TGS ASA
TGS ASA provides geoscience data services to the oil and gas industry in Norway and internationally. It operates through Multi client, Marine Data Acquisition (MDA), Imaging, New Energy Solutions (NES), and Shared Services segments. The company offers seismic data using robust technology and imagin…
TGS ASA provides geoscience data services to the oil and gas industry in Norway and internationally. It operates through Multi client, Marine Data Acquisition (MDA), Imaging, New Energy Solutions (NES), and Shared Services segments. The company offers seismic data using robust technology and imaging solutions; well data recorded expertly matched and validated, from permit to abandonment; carbon storage and monitoring solutions; wind energy data partner throughout the wind development lifecycle; solar operations; and asset management services. It also offers applications for oil and gas, new energies, data platforms, and ai/machine learning. TGS ASA has a agreement with Ministry of Hydrocarbon and Mining Development of the Republic of Equatorial Guinea to create an offshore MegaSurvey. The company was formerly known as TGS-NOPEC Geophysical Company ASA and changed its name to TGS ASA in June 2021. TGS ASA was founded in 1981 and is headquartered in Oslo, Norway.Priced within the modelled range
5-year outlook: Not shown because confidence is low: Earnings-based DCF disagrees strongly.
Other models: NOK 13.22–485.52 (median 256.43). The recommended value is in line with them.
Why: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Details and the full model are below.
Market price within modeled range
Free-cash-flow DCF using a three-year average of free cash flow, because the latest figure is depressed by heavy investment or one-off items, with cash, debt, and shares from the latest report. Base assumptions are 11.57% growth, 2.5% terminal growth, and 9.2% discount. Low/high cases vary growth by 2 and terminal growth/discount by 1 percentage point; this illustrative range is not a statistical confidence interval or investment advice.
Assumptions: growth 11.57%, discount rate 9.20%, terminal growth 2.50% (sector defaults). See a worked example.
Blended growth assumption: 11.6% (sector default 4.6%, own revenue history 31.0%, analyst revenue consensus 5.3%).
Analyst consensus expects revenue growth of 5.4% a year; the growth assumption used is 11.6%.
Adjust assumptions
Why this model: Free cash flow is positive and in line with earnings, and the dividend is small, so a cash-flow DCF fits best.
Compare models- Recommended: Free-cash-flow DCF — NOK 127.15 (+2.5%)
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EPS-based Gordon proxy
— NOK 13.22 (-89.3%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— NOK 383.51 (+209.3%)
Not used: Free cash flow is 20.8x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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FCFF (steady state)
— NOK 256.43 (+106.8%)
Not used: Free cash flow is 20.8x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/EBITDA (12x)
— NOK 485.52 (+291.5%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— NOK 379.92 (+206.4%)
Not used: Free cash flow is 20.8x net income, which usually means costs such as lease payments sit outside operating cash flow, so it may be overstated.
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EV/Sales (Rule of 40)
— NOK 988.48 (+697.2%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 92.59 | -33.9% |
| Base NOK 127.15 | 2.5% |
| Bull NOK 184.90 | 32.9% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
At NOK 124.00 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.5%, discount 9.2%).
Compare: the market implies -2.0% a year, this model assumes 11.6%. The model is more optimistic than the price, which is why it reads as undervalued.
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
| Growth \ Discount | 7.2% | 8.2% | 9.2% | 10.2% | 11.2% |
|---|---|---|---|---|---|
| 7.6% | 290.32 | 235.19 | 196.55 | 167.96 | 145.97 |
| 9.6% | 317.88 | 257.47 | 215.14 | 183.84 | 159.77 |
| 11.6% | 347.44 | 281.36 | 235.07 | 200.84 | 174.53 |
| 13.6% | 379.12 | 306.95 | 256.39 | 219.03 | 190.31 |
| 15.6% | 413.03 | 334.32 | 279.19 | 238.46 | 207.17 |
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 100 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 5 of 5 years | 20 / 20 |
| Growth | revenue +17.4% a year | 20 / 20 |
| Balance sheet | net debt 0.5x EBITDA | 20 / 20 |
| Margins | EBITDA margin 57% | 20 / 20 |
Peers in Energy
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| TGS.OL (this company) | NOK 124.00 | 2.5% | 143.5 | 1.3 | 4.6% | 96 |
| HBR.L Harbour Energy plc | GBP 2.62 | 61.8% | – | 1.4 | 7.9% | 92 |
| FANG Diamondback Energy | USD 179.58 | 36.7% | 24.4 | 1.3 | 2.4% | 100 |
| SHEL.L Shell plc | GBP 36.98 | 32.8% | 8.6 | 1.4 | 3.0% | 84 |
| AKSO.OL Aker Solutions ASA | NOK 35.92 | 22.8% | 6.8 | 1.5 | 9.1% | 75 |
| BP.L BP p.l.c. | GBP 5.54 | 19.2% | – | – | 4.4% | 69 |
| AKRBP.OL Aker BP ASA | NOK 315.50 | 11.8% | 162.4 | 1.9 | 7.4% | 96 |
| EOG EOG Resources | USD 144.89 | 6.1% | 11.1 | 2.4 | 2.8% | 92 |
| TTE.PA TotalEnergies SE | EUR 79.16 | 5.4% | 8.9 | 1.5 | 4.3% | 84 |
| Peer median | 10.0 | 1.5 | ||||
Dividends
Paid in the last 12 months: NOK 5.85 per share · yield 4.72% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 5.850 |
| 2025 | 6.460 |
| 2024 | 6.030 |
| 2023 | 5.910 |
| 2022 | 5.470 |
| 2021 | 4.750 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | NOK 14,168,670,228 |
|---|---|
| EBITDA | NOK 8,253,071,780 |
| EBIT | NOK 1,629,457,392 |
| Net income | NOK 169,812,473 |
| Free cash flow | NOK 3,531,728,266 |
| Capital expenditures | NOK 4,355,736,332 |
| Debt | NOK 5,622,370,353 |
| Cash | NOK 1,970,010,275 |
| Working capital | NOK -3,961,363,102 |
| Shares outstanding | 196,458,629 |
| Reported dividends per share | NOK 5.7483 |