Company Valuation: TGS ASA

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 1,115 1,668 1,706 1,956 1,794 2,822 - -
Change - 49.61% 2.3% 14.68% -8.3% 57.27% - -
Enterprise Value (EV) 1 932.4 1,479 1,595 2,445 2,221 3,256 3,238 3,204
Change - 58.65% 7.8% 53.36% -9.17% 46.6% -0.56% -1.04%
P/E -20.9x 18.4x 76.7x 19.2x 101x 13.9x 12x 10x
PBR 1x 1.34x 1.34x 0.94x 0.91x 1.41x 1.36x 1.33x
PEG - -0x -1x 0x -1.2x 0x 0.8x 0.5x
Capitalization / Revenue 3.61x 2.33x 2.15x 1.48x 1.17x 1.89x 1.77x 1.7x
EV / Revenue 3.02x 2.06x 2.01x 1.86x 1.45x 2.18x 2.03x 1.93x
EV / EBITDA 4.76x 2.75x 4.15x 3.52x 2.48x 3.59x 3.21x 3.03x
EV / EBIT -5.77x 11.3x 29.9x 12.5x 12.2x 10.1x 9.16x 8.02x
EV / FCF 6.28x 21x 10.2x 10.7x 5.69x 13.4x 14.8x 12.5x
FCF Yield 15.9% 4.76% 9.83% 9.36% 17.6% 7.49% 6.74% 7.98%
Dividend per Share 2 0.56 0.56 0.56 0.56 0.62 0.6136 0.71 0.9067
Rate of return 5.83% 4.18% 4.3% 5.62% 6.79% 4.27% 4.94% 6.31%
EPS 2 -0.46 0.73 0.17 0.52 0.09 1.036 1.196 1.429
Distribution rate -122% 76.7% 329% 108% 689% 59.2% 59.3% 63.5%
Net sales 1 308.9 716.6 794.3 1,318 1,527 1,495 1,595 1,664
EBITDA 1 196 538.9 383.9 694.2 896.2 905.9 1,008 1,057
EBIT 1 -161.6 130.7 53.3 195.5 182.4 323.3 353.6 399.5
Net income 1 -54.11 86.67 21.65 94.22 18.3 218.4 256.8 292.3
Net Debt 1 -182.3 -188.5 -111.5 488.9 427 434.6 416.5 383
Reference price 2 9.60 13.40 13.04 9.97 9.13 14.36 14.36 14.36
Nbr of stocks (in thousands) 1,16,107 1,24,469 1,30,862 1,96,213 1,96,459 1,96,503 - -
Announcement Date 10/02/22 09/02/23 15/02/24 20/02/25 12/02/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.51x1.24x5.31x3.64% 1.01TCr
16.33x0.17x2.52x3.3% 563.06Cr
33.58x1.03x8.22x1.91% 300.92Cr
13.85x2.18x3.59x4.27% 282.15Cr
33.19x1.79x7.96x1.5% 249.38Cr
6.76x0.4x4.45x18.6% 208.87Cr
14.17x1.1x2.78x2.46% 79Cr
4.85x0.75x1.22x5.98% 76Cr
Average 17.03x 1.08x 4.51x 5.21% 345.89Cr
Weighted average by Cap. 17.35x 1.07x 4.87x 4.42%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield