TGS ASA
About the company
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.
Price above modeled range
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.
The range depends on model assumptions and data; it is not a prediction or investment advice.
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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 (-36.3%)
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EPS-based Gordon proxy
— NOK 64.47 (-50.0%)
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 (+22.3%)
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 (-21.2%)
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 (+232.6%)
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 (+21.1%)
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 (+581.6%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear NOK 57.88 | -122.7% |
| Base NOK 82.09 | -57.0% |
| Bull NOK 122.55 | -5.2% |
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 128.90 the market implies about this annual free-cash-flow growth for 5 years (terminal 2.5%, discount 9.2%).
Compare: the market implies 7.3% a year, this model assumes 11.6%. The model is more optimistic than the price, which is why it reads as undervalued.
Sensitivity: base value per share
How the Free-cash-flow DCF value changes with growth (rows) and discount rate (columns). Green cells are above the current price.
These are assumption-based scenarios, not a confidence interval. Scroll horizontally to see all discount rates.
| 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
1 year price change: +50.34% · NOK 128.90 · Market data through 06 Nov 2026 ; dashed line is today’s model base value (NOK 82.09). The fair value is today’s estimate, not what the model said in the past.
Saved price history is current through 06 Nov 2026; last refreshed 06 Nov 2026 18:44 (31 minutes ago).
06 Nov 2025Range NOK 81.29 – 154.0206 Nov 2026
Latest news
Headlines provided by EODHD. Articles may mention multiple companies and are not investment recommendations.
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 128.90 | -57.0% | 30.6 | 1.4 | 0.5% | 100 |
| HBR.L Harbour Energy plc | GBP 2.63 | 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 37.23 | 32.4% | 8.6 | 1.4 | 3.0% | 84 |
| AKSO.OL Aker Solutions ASA | NOK 36.00 | 22.7% | 6.8 | 1.5 | 9.1% | 75 |
| BP.L BP p.l.c. | GBP 5.59 | 18.4% | – | – | 4.4% | 69 |
| BWLPG.OL BW LPG Limited | NOK 203.60 | 9.4% | 7.4 | 1.7 | 1.3% | 100 |
| EOG EOG Resources | USD 144.89 | 6.1% | 11.1 | 2.4 | 2.8% | 92 |
| TTE.PA TotalEnergies SE | EUR 79.73 | 4.8% | 9.0 | 1.5 | 4.2% | 84 |
| Peer median | 8.8 | 1.5 | ||||
Dividends
Paid in the last 12 months: NOK 5.85 per share · yield 4.54% 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 |