TGS ASA

OB:TGS Stock Report

Market Cap: NOK 29.0b

TGS Future Growth

Future criteria checks 3/6

TGS is forecast to grow earnings and revenue by 44.5% and 1.5% per annum respectively. EPS is expected to grow by 44.5% per annum. Return on equity is forecast to be 6.4% in 3 years.

Key information

44.5%

Earnings growth rate

44.46%

EPS growth rate

Energy Services earnings growth13.8%
Revenue growth rate1.5%
Future return on equity6.35%
Analyst coverage

Good

Last updated28 Apr 2026

Recent future growth updates

TGS ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Feb 15
TGS ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Recent updates

TGS: Rich Future P/E Will Outrun Softer Profit Margin Outlook

Analysts have raised their NOK price target on TGS to NOK104.49 from NOK95.57, citing updated assumptions on discount rates, revenue trends, profit margins and future P/E that align with the more positive research tone seen in recent upgrades and target increases across the sector. Analyst Commentary Recent research on TGS points to a more constructive tone, with the higher NOK104.49 price target reflecting updated views on risk, earnings power and valuation multiples.

TGS: Heavy NGL Project Dependence Will Pressure Future Share Performance

Analysts have raised their TGS price target by NOK 2 to NOK 46, citing updated expectations for higher returns from the company’s largest NGL project following recent clarifications with management. Analyst Commentary The latest move to adjust the TGS price target to NOK 46 reflects updated expectations around the company’s largest NGL project, following recent clarifications with management.

TGS: Lower Long Term NGL Returns Will Pressure Future Share Performance

Analysts have updated their TGS view, revising the NOK price target to NOK 60.38 from NOK 65.38. The change reflects refined assumptions for long term fair value that incorporate revised return expectations on key NGL projects and slightly improved profit margin forecasts.

TGS: New Seismic Campaigns In Key Basins Will Support Future Upside

Analysts have cut their TGS price target sharply to NOK 136.10 from NOK 381.64, citing updated assumptions around a 7.23% discount rate, 1.45% revenue growth, an 11.54% profit margin and an 18.72x future P/E multiple as the key drivers of the reset. What's in the News TGS announced the Nigeria Laide multi-client 3D survey in partnership with the Nigerian Upstream Petroleum Regulatory Commission and SeaSeis Geophysical Limited.

TGS: Offshore Survey Pipeline Will Still Trail Weak Earnings Prospects

Analysts have raised their price target on TGS from NOK 80.73 to NOK 95.57, citing updated views on revenue contraction, profit margins, and future P/E levels. What's in the News TGS launched the Ultra Profundo multi client 2D seismic survey offshore Angola, covering about 12,600 line kilometers.

TGS ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

Feb 15
TGS ASA Earnings Missed Analyst Estimates: Here's What Analysts Are Forecasting Now

TGS: Extended Offshore Survey Commitments Will Still Lag Softer Earnings Outlook

Analysts have modestly reduced their fair value estimate for TGS to $80.73 from $82.70, citing slightly higher discount rate assumptions and a small adjustment to the forward P/E multiple, while keeping revenue trend and profit margin views essentially unchanged. What's in the News TGS launched APEX 1, a next generation multi-client long offset OBN acquisition campaign in the Gulf of America.

TGS: Softer Long Term Revenue Assumptions Will Outweigh New Survey Agreements

Analysts have reduced their price target for TGS by US$5.70, citing slightly softer long term revenue assumptions, a modestly lower P/E outlook, and a firmer profit margin profile as the main drivers of the change. What's in the News TGS ASA launched the APEX 1 next generation multi client long offset Ocean Bottom Node campaign in the Gulf of America, with acquisition running from December 2025 through late second quarter 2026 and final data delivery planned for fourth quarter 2027, supported by industry funding (Key Developments).

TGS: New Long Term Surveys And Software Deals Will Shape Balanced Outlook

Analysts have trimmed their price target for TGS to about $88 from roughly $89, citing an updated view that incorporates a slightly lower assumed P/E multiple and a higher projected profit margin. What's in the News TGS signed a multi year enterprise agreement with a supermajor for its Imaging AnyWare software suite, covering global exploration and production operations and including collaborative R&D and integration of the customer's proprietary technology (Key Developments).

