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 2,967 - -
Change - 49.61% 2.3% 14.68% -8.3% 65.37% - -
Enterprise Value (EV) 1 932.4 1,479 1,595 2,445 2,221 3,401 3,383 3,350
Change - 58.65% 7.8% 53.36% -9.17% 53.14% -0.53% -0.99%
P/E -20.9x 18.4x 76.7x 19.2x 101x 14.5x 12.6x 10.5x
PBR 1x 1.34x 1.34x 0.94x 0.91x 1.48x 1.43x 1.39x
PEG - -0x -1x 0x -1.2x 0x 0.8x 0.5x
Capitalization / Revenue 3.61x 2.33x 2.15x 1.48x 1.17x 1.98x 1.86x 1.78x
EV / Revenue 3.02x 2.06x 2.01x 1.86x 1.45x 2.28x 2.12x 2.01x
EV / EBITDA 4.76x 2.75x 4.15x 3.52x 2.48x 3.75x 3.36x 3.17x
EV / EBIT -5.77x 11.3x 29.9x 12.5x 12.2x 10.5x 9.57x 8.39x
EV / FCF 6.28x 21x 10.2x 10.7x 5.69x 14x 15.5x 13.1x
FCF Yield 15.9% 4.76% 9.83% 9.36% 17.6% 7.17% 6.45% 7.64%
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% 4.08% 4.72% 6.03%
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 15.03 15.03 15.03
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.($)
14.11x2.27x3.77x4.08% 295.4Cr
13.85x1.28x5.4x6.56% 1.03TCr
17.27x0.22x3.09x3.11% 616.63Cr
36.51x1.1x8.81x1.7% 336.01Cr
34.42x1.86x8.33x1.45% 258.66Cr
6.79x0.4x4.62x18.22% 221.14Cr
16.54x1.24x3.15x2.11% 93Cr
4.88x0.76x1.22x5.95% 76Cr
4.6x2.53x7.22x6.7% 61Cr
Average 16.55x 1.29x 5.07x 5.54% 332.29Cr
Weighted average by Cap. 18.05x 1.13x 5.20x 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

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