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TESGAS S.A. (TSG) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of TESGAS S.A. stock PLN 2.26, price PLN 1.55, upside +46.3%, quality 38 out of 100. Rating: undervalued. Calculated from audited financials with one of our 26 valuation models and 37 quality factors, updated daily.

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Utilities PL · ISIN PLTSGS000019

TS TESGAS S.A. logo Thin data Nov 7, 2026

TESGAS S.A.

TSG · WAR
Speculative

The stock costs 32% less than our calculation considers fair.

Fair value 2.26 PLN · Undervalued
Low debt
Mixed vs. peers (4/10)
Revenue last quarter 17% below a year ago.
Quality 38/100
Weak Growth (revenue 5y −6.8 %/yr in PLN)
Loss-making · -16.9% net margin (TTM)
Negative free cash flow
Narrow moat 12/100 · thin data
Thin data
⟳ Cyclical
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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

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

4.58 PLN 1.52 PLN Fair Value 2.26 PLN Aug 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range 1.52 PLN – 4.58 PLN · fair‑value band 1.50 PLN – 2.82 PLN · the 1.55 PLN price screens below the 2.26 PLN fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 7, 2026.

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Company profile

Tesgas S.A. engages in the construction, renovation, and modernization of gas facilities in Poland. The company invests in activities related to the transmission and distribution of natural gas.

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It is also involved in the construction and renovation of gas networks of high, medium, and low pressures; gas stations and boiler rooms; and facilities related to the extraction of natural gas and crude oil.

In addition, the company engages in the construction of LNG, LPG, and CNG gas stations, as well as micro-generation systems; and manufacture of pressure vessels.

Further, it operates medium and high-pressure gas stations and gas pipelines; and other gas facilities, including LNG installations, gas boilers, industrial gas installations, etc.

Additionally, the company engages in the distribution of natural gas odorizing agent" THT (tetrahydrogen thiophen), a colorless agent that is added to odorless natural gas to make the gas detectable; delivery of THT and filling odorizing installations; adjusting odorizing installations to the possibility of hermetic filling with THT agent; and elimination of small THT leaks from installations, tanks, etc.

It also offers design services in the field of gas infrastructure, such as undertaking projects, including high, medium, and low-pressure gas networks; high and medium pressure gas stations; and installations in oil and gas mines.

The company was founded in 2000 and is headquartered in Dopiewo, Poland.

Stock analysis

TESGAS S.A. (TSG) currently trades at 1.55 PLN, while our model-based Fair Value estimate is 2.26 PLN, implying the stock looks roughly 32% undervalued today.

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Valuation

How firm this estimate is: it rests on 1 models at a data quality of 95/100, which puts the data coverage at low.

Scenario range: 1.50 PLN (bear) to 2.82 PLN (bull), the price of 1.55 PLN sits inside 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 38/100 (below-average quality), in the Utilities sector.

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

TESGAS S.A. reported revenue of 71.8M PLN in FY2025 versus 114M PLN in FY2021, a compound −10.8%/yr. Reported net income was −10.7M PLN in FY2025.

Key figures

Market cap 17.5M PLN (≈ $4.5M) Micro · P/S ratio 0.25 · EPS (TTM) −1.02 PLN · Net margin −16.9% · Return on equity −15.1% · Return on assets (EBIT) 0.7% (5-year average) · Operating margin −12.9% · Revenue (TTM) 68.6M PLN.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 12 out of 100 (low confidence).

What moves the price

The share trades about 41% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Utilities peers we cover trades at −21% fair-value upside, at 46%, TSG screens cheaper than that median.