TGS: Recent Downgrade And Contract Pipeline Will Shape Cautious Yet Balanced Outlook

Analysts have modestly reduced their price target on TGS, trimming fair value by approximately NOK 1.40 to around NOK 89, as they factor in a slightly lower discount rate, stable margins, and a less favorable risk reward profile reflected in the recent downgrade to Sell. Analyst Commentary Analysts remain divided on TGS, with recent revisions reflecting a more cautious stance on near term performance while still recognizing the company’s structural strengths in the seismic data and energy services market.

TGS: Contract Wins And Index Removal Will Shape Balanced Forward Outlook

Analysts have lowered their price target on TGS to NOK 70 from NOK 88, reflecting a slightly higher discount rate and a modestly richer future P E multiple. Together, these factors point to a less favorable risk reward profile.

TGS: Execution Of Contract Extensions And Cost Focus Will Guide Future Outlook

Analysts have lowered their price target for TGS from NOK 87.90 to NOK 70.00, citing recent downward revisions in sector outlook and updated discount rate assumptions. Analyst Commentary Following the price target adjustment, analyst perspectives on TGS highlight both encouraging factors and notable challenges affecting the company's outlook and valuation.

There's Reason For Concern Over TGS ASA's (OB:TGS) Massive 30% Price Jump

Nov 14
There's Reason For Concern Over TGS ASA's (OB:TGS) Massive 30% Price Jump

TGS: Execution of New Contracts Will Determine Path to Recovery

Narrative Update on TGS: Analyst Price Target Revision Analysts have significantly lowered their fair value estimate for TGS from NOK 125 to NOK 88. This change reflects recent downgrades as well as concerns over declining revenue growth and profit margins.

Digitalization And Expanded Datasets Will Shape Exploration Amid Mixed Outlook

Narrative Update: Analyst Price Target for TGS Adjusted The consensus analyst price target for TGS has increased from NOK 120.10 to NOK 124.93. Analysts cite updated valuation assumptions and recent downgrades, reflecting a more cautious outlook on the company's revenue growth and profit margins.

Digitalization And Expanded Datasets Will Enable Global Exploration

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.

Shareholders Should Be Pleased With TGS ASA's (OB:TGS) Price

Aug 22
Shareholders Should Be Pleased With TGS ASA's (OB:TGS) Price

TGS (OB:TGS) Seems To Use Debt Quite Sensibly

Jun 11
TGS (OB:TGS) Seems To Use Debt Quite Sensibly

TGS (OB:TGS) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of

May 16
TGS (OB:TGS) Posted Healthy Earnings But There Are Some Other Factors To Be Aware Of

TGS' (OB:TGS) Dividend Will Be $1.59

May 13
TGS' (OB:TGS) Dividend Will Be $1.59

TGS ASA's (OB:TGS) Share Price Is Still Matching Investor Opinion Despite 25% Slump

Apr 10
TGS ASA's (OB:TGS) Share Price Is Still Matching Investor Opinion Despite 25% Slump
User avatar

Expansion Into California And Ireland Will Position Us For Future Participation In New Energy Sectors

Successful merger and refinancing efforts are expected to enhance net margins and reduce financial costs, boosting potential net earnings.

TGS (OB:TGS) Is Paying Out A Larger Dividend Than Last Year

Feb 23
TGS (OB:TGS) Is Paying Out A Larger Dividend Than Last Year

Does TGS (OB:TGS) Have A Healthy Balance Sheet?

Feb 15
Does TGS (OB:TGS) Have A Healthy Balance Sheet?

