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 2,872 - -
Change - 49.61% 2.3% 14.68% -8.3% 60.08% - -
Enterprise Value (EV) 1 932.4 1,479 1,595 2,445 2,221 3,307 3,288 3,255
Change - 58.65% 7.8% 53.36% -9.17% 48.87% -0.55% -1.02%
P/E -20.9x 18.4x 76.7x 19.2x 101x 13.7x 12.2x 10.2x
PBR 1x 1.34x 1.34x 0.94x 0.91x 1.43x 1.39x 1.35x
PEG - -0x -1x 0x -1.2x 0x 1x 0.5x
Capitalization / Revenue 3.61x 2.33x 2.15x 1.48x 1.17x 1.92x 1.8x 1.73x
EV / Revenue 3.02x 2.06x 2.01x 1.86x 1.45x 2.21x 2.06x 1.96x
EV / EBITDA 4.76x 2.75x 4.15x 3.52x 2.48x 3.68x 3.26x 3.08x
EV / EBIT -5.77x 11.3x 29.9x 12.5x 12.2x 10.2x 9.3x 8.15x
EV / FCF 6.28x 21x 10.2x 10.7x 5.69x 13.6x 15.1x 12.7x
FCF Yield 15.9% 4.76% 9.83% 9.36% 17.6% 7.37% 6.64% 7.86%
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% 4.2% 4.86% 6.2%
EPS 2 -0.46 0.73 0.17 0.52 0.09 1.065 1.196 1.429
Distribution rate -122% 76.7% 329% 108% 689% 57.6% 59.3% 63.5%
Net sales 1 308.9 716.6 794.3 1,318 1,527 1,495 1,595 1,664
EBITDA 1 196 538.9 383.9 694.2 896.2 899.3 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 18.3 218.4 238.8 292.3
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 14.62 14.62 14.62
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.($)
13.94x1.29x5.44x6.52% 1.04TCr
16.78x0.2x2.82x3.2% 598.67Cr
36.51x1.1x8.81x1.7% 336.01Cr
13.72x2.21x3.68x4.2% 287.19Cr
34.42x1.86x8.33x1.45% 258.66Cr
6.83x0.41x4.64x18.12% 221.63Cr
16.54x1.24x3.15x2.11% 93Cr
4.87x0.75x1.22x5.96% 76Cr
Average 17.95x 1.13x 4.76x 5.41% 363.81Cr
Weighted average by Cap. 18.23x 1.10x 5.13x 5.33%

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