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.Looks overvalued
5-year outlook: Not shown because confidence is low: Earnings-based DCF is somewhat apart.
Other models: NOK 64.47–428.67 (median 101.53). 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 above modeled range
Free-cash-flow DCF using TTM through 30 Sep 2026 reported free cash flow, 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 82.09 (-33.8%)
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EPS-based Gordon proxy
— NOK 64.47 (-48.0%)
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 157.69 (+27.2%)
Not used: Not chosen: Free-cash-flow DCF ranks ahead of it for this company.
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FCFF (steady state)
— NOK 101.53 (-18.1%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— NOK 428.67 (+245.7%)
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 156.10 (+25.9%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— NOK 878.53 (+608.5%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 57.88 | -114.2% |
| Base NOK 82.09 | -51.1% |
| Bull NOK 122.55 | -1.2% |
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 6.5% 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% | 196.39 | 157.77 | 130.70 | 110.68 | 95.28 |
| 9.6% | 215.70 | 173.39 | 143.73 | 121.80 | 104.94 |
| 11.6% | 236.41 | 190.12 | 157.69 | 133.71 | 115.28 |
| 13.6% | 258.61 | 208.04 | 172.63 | 146.45 | 126.33 |
| 15.6% | 282.36 | 227.22 | 188.60 | 160.07 | 138.14 |
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 +17.8% 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 | -51.1% | 29.4 | 1.4 | 0.5% | 100 |
| 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 |
| BWLPG.OL BW LPG Limited | NOK 208.40 | 7.3% | 7.5 | 1.8 | 1.2% | 100 |
| 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 | 8.7 | 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 |
Trailing 12-month financials
TTM through 30 Sep 2026 · quarterly EODHD data · data downloaded 06 Nov 2026 12:42
| Revenue | NOK 12,801,160,243 |
|---|---|
| EBITDA | NOK 7,347,211,054 |
| EBIT | NOK 2,036,291,588 |
| Net income | NOK 828,066,820 |
| Free cash flow | NOK 1,561,094,152 |
| Capital expenditures | NOK 8,506,504,602 |
| Debt | NOK 5,327,857,196 |
| Cash | NOK 1,396,421,773 |
| Working capital | NOK -3,974,720,734 |
| Shares outstanding | 196,502,987 |
| Reported dividends per share | NOK 0.6200 |