Buy Or Sell Opportunity • May 04
Now 20% undervalued Over the last 90 days, the stock has risen 8.7% to RON86.20. The fair value is estimated to be RON108, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 53%. For the next 3 years, revenue is forecast to grow by 0.2% per annum. Earnings are forecast to decline by 2.6% per annum over the same time period. Reported Earnings • Apr 26
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: RON4.55 (up from RON2.15 in FY 2024). Revenue: RON4.39b (up 2.4% from FY 2024). Net income: RON857.8m (up 112% from FY 2024). Profit margin: 20% (up from 9.4% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 7.9%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Apr 23
Dividend increased to RON2.13 Dividend of RON2.13 is 97% higher than last year. Ex-date: 1st July 2026 Payment date: 21st July 2026 Dividend yield will be 2.4%, which is lower than the industry average of 4.4%. Sustainability & Growth Dividend is covered by earnings (22% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to decline by 28% over the next 2 years. However, it would need to fall by 75% to increase the payout ratio to a potentially unsustainable range. Announcement • Apr 22
S.N.T.G.N. Transgaz S.A. announces Annual dividend, payable on July 21, 2026 S.N.T.G.N. Transgaz S.A. announced Annual dividend of RON 2.1300 per share payable on July 21, 2026, ex-date on July 01, 2026 and record date on July 02, 2026. Announcement • Apr 21
S.N.T.G.N. Transgaz S.A. to Report Fiscal Year 2025 Final Results on Apr 21, 2026 S.N.T.G.N. Transgaz S.A. announced that they will report fiscal year 2025 final results on Apr 21, 2026 Reported Earnings • Mar 05
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: RON4.77 (up from RON2.15 in FY 2024). Revenue: RON4.53b (up 5.6% from FY 2024). Net income: RON874.9m (up 117% from FY 2024). Profit margin: 19% (up from 9.4% in FY 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 7.9%. Revenue is forecast to stay flat during the next 3 years compared to a 1.5% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to RON94.90, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 15x in the Gas Utilities industry in Europe. Total returns to shareholders of 427% over the past three years. Announcement • Jan 20
S.N.T.G.N. Transgaz S.A., Annual General Meeting, May 26, 2026 S.N.T.G.N. Transgaz S.A., Annual General Meeting, May 26, 2026. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RON78.40, the stock trades at a forward P/E ratio of 37x. Average forward P/E is 14x in the Gas Utilities industry in Europe. Total returns to shareholders of 378% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: RON0.87 (vs RON0.15 loss in 3Q 2024) Third quarter 2025 results: EPS: RON0.87 (up from RON0.15 loss in 3Q 2024). Revenue: RON895.6m (down 16% from 3Q 2024). Net income: RON163.1m (up RON192.1m from 3Q 2024). Profit margin: 18% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.7% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has increased by 63% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to RON56.00, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 12x in the Gas Utilities industry in Europe. Total returns to shareholders of 327% over the past three years. Reported Earnings • Aug 22
Second quarter 2025 earnings released: EPS: RON0.019 (vs RON0.37 loss in 2Q 2024) Second quarter 2025 results: EPS: RON0.019 (up from RON0.37 loss in 2Q 2024). Revenue: RON915.2m (up 3.7% from 2Q 2024). Net income: RON3.52m (up RON74.0m from 2Q 2024). Profit margin: 0.4% (up from net loss in 2Q 2024). The move to profitability was primarily driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 2.5% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 48% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to RON49.20, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 12x in the Gas Utilities industry in Europe. Total returns to shareholders of 248% over the past three years. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to RON41.80, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 12x in the Gas Utilities industry in Europe. Total returns to shareholders of 212% over the past three years. Upcoming Dividend • Jun 17
Upcoming dividend of RON1.08 per share Eligible shareholders must have bought the stock before 24 June 2025. Payment date: 16 July 2025. Payout ratio is a comfortable 22% but the company is not cash flow positive. Trailing yield: 1.0%. Lower than top quartile of Romanian dividend payers (6.5%). Lower than average of industry peers (5.8%). Reported Earnings • May 05
Full year 2024 earnings released: EPS: RON2.15 (vs RON1.04 in FY 2023) Full year 2024 results: EPS: RON2.15 (up from RON1.04 in FY 2023). Revenue: RON4.29b (up 87% from FY 2023). Net income: RON404.1m (up 106% from FY 2023). Profit margin: 9.4% (up from 8.5% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 3.7% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. Declared Dividend • Mar 27
