94NOK 205.35NOK 118.185
Mar ’24NOK 188.60
NOK 194.52
+3.1%
13.4%NOK 230.04NOK 153.73NOK 106.306
Feb ’24NOK 167.25
NOK 173.09
+3.5%
12.6%NOK 201.17NOK 146.67NOK 102.816
Jan ’24NOK 132.55
NOK 163.04
+23.0%
13.2%NOK 198.48NOK 129.73NOK 132.206
Dec ’23NOK 134.53
NOK 173.78
+29.2%
11.4%NOK 209.65NOK 149.75NOK 135.106

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 Analysis2024/12/26 14:15
End of Day Share Price 2024/12/23 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

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 here.

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 .

Analyst Sources

TGS ASA is covered by 33 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
John A. OlaisenABG Sundal Collier
Iver BaatvikABN AMRO Bank N.V.
Christian YggesethArctic Securities ASA