Added to YB: 2025-08-04
Pitch date: 2025-08-01
TGS.OL [bullish]
TGS ASA
+106.32%
current return
Author Info
Aurelion Research is a research analyst with a passion for markets, specializing in high‑conviction ideas across shipping, offshore drilling, and thematic equity research. Sign up for the newsletter.
Company Info
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.
Market Cap
NOK 3.2B
Pitch Price
NOK 74.40
Price Target
177.00 (+14%)
Dividend
3.77%
EV/EBITDA
5.16
P/E
-1.6K
EV/Sales
2.92
Sector
Energy Equipment and Services
Category
value
TGS ASA: Where Geoscience Meets Cash Flow
TGS.OL: Global geoscience data provider w/ dominant multi-client seismic library. Post-PGS merger adds 3D vessel fleet & vertical integration. Q2 rev $308M (down on licensing delays), but $937M backlog supports H2 recovery. Uninterrupted dividends since 2010, 3.3% yield. Net cash $183M, 13% FCF yield. Trading 2.2x EV/EBITDA vs peers at 4.5x+. PT NOK 177 (+137% upside). Risks: licensing timing, integration execution, CCS adoption.
Read full article (6 min)