Getting In Cheap On TGS ASA (OB:TGS) Might Be Difficult

Dec 28
Getting In Cheap On TGS ASA (OB:TGS) Might Be Difficult

We Think That There Are More Issues For TGS (OB:TGS) Than Just Sluggish Earnings

Nov 02
We Think That There Are More Issues For TGS (OB:TGS) Than Just Sluggish Earnings

Earnings Miss: TGS ASA Missed EPS By 32% And Analysts Are Revising Their Forecasts

Oct 27
Earnings Miss: TGS ASA Missed EPS By 32% And Analysts Are Revising Their Forecasts

Best vs worst case scenarios

In the most optimistic scenario, TGS capitalizes on its merger with PGS, leveraging the cost synergies of over $50 million annually​. This creates a significant financial buffer, allowing the company

Why We're Not Concerned Yet About TGS ASA's (OB:TGS) 27% Share Price Plunge

Sep 27
Why We're Not Concerned Yet About TGS ASA's (OB:TGS) 27% Share Price Plunge

Broker Revenue Forecasts For TGS ASA (OB:TGS) Are Surging Higher

Sep 25
Broker Revenue Forecasts For TGS ASA (OB:TGS) Are Surging Higher

These 4 Measures Indicate That TGS (OB:TGS) Is Using Debt Reasonably Well

Aug 31
These 4 Measures Indicate That TGS (OB:TGS) Is Using Debt Reasonably Well

New Forecasts: Here's What One Analyst Thinks The Future Holds For TGS ASA (OB:TGS)

Jul 25
New Forecasts: Here's What One Analyst Thinks The Future Holds For TGS ASA (OB:TGS)

Results: TGS ASA Exceeded Expectations And The Consensus Has Updated Its Estimates

Jul 23
Results: TGS ASA Exceeded Expectations And The Consensus Has Updated Its Estimates

Earnings and Revenue Growth Forecasts

OB:TGS - Analysts future estimates and past financials data (USD Millions)
DateRevenueEarningsFree Cash FlowCash from OpAvg. No. Analysts
12/31/20281,5711722737714
12/31/20271,5741622537956
12/31/20261,4801161758086
12/31/20251,52718381850N/A
9/30/20251,74549366863N/A
6/30/20251,77225341886N/A
3/31/20251,662120298796N/A
12/31/20241,31894193629N/A
9/30/20241,01747170595N/A
6/30/20247912695533N/A
3/31/20247731451500N/A
12/31/202379422146585N/A
9/30/202382474144556N/A
6/30/202373455106395N/A
3/31/202375858196425N/A
12/31/202271788119343N/A
9/30/2022602-32139344N/A
6/30/2022667-27133353N/A
3/31/2022508-68100313N/A
12/31/2021519-76160328N/A
9/30/202159712108256N/A
6/30/2021456-62109268N/A
3/31/2021450-12456320N/A
12/31/2020360-167-37355N/A
9/30/2020395-10866528N/A
6/30/2020499223537N/A
3/31/20205387959498N/A
12/31/2019586113205561N/A
9/30/2019641168N/A402N/A
6/30/2019612161N/A428N/A
3/31/2019615186N/A496N/A
12/31/2018614179N/A390N/A
9/30/2018496109N/A464N/A
6/30/201850585N/A454N/A
3/31/201850571N/A379N/A
12/31/201749276N/A461N/A
9/30/201750050N/A403N/A
6/30/201747243N/A408N/A
3/31/201747850N/A364N/A
12/31/201645628N/A324N/A
9/30/2016423-123N/A345N/A
6/30/2016479-85N/A374N/A
3/31/2016505-77N/A451N/A
12/31/2015612-28N/A567N/A
9/30/2015778125N/A599N/A
6/30/2015799139N/A664N/A

Analyst Future Growth Forecasts

Earnings vs Savings Rate: TGS's forecast earnings growth (44.5% per year) is above the savings rate (3.1%).

Earnings vs Market: TGS's earnings (44.5% per year) are forecast to grow faster than the Norwegian market (10% per year).

High Growth Earnings: TGS's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: TGS's revenue (1.5% per year) is forecast to grow slower than the Norwegian market (3.7% per year).

High Growth Revenue: TGS's revenue (1.5% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: TGS's Return on Equity is forecast to be low in 3 years time (6.4%).

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/04/30 16:41
End of Day Share Price 2026/04/30 00:00
Earnings2025/12/31
Annual Earnings2025/12/31

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 22 analysts. 6 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
Michael PickupBarclays
Michael PickupBarclays