Fair Value models

Bear 1.50 PLN Fair Value 2.26 PLN Bull 2.82 PLN
Price 1.55 PLN · Upside +46.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. 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. Coverage ⓘCoverage = 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.
Best data coverage
NCAV (Graham) 0.7500 PLN 1.13 PLN 1.41 PLN 55
All 1 models by family
Asset-Based
NCAV (Graham) 0.7500 PLN 1.13 PLN 1.41 PLN 55

The fair value above starts from this blend and is adjusted for a cyclical trough year.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 38/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 10
How much profit the company makes from its sales and capital
Quality Growth 10
Are margins and returns getting better?
Cashflow 1
Do the profits arrive as real cash?
Financial strength 61
Debt, balance sheet and risk of trouble
Investment 100
Does it invest with discipline instead of growing at any price?
Low Volatility 85
How calm the share price moves, does not count
Price momentum 16
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

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. 0/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−10.3%
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.
−17.7%
Revenue growth 5 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.
−6.8%
Start year 2020 (pandemic). Over 10 years: −1.6% a year
Revenue growth 16 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.
−1.5%
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.
7.1% (2020) → −15.8% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed

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Compare TESGAS S.A. with another stock

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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.Utilities - Regulated Gas · 107 stocks

Beats the industry median on 3/8 measures
Overall it trails its industry peers.
Valuation
Quality Score 38 · Bottom 25%
Fair Value upside +46.3% · Top 25%
Profitability
Return on assets −9.5% · Bottom 25%
Net margin (12 months) −16.9% · Bottom 25%
Operating margin (12 months) −12.9% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) −17.2% · Bottom 25%

Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper

P/B 0.23× · Cheapest 25%
P/S (12 months) 0.26× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)95 · sector 31
FUTURE (revenue growth)0 · sector 16
PAST (return on equity)0 · sector 34
HEALTH (low debt)100 · sector 82
DIVIDEND (yield)0 · sector 69

Context: sector, industry, market

Values & ESG

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

None of the checked exposures detected

Similar stocks

10 more Utilities - Regulated Gas stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
ENN Natural Gas Co 600803 ¥21.31 ¥24.00 +13% vs TSG
Italgas S.p.A IG €9.12 €10.07 +10% vs TSG
Uniper SE UN0 €44.00 €45.97 +4% vs TSG
Naturgy Energy Group NTGY €29.54 €30.62 +4% vs TSG
UGI Corporation UGI $37.04 $29.40 −21% vs TSG
The Hong Kong and China Gas Company 0003 HK$7.40 HK$4.93 −33% vs TSG
GAIL (India) Limited GAIL ₹185.79 ₹116.94 −37% vs TSG
Snam S.p.A SRG €6.20 €3.65 −41% vs TSG
NiSource Inc NI $44.15 $19.87 −55% vs TSG
Atmos Energy Corporation ATO $173.22 $77.35 −55% vs TSG

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TESGAS S.A.: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "TESGAS S.A. Fair Value". https://www.fairvalue-calculator.com/stock/TSG

