TGS
68
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−6
- ROIC and margin−5
- Capital allocation−4
Strengths
- Order book+1
How the score is built
From 100 to 68, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 133.00 NOK
- Median analyst target
- 160.06 NOK
- Upside to median
- +20.3%
- Analysts
- 8
- Target range
- 67.92 – 199.27 NOK
- 52-week change
- +51%
- P/E (trailing)
- 39.5
- Forward P/E
- 13.7
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−12 of −30
- −5ROIC and marginROIC 9.3% (TTM) and only 3.0% in 2025 vs 20.6–22.9% in 2021–2022; net margin 7.2%. There are write-downs on the multi-client library every year (USD 263m in 2025, 177m TTM).
- −4Capital allocationThe all-share merger with PGS made TGS bigger, not stronger: EPS is USD 0.47 (TTM) vs 0.74 in 2022, the share count has risen another 4.9% in a year, and the company has gone from net cash to net debt.
- −3Pricing powerStreamer contract prices are broadly flat despite the highest utilisation (94%) since 2013; management is 'not satisfied' with prices, and competitors bid 15–20% below TGS.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −6Multiples vs own historyP/E about 13.7 on the 2026 estimate vs forward P/E of 8.7–14.3 in 2022–2025; P/B 1.45 vs 0.90–1.35 (highest in the period) and EV/EBITDA 4.65 vs 2.4–5.1. The share price is up 81% in a year.
- −3FCF qualityP/FCF of 3.9 is misleading: investment in multi-client data (about USD 550m in 2026) is not deducted. Analysts expect FCF of USD 244m in 2026 (about 8.6% of market value), and net cash flow in Q2 was −USD 41m.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−8 of −35
- −3Debt and liquidityNet debt rose to USD 503m in Q2; current ratio 0.58 and debt/equity 0.41 vs 0.04–0.09 before the PGS merger.
- −3Exploration cycleAnalysts are split: 3 of 8 rate it strong sell, and the lowest target is NOK 69 (−50%). Oil companies' exploration budgets are the first thing cut when the oil price falls.
- −2CostsGross operating costs were USD 267m in Q2 (geography and fuel), higher than expected, and the stock fell about 7% on the report because of weak cash conversion.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Order bookOrder book of USD 756m, +78% y/y, after order intake of USD 377m in Q2; new OBN contracts in the AMME region run into 2027.
Caveats
What the score does not capture, or where the data is weak.
Accounts in USD, price in NOK. P/E recalculated: price NOK 142 and USD/NOK about 9.9 give a trailing P/E of about 30 (EPS USD 0.47), about 13.7 on 2026 (USD 1.05) and about 10.9 on 2027 (USD 1.31) – stockanalysis' forward P/E of 16.9 is not used. stockanalysis' FCF (USD 715m, P/FCF 3.9) does not include multi-client investments (about USD 440m TTM, about 550m in 2026), which are in effect operating investments. IFRS revenue (TTM −23%) differs from the company's segment revenue (Q2 +30%) due to the accounting for multi-client sales. The PGS merger (July 2024) makes history before 2024 only partly comparable. Direct peers (Viridien) have not been examined.
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