Dividend increased to RON1.08 Dividend of RON1.08 is 209% higher than last year. Ex-date: 24th June 2025 Payment date: 16th July 2025 Dividend yield will be 3.7%, which is lower than the industry average of 4.4%. Announcement • Mar 26
S.N.T.G.N. Transgaz S.A. announces Annual dividend, payable on July 16, 2025 S.N.T.G.N. Transgaz S.A. announced Annual dividend of RON 1.0800 per share payable on July 16, 2025, ex-date on June 24, 2025 and record date on June 25, 2025. New Risk • Mar 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). High level of non-cash earnings (22% accrual ratio). New Risk • Nov 24
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 51% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 6.1% per year over the past 5 years. Minor Risk High level of debt (51% net debt to equity). Reported Earnings • Aug 20
Second quarter 2024 earnings released: RON0.43 loss per share (vs RON0.27 loss in 2Q 2023) Second quarter 2024 results: RON0.43 loss per share (further deteriorated from RON0.27 loss in 2Q 2023). Revenue: RON910.0m (up 138% from 2Q 2023). Net loss: RON81.9m (loss widened 60% from 2Q 2023). Revenue is forecast to grow 1.9% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 14% per year. Upcoming Dividend • Jun 20
Upcoming dividend of RON0.35 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 18 July 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 1.5%. Lower than top quartile of Romanian dividend payers (7.3%). Lower than average of industry peers (7.2%). Buy Or Sell Opportunity • May 22
Now 20% undervalued Over the last 90 days, the stock has risen 9.9% to RON21.10. The fair value is estimated to be RON26.50, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 22%. For the next 3 years, revenue is forecast to grow by 5.1% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: RON1.37 (vs RON0.66 in 1Q 2023) First quarter 2024 results: EPS: RON1.37 (up from RON0.66 in 1Q 2023). Revenue: RON993.0m (up 50% from 1Q 2023). Net income: RON257.6m (up 108% from 1Q 2023). Profit margin: 26% (up from 19% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 03
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: RON0.90 (down from RON1.87 in FY 2022). Revenue: RON2.41b (down 15% from FY 2022). Net income: RON169.3m (down 52% from FY 2022). Profit margin: 7.0% (down from 12% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 25%. Earnings per share (EPS) also missed analyst estimates by 2.3%. Revenue is forecast to grow 7.2% p.a. on average during the next 3 years, compared to a 1.8% growth forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jan 10
Price target increased by 22% to RON21.26 Up from RON17.40, the current price target is provided by 1 analyst. New target price is 11% above last closing price of RON19.18. Stock is up 2.8% over the past year. The company is forecast to post earnings per share of RON0.87 for next year compared to RON1.87 last year. Major Estimate Revision • Jan 10
Consensus revenue estimates increase by 13% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from RON1.93b to RON2.17b. EPS estimate increased from RON0.296 to RON0.87 per share. Net income forecast to grow 56% next year vs 25% growth forecast for Gas Utilities industry in Romania. Consensus price target up from RON17.40 to RON21.26. Share price rose 2.0% to RON19.18 over the past week. Reported Earnings • Nov 16
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: RON431.0m (down 28% from 3Q 2022). Net loss: RON34.5m (down 138% from profit in 3Q 2022). Revenue is forecast to stay flat during the next 2 years compared to a 2.5% decline forecast for the Gas Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Aug 20
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.5x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 20
Second quarter 2023 earnings released: RON0.27 loss per share (vs RON0.43 loss in 2Q 2022) Second quarter 2023 results: RON0.27 loss per share (improved from RON0.43 loss in 2Q 2022). Revenue: RON396.4m (down 28% from 2Q 2022). Net loss: RON51.2m (loss narrowed 37% from 2Q 2022). Revenue is forecast to decline by 6.9% p.a. on average during the next 2 years, while revenues in the Gas Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Price Target Changed • Aug 16
Price target increased by 1,500% to RON278 Up from RON17.38, the current price target is provided by 1 analyst. New target price is 1,457% above last closing price of RON17.86. Stock is up 14% over the past year. The company is forecast to post earnings per share of RON0.30 for next year compared to RON1.87 last year. Upcoming Dividend • Jun 20
Upcoming dividend of RON0.70 per share at 0.2% yield Eligible shareholders must have bought the stock before 27 June 2023. Payment date: 19 July 2023. Payout ratio is a comfortable 3.8% but the company is not cash flow positive. Trailing yield: 0.2%. Lower than top quartile of Romanian dividend payers (7.7%). Lower than average of industry peers (7.3%). Reported Earnings • May 02