Frequently asked questions

Is TESGAS S.A. (TSG) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 2.26 PLN versus a price of 1.55 PLN, about +46% upside (undervalued).
What is the fair value of TSG?
Our model-based fair value for TESGAS S.A. is 2.26 PLN (as of Nov 7, 2026), built from audited fundamentals. The current price: 1.55 PLN.
What is the quality score of TSG?
TESGAS S.A. has a Quality Score of 38/100. 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 TESGAS S.A. (TSG)?
Our model-based price target is the fair value of 2.26 PLN (as of Nov 7, 2026) from 1 valuation models. Cautious scenario 1.50 PLN, optimistic scenario 2.82 PLN. It is a calculation from audited fundamentals, not an analyst target.
What is the TESGAS S.A. stock forecast for 2026?
Our models put fair value at 2.26 PLN, about +46% upside versus a price of 1.55 PLN (undervalued). Cautious scenario 1.50 PLN, optimistic scenario 2.82 PLN. The calculation is refreshed regularly with new filings.
What is the revenue of TESGAS S.A. (TSG)?
TESGAS S.A. reported trailing-twelve-month revenue of about 68.6M PLN (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of TESGAS S.A. (TSG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For TESGAS S.A. it is 2.26 PLN per share (as of Nov 7, 2026), against a price of 1.55 PLN. It is the blended result of 1 valuation models in 1 family (Asset-Based).
Is TESGAS S.A. stock overvalued or undervalued in 2026?
As of Nov 7, 2026, TSG trades below its calculated fair value: price 1.55 PLN, fair value 2.26 PLN, a gap of about +46% (undervalued). 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 TSG?
No. The price is what the market pays today (1.55 PLN); the fair value is what the company's own numbers justify (2.26 PLN). For TESGAS S.A. the two are 0.7150 PLN per share apart. That gap is exactly why we show both numbers side by side.
How much is TESGAS S.A. worth?
The market values TESGAS S.A. at about 17.5M PLN (market capitalisation, as of Nov 7, 2026). Per share that is 1.55 PLN; our models calculate a fair value of 2.26 PLN per share.
What do the bullish and bearish scenarios say about TSG?
Our models span a range for TESGAS S.A.: cautious scenario 1.50 PLN, base 2.26 PLN, optimistic 2.82 PLN per share (as of Nov 7, 2026, price 1.55 PLN). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of TESGAS S.A. (TSG)?
Balance-sheet figures for TESGAS S.A. (as of Nov 7, 2026): return on equity −15.1%. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is TSG from its 52-week high?
TESGAS S.A. trades at 1.55 PLN, about 41% below its 52-week high of 2.64 PLN and 2% above the low of 1.52 PLN (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2.26 PLN is for.
Which stocks are comparable to TESGAS S.A.?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Snam S.p.A, NiSource Inc, 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 TESGAS S.A. stock attractive at the current price?
The data as of Nov 7, 2026: price 1.55 PLN, calculated fair value 2.26 PLN (+46%), Quality Score 38/100, from 1 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 TSG calculated?
We run TESGAS S.A. through 1 models from 1 family: Asset-Based. Every model gets the same audited fundamentals; the fair value of 2.26 PLN builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. TESGAS S.A. currently trades 32% below its own fair value, and the market average says nothing about that. 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 TESGAS S.A. (TSG)?
The closing price on Nov 6, 2026 was 1.55 PLN. Our model-based fair value is 2.26 PLN, about +46% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with TESGAS S.A. right now?
The large discount to fair value meets weak quality (38/100). That raises the risk this is a value trap rather than a bargain. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (1.50 PLN to 2.82 PLN) leaves room in how you read the outcome.

Key figures of TESGAS S.A.

How large is the market capitalisation of TESGAS S.A. (TSG)?
The market capitalisation of TESGAS S.A. is 17.5M PLN (≈ $4.5M). 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 TESGAS S.A. (TSG)?
The price-to-sales ratio of TESGAS S.A. is 0.25 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of TESGAS S.A. (TSG)?
Earnings per share at TESGAS S.A. are −1.02 PLN. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of TESGAS S.A. (TSG)?
The net margin of TESGAS S.A. is −16.9% (last twelve months). 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 TESGAS S.A. (TSG)?
The return on equity (ROE) of TESGAS S.A. is −15.1% (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 TESGAS S.A. (TSG)?
On an EBIT basis the return on assets of TESGAS S.A. is 0.7% (avg 5y). 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 TESGAS S.A. (TSG)?
The operating margin of TESGAS S.A. is −12.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at TESGAS S.A. (TSG)?
Revenue at TESGAS S.A. is growing −17.2% versus a year earlier (3y avg −17.7%). 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 TESGAS S.A. (TSG)?
Earnings per share at TESGAS S.A. are growing +39.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does TESGAS S.A. (TSG) generate?
The free cash flow of TESGAS S.A. is −7.2M PLN (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does TESGAS S.A. (TSG) hold?
TESGAS S.A. holds more cash than debt, 8.2M PLN net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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