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TGS ASA (0MSJ) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of TGS ASA NOK 28.90, price NOK 133, upside -78.3%, quality 57 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
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Energy · GB · Home Norway · ISIN NO0003078800

TA Thin data Sep 24, 2026

TGS ASA

0MSJ · LSE

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value kr 28.90 · Strongly overvalued (−78.3%)
!Quality 57/100
!Weak Growth (revenue 3y −13.4 %/yr)
!Loss-making · -0.2% net margin (TTM)
!Narrow moat 40/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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Price vs Fair Value

kr 168.66 kr 61.14 Fair Value kr 28.90 Jun 2021 Oct 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range kr 61.14 – kr 168.66 · fair‑value band kr 26.53 – kr 30.95 · the kr 133.10 price screens above the kr 28.90 fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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.

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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.

Stock analysis

TGS ASA (0MSJ) currently trades at kr 133.10, while our model-based Fair Value estimate is kr 28.90, 78.3% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of kr 46.20 per share, and 0 of the 8 models we run sit above the kr 133.10 price.

Bear case: the Dividend Discount group reads lowest at kr 6.61, and 8 of the 8 models stay below the price. Evidence for this calculation is low.

Scenario range: kr 26.53 (bear) to kr 30.95 (bull), the price of kr 133.10 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 57/100 (solid quality), in the Energy sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

TGS ASA reported revenue of 319M NOK in FY2020 versus 456M NOK in FY2016, a compound −8.5%/yr. Reported net income was −189M NOK in FY2020.

Key figures

Market cap 11.2B NOK (≈ $1.2B) · P/S ratio 8.46 · Net margin −59.0% · Return on equity −0.1% · Return on assets (EBIT) 3.0% · Operating margin 22.6% · Revenue growth (YoY) −42.2% · EPS growth (YoY) −84.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and 87% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Energy peers we cover trades at −23% fair-value upside, at −78%, 0MSJ screens richer than that median.

Fair Value models

Bear kr 26.53 Fair Value kr 28.90 Bull kr 30.95
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF kr 35.55 kr 45.65 kr 62.58 76
Growth DCF kr 36.63 kr 46.20 kr 61.02 73
5Y Revenue Exit kr 18.55 kr 20.74 kr 23.81 68
All 8 models by family
DCF Models
FCF DCF kr 35.55 kr 45.65 kr 62.58 76
5Y Revenue Exit kr 18.55 kr 20.74 kr 23.81 68
10Y Revenue Exit kr 25.84 kr 28.05 kr 29.95 63
Dividend Discount
Gordon GGM kr 6.13 kr 6.61 kr 7.32 67
DDM Multi-Stage kr 6.13 kr 7.30 kr 8.81 65
Multiples
EV/Revenue kr 5.52 kr 6.89 kr 8.27 52
Asset-Based
NCAV (Graham) kr 7.55 kr 10.12 kr 15.11 51
Growth DCF
Growth DCF kr 36.63 kr 46.20 kr 61.02 73

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Quality Score breakdown

Overall quality 57/100

Of which business quality 60 · Market factors (momentum, volatility) 73

Profitability 6
Margins and returns on capital today
Quality Growth 9
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 99
Balance sheet, leverage, solvency risk
Investment 77
Disciplined investing over empire-building
Low Volatility 73
Calm price path (market factor)
Momentum 66
Price trend over the last 3–12 months (market factor)
52W Momentum 86
Distance to the 52-week high (market factor)

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 15/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−45.4%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−13.4%
Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
11.6% (2016) → −82.7% (2020)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: no share-count history
not computed

0MSJ screens overvalued: fair value 78% below the price. Compare with SLB N.V →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Oil & Gas Equipment & Services · 179 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 57 · Above median
Fair Value upside −33.9% · Below median
Profitability
Return on assets 5.1% · Above median
Net margin (TTM) −0.2% · Below median
Operating margin (TTM) 22.6% · Top 25%
Growth and dividend
Revenue growth −42.2% · Bottom 25%
Dividend yield (TTM) 0.5% · Bottom 25%

Valuation Multiplesvs Oil & Gas Equipment & Services median · lower = cheaper

P/B 0.95× · Cheaper than median
P/S (TTM) 0.91× · Cheaper than median
EV/EBITDA 1.9× · Cheapest 25%