Full year 2022 earnings released: EPS: RON1.87 (vs RON0.95 in FY 2021) Full year 2022 results: EPS: RON1.87 (up from RON0.95 in FY 2021). Revenue: RON2.85b (up 15% from FY 2021). Net income: RON351.9m (up 98% from FY 2021). Profit margin: 12% (up from 7.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 13% p.a. on average during the next 2 years compared to a 5.3% decline forecast for the Oil and Gas industry in Europe. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Mar 01
Full year 2022 earnings released: EPS: RON1.88 (vs RON15.13 in FY 2021) Full year 2022 results: EPS: RON1.88. Revenue: RON2.88b (up 16% from FY 2021). Net income: RON354.8m (up 99% from FY 2021). Profit margin: 12% (up from 7.2% in FY 2021). The increase in margin was driven by higher revenue. Revenue is expected to fall by 5.1% p.a. on average during the next 3 years compared to a 7.3% decline forecast for the Oil and Gas industry in Europe. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Administrator Nicolae Minea was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Sep 15
Price target decreased to RON274 Down from RON306, the current price target is provided by 1 analyst. New target price is 20% above last closing price of RON229. Stock is down 10% over the past year. The company is forecast to post earnings per share of RON5.40 for next year compared to RON15.13 last year. Upcoming Dividend • Jun 15
Upcoming dividend of RON14.82 per share Eligible shareholders must have bought the stock before 22 June 2022. Payment date: 14 July 2022. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 6.5%. Lower than top quartile of Romanian dividend payers (7.2%). Lower than average of industry peers (7.6%). Major Estimate Revision • Apr 27
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from RON1.46b to RON1.78b. EPS estimate fell from RON7.10 to RON5.40. Net income forecast to shrink 62% next year vs 56% growth forecast for Oil and Gas industry in Romania . Consensus price target broadly unchanged at RON303. Share price was steady at RON240 over the past week. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Administrator Nicolae Minea was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 15% share price gain to RON249, the stock trades at a forward P/E ratio of 35x. Average forward P/E is 7x in the Oil and Gas industry in Europe. Total loss to shareholders of 18% over the past three years. Reported Earnings • Mar 02
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: RON14.18 (up from RON14.03 in FY 2020). Revenue: RON2.47b (down 20% from FY 2020). Net income: RON168.3m (up 1.8% from FY 2020). Profit margin: 6.8% (up from 5.3% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 15%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is expected to shrink by 41% compared to a 26% growth forecast for the oil industry in Romania. Over the last 3 years on average, earnings per share has fallen by 50% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Board Change • Dec 06
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. Independent Non-Executive Administrator Nicolae Minea was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Price Target Changed • Jul 19
Price target decreased to RON306 Down from RON353, the current price target is provided by 1 analyst. New target price is 9.9% above last closing price of RON279. Stock is down 1.2% over the past year. Upcoming Dividend • Jun 17
Upcoming dividend of RON8.14 per share Eligible shareholders must have bought the stock before 24 June 2021. Payment date: 16 July 2021. Trailing yield: 2.9%. Lower than top quartile of Romanian dividend payers (5.8%). Lower than average of industry peers (6.5%). Reported Earnings • May 18
First quarter 2021 earnings released: EPS RON13.12 (vs RON17.15 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and revenues, although profit margins were flat. First quarter 2021 results: Revenue: RON688.7m (down 25% from 1Q 2020). Net income: RON154.4m (down 24% from 1Q 2020). Profit margin: 22% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 25
Full year 2020 earnings released: EPS RON19.07 (vs RON29.58 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: RON3.11b (up 13% from FY 2019). Net income: RON224.6m (down 36% from FY 2019). Profit margin: 7.2% (down from 13% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 27
New 90-day high: RON307 The company is up 8.0% from its price of RON285 on 29 October 2020. The Romanian market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON496 per share. Is New 90 Day High Low • Jan 12
New 90-day high: RON298 The company is up 8.0% from its price of RON276 on 14 October 2020. The Romanian market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON81.09 per share. Is New 90 Day High Low • Oct 10
New 90-day low: RON275 The company is down 5.0% from its price of RON289 on 10 July 2020. The Romanian market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is down 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is RON211 per share.