TGS TGS.OL
NorwayEnergy · Oil & Gas Equipment & ServicesEuronext Oslo Børs · NOK
149.84 NOK (+8.9%)
8 analysts
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TGS ASA is a Norwegian company that provides seismic data and processing services for oil and gas exploration and production, selling its surveys to major energy operators.
Listed on Euronext Oslo Børs · Symbol TGS.OL · OB: TGS · Currency NOK
Key points
from its scores- ✓Good share-price trend9.3
- ✓Favourable backdrop9.1
- ✕Little or no dividend4.2
AI analysis
bottom line, main risk, context and newsBusiness quality and reasonable valuation offset the cycle risk, but dividend sustainability and oil dependence warrant caution.
TGS ASA presents a high-quality business with gross margins of 84.72% and an ROIC of 16.62%, but its 11.60% growth depends on an exploration cycle that could reverse if oil prices collapse. Valuation (EV/EBITDA 5.54) is reasonable, although the 127.25% payout weighs on the dividend score.
Dependence on the exploration investment cycle of major operators, which could stall abruptly if oil prices fall due to a geopolitical agreement in the Middle East.
Context and risks
TGS ASA is a Norwegian geophysical services company for oil and gas exploration. Its business is tied to the exploration investment cycle of major operators, which depends on crude price stability. The recent escalation in the Strait of Hormuz and the possibility of an agreement that would sharply drop oil add uncertainty to future demand for seismic surveys, although the company has no direct exposure to the route.
Is TGS stock cheap or expensive?
at the analysis dateOn P/E and EV / EBITDA, it trades 27% above the Energy median on average.
| Multiple | Company | Sector | Difference |
|---|---|---|---|
| P/E | 29.1 | 15.7 | +85% |
| EV / EBITDA | 5.5 | 8.0 | −31% |
| Price / book | 1.4 | 2.2 | −36% |
| Price / sales | 2.1 | 1.9 | +9% |
Sector: median of the 102 Energy companies analysed. In bold, the multiples used for the comparison.
Valuation score: 6.5 out of 10 (median for Energy: 5.9).
Average analyst target: 149.84 NOK, +8.9% versus the price.
A premium can be justified if the company is of higher quality or grows faster than its sector: Quality / Moat 6.0 (sector 5.8), Growth 6.5 (sector 7.2).
Classic formulas with standard assumptions (10.0% growth, 8-9% discount rate). Indicative only: they change a lot with the assumptions and are not a recommendation.
Work out its fair value yourself →How much would you have made investing every month? →
Comparing it with its sector does not say whether it is a good buy: this is not investment advice.
Score by category
0 to 10 · hover overtap each one to see what it measuresKey metrics
at the analysis date · compared with the Energy medianValuation
- P/E
- 29.1
- Forward P/E
- 11.0
- EV / EBITDA
- 5.5
- Price / book
- 1.4
- Price / sales
- 2.1
- PEG
- 0.92
- Market cap
- 27.0B NOK
- Enterprise value
- 3.5B USD
Profitability
- ROE
- 5.0%
- ROA
- 6.3%
- ROIC (approx.)
- 16.6%
- Gross margin
- 84.7%
- Operating margin
- 34.1%
- Net margin
- 7.2%
- Free cash flow
- 151.1M USD
- FCF yield
- 5.3%
- Cash conversion
- 24%
Solvency
- Total debt
- 802.9M USD
- Net debt
- 677.7M USD
- Cash
- 125.2M USD
- EBITDA
- 632.3M USD
- Net debt / EBITDA
- 1.07
- Debt / equity
- 41.16
- Current ratio
- 0.58
- Quick ratio
- 0.36
Growth
- Revenue growth
- +11.6%
- EPS (TTM)
- 4.73 NOK
- EPS (forward)
- 12.53 NOK
Dividend
- Dividend yield
- 4.3%
- Payout
- 127.2%
Risk and market
- Beta
- −0.06
- Analyst consensus
- Hold (8)
- Target price
- 149.84 NOK
- 52-week range
- 73.75 – 159.90
Recent news
All TGS.OL news →Compare it with its sector
All 102 in Energy →Frequently asked questions about TGS
Is TGS stock cheap or expensive?
On P/E and EV / EBITDA, it trades 27% above the Energy median on average. Valuation score: 6.5 out of 10 (median for Energy: 5.9). Average analyst target: 149.84 NOK, +8.9% versus the price. This is not investment advice.
What score does TGS get on MeridIAn Screener?
It scores 6.9 out of 10, rank 291 of 2,130 (better than 86% of the companies analysed). Its strongest category is Momentum (9.3) and its weakest, Dividend (4.2). Analysis of 08/10/2026.
What is TGS's P/E ratio?
Its P/E is 29.1: the share price equals 29.1 times earnings per share over the last 12 months. The Energy median is 15.7. Based on the earnings analysts expect, the forward P/E is 11.0.
How much is TGS worth on the stock market?
Its market capitalisation is 27.0B NOK and its enterprise value, debt included, is 3.5B NOK.
How much debt does TGS have?
Its net debt (debt minus cash) is 677.7M USD. That is 1.07 times its EBITDA; the Energy median is 1.23.
Does TGS pay a dividend?
Yes: its dividend yield is 4.33% and it pays out 127% of its earnings.
How has TGS stock performed over the last year?
It has risen 87.6% over the last year, excluding dividends. Over the last 52 weeks it has traded between 73.75 and 159.90 NOK. Past performance does not guarantee future results.
What do analysts think of TGS?
8 analysts cover it; their average recommendation is “Hold” and their average target is 149.84 NOK (+8.9% versus the price). It is an estimate, not market data.