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Oil & gas

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Subsea 7 S.A SUBC kr 324.80 kr 251.18 −23%
Saipem SpA SPM €4.30 €2.72 −37%
Gaztransport & Technigaz SA GTT €210.00 €231.00 +10%
China Oilfield Services Limited 601808 ¥12.12 ¥13.04 +8%

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TGS ASA · Fair Value
kr 28.90 −78%Fair Value
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Cite: Fair Value Calculator (2026). "TGS ASA Fair Value". https://www.fairvalue-calculator.com/stock/0MSJ

Frequently asked questions

Is TGS ASA (0MSJ) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of kr 28.90 versus a price of kr 133.10, about −78% upside (overvalued).
What is the fair value of 0MSJ?
Our model-based fair value for TGS ASA is kr 28.90 (as of Sep 24, 2026), built from audited fundamentals. The current price: kr 133.10.
What is the quality score of 0MSJ?
TGS ASA has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for TGS ASA (0MSJ)?
Our model-based price target is the fair value of kr 28.90 (as of Sep 24, 2026) from 8 valuation models. Cautious scenario kr 26.53, optimistic scenario kr 30.95. It is a calculation from audited fundamentals, not an analyst target.
What is the TGS ASA stock forecast for 2026?
Our models put fair value at kr 28.90, about −78% upside versus a price of kr 133.10 (overvalued). Cautious scenario kr 26.53, optimistic scenario kr 30.95. The calculation is refreshed regularly with new filings.
What is the intrinsic value of TGS ASA (0MSJ)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TGS ASA it is kr 28.90 per share (as of Sep 24, 2026), against a price of kr 133.10. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is TGS ASA stock overvalued or undervalued in 2026?
As of Sep 24, 2026, 0MSJ trades above its calculated fair value: price kr 133.10, fair value kr 28.90, a gap of about −78% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of 0MSJ?
No. The price is what the market pays today (kr 133.10); the fair value is what the company's own numbers justify (kr 28.90). For TGS ASA the two are kr 104.20 per share apart. That gap is exactly why we show both numbers side by side.
How much is TGS ASA worth?
The market values TGS ASA at about 11.2B NOK (market capitalisation, as of Sep 24, 2026). Per share that is kr 133.10; our models calculate a fair value of kr 28.90 per share.
What do the bullish and bearish scenarios say about 0MSJ?
Our models span a range for TGS ASA: cautious scenario kr 26.53, base kr 28.90, optimistic kr 30.95 per share (as of Sep 24, 2026, price kr 133.10). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TGS ASA (0MSJ)?
Balance-sheet figures for TGS ASA (as of Sep 24, 2026): return on equity −0.1%. They feed the Quality Score of 57/100, which measures business quality independently of the share price.
How far is 0MSJ from its 52-week high?
TGS ASA trades at kr 133.10, about 15% below its 52-week high of kr 156.64 and 87% above the low of kr 71.19 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of kr 28.90 is for.
Which stocks are comparable to TGS ASA?
From the same area (Energy) we also value SLB N.V, Baker Hughes Company, TechnipFMC plc, Tenaris S.A, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is TGS ASA stock attractive at the current price?
The data as of Sep 24, 2026: price kr 133.10, calculated fair value kr 28.90 (−78%), Quality Score 57/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of 0MSJ calculated?
We run TGS ASA through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of kr 28.90, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. TGS ASA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of TGS ASA (0MSJ)?
The closing price on Oct 2, 2026 was kr 133.10. Our model-based fair value is kr 28.90, about −78% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TGS ASA right now?
The price sits above even our optimistic bull case (kr 30.95). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.

Key figures of TGS ASA

How large is the market capitalisation of TGS ASA (0MSJ)?
The market capitalisation of TGS ASA is 11.2B NOK (≈ $1.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of TGS ASA (0MSJ)?
The price-to-sales ratio of TGS ASA is 8.46 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What is the net margin of TGS ASA (0MSJ)?
The net margin of TGS ASA is −59.0% (fiscal year 2020). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of TGS ASA (0MSJ)?
The return on equity (ROE) of TGS ASA is −0.1% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of TGS ASA (0MSJ)?
On an EBIT basis the return on assets of TGS ASA is 3.0% (avg 4y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of TGS ASA (0MSJ)?
The operating margin of TGS ASA is 22.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TGS ASA (0MSJ)?
Revenue at TGS ASA is growing −42.2% versus a year earlier (3y avg −13.4%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at TGS ASA (0MSJ)?
Earnings per share at TGS ASA are growing −84.8% versus a year earlier. How much earnings per share grew versus a year earlier.
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