Added to YB: 2026-05-26
Pitch date: 2026-03-20
TGS.OL [bearish]
TGS ASA
-27.11%
current return
Author Info
No bio for this author
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 120.21
Price Target
N/A
Dividend
3.76%
EV/EBITDA
5.17
P/E
-1.6K
EV/Sales
2.92
Sector
Energy Equipment and Services
Category
turnaround
TGS ASA - $TGS.OL (short)
TGS.OL (short): Dominant 60% seismic data market share but backlog crashed 35% to 473M; streamer rev -50% since 2019, OBN rev fell from 132M to 47M Q4 YoY. Op margin compressed from 40% to 15-28%, ROE down from 15-20% to 6-9%. High depreciation capitalization (42M/Q) masks weak fundamentals. Bloated balance sheet post-PGS acquisition. Oil majors have sub-1 RRR for decade but exploration spending remains flat despite rising oil prices—no pricing power. AI models risk cannibalizing own data sales. Catalyst depends on unpredictable timing of majors' exploration ramp.
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