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1. Company Snapshot

1.a. Company Description

Gaztransport & Technigaz SA, a technology and engineering company, provides cryogenic membrane containment systems for the maritime transportation and storage of liquefied gas and liquefied natural gas (LNG) in South Korea, China, Russia, and internationally.The company offers solutions, such as commercial vessel tanks, small and medium-capacity LNG carriers, bunker barges and vessels, and floating storage structures and bunkering stations for supplying LNG to merchant vessels other than LNG carriers; and LNG fuel storage solutions and related systems for the merchant vessels that use LNG as a marine fuel to replace the conventional fuel oils.It also provides membrane technology system for the bulk transportation and storage of LNG; and LNG Brick, a package for storage of gas for propulsion dedicated to ships requiring a small quantity of LNG.


Further, it provides consultancy and engineering study, construction assistance, emergency response, training, and maintenance support services; and designs and assembles electrolysers for the production of green hydrogen, as well as offers smart shipping services; and digital services, such as in-depth data analytics.In addition, the company licenses its technologies to shipyards.The company serves shipyards, ship-owners, terminal operators, gas companies, and classification societies.


Gaztransport & Technigaz SA was founded in 1963 and is headquartered in Saint-Rémy-lès-Chevreuse, France.

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1.b. Last Insights on GTT

Gaztransport & Technigaz SA's recent performance was driven by strong revenue growth, up 29% to 600 million euros for the first nine months of 2025. The company's acquisition of Danelec, completed on July 31, 2025, contributed to its growth. A significant pick-up in final investment decisions in LNG and a robust order intake, including 19 LNG carriers and 18 LNG-powered container ships, also boosted performance. The company has revised its 2025 objectives upwards, targeting revenue of 790-820 million euros.

1.c. Company Highlights

2. GTT's Robust Financial Performance Continues

GTT delivered a strong financial performance in the first half of 2025, with revenue increasing by 32% to EUR 389 million and EBITDA rising by 49% to EUR 132 million, resulting in an EBITDA margin of 68%. The company's EPS came out at EUR 2.33, beating estimates of EUR 1.99. This impressive financial performance was driven by newbuilds, with revenue up 35% to EUR 365 million, while electrolysers revenue was down to EUR 2.5 million. The company's digital solutions segment achieved revenue of EUR 9.3 million, up 36% year-over-year, with a gross margin improving to 57%.

Publication Date: Jul -31

📋 Highlights
  • Strong Revenue and EBITDA Growth: - Revenue rose 32% to EUR 389 million, with EBITDA increasing 49% to EUR 132 million, yielding a 68% margin.
  • Robust Order Book: - Order book stands at 308 units, valued at EUR 1.7 billion, reflecting strong demand.
  • Danelec Acquisition: - Acquired for EUR 194 million, expanding presence in safety and performance management, financed with EUR 120 million debt and EUR 74 million cash.
  • Digital Solutions Growth: - Digital revenue grew 36% to EUR 9.3 million, with gross margin improving to 57%.
  • Long-Term LNG Demand: - Maintained long-term estimates of 450 units over 10 years, with LNG demand expected to grow 6% annually until 2040.

Revenue Growth and Order Book

The company's order book is robust, with 308 units, valued at EUR 1.7 billion. GTT's revenue growth was driven by newbuilds, and the company maintains its long-term estimates for 450 units over the next 10 years. LNG demand remains strong, with 4 financial investment decisions taken, and the market expects an average growth of 6% per year up to 2040.

Acquisition and Innovation

The acquisition of Danelec in May expanded GTT's presence in safety and performance management. GTT's innovation efforts focus on driving energy transition and developing maritime digitalization, with recent investments in CorPower Ocean, a Swedish pioneer in wave energy transition. The Danelec acquisition, priced at EUR 194 million, will be financed with EUR 120 million in debt and EUR 74 million in cash.

Financial Guidance and Valuation

For 2025, revenue guidance is maintained at EUR 750-800 million, with EBITDA expected to be EUR 490-540 million and a dividend payout ratio of at least 80%. The company's free cash flow was EUR 208 million, a 64% increase from last year. At current prices, GTT trades at a P/E ratio of 17.61, a P/S ratio of 9.54, and an EV/EBITDA of 13.72, which may suggest that the market has already priced in the company's strong growth prospects.

Elogen's Restructuring and Outlook

Elogen, a subsidiary undergoing restructuring, reported revenue of EUR 2.5 million and an EBITDA loss of EUR 9.2 million. GTT expects to reduce losses drastically in 2025 and 2026. According to the management, "Elogen's increased power for stacks in a less competitive area aims to sell electrolyzers without generating losses." The company's commercial dynamic on the LNG cargo side is muted, but 38 million tons of projects were sanctioned, and GTT expects orders to come once the context and potential changes in tax regimes are clarified.

3. NewsRoom

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Gaztransport & Technigaz (ENXTPA:GTT): Is the Market Missing Value After a Year of Steady Gains?

Dec -02

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Is Gaztransport & Technigaz Fairly Priced After 36.5% Rally and New LNG Contracts?

Dec -02

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Earnings, Steady Bond Yields Elevate European Bourses Midday

Nov -03

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GTT : Q3 2025 Activity Update - Press Release

Oct -31

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European Dividend Stocks To Consider

Oct -30

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European Dividend Stocks To Consider For Your Portfolio

Oct -01

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European Dividend Stocks To Consider In September 2025

Sep -01

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (12.10%)

6. Segments

Methaners/Ethaners

Expected Growth: 12.0%

Strong demand for LNG carriers and FSRUs, driven by increasing global LNG trade and energy transition, coupled with Gaztransport & Technigaz SA's technological expertise in Methaners/Ethaners, supports the 12.0% growth rate. Additionally, the company's strong order book, strategic partnerships, and expanding presence in emerging markets contribute to its growth momentum.

Liquid Natural Gas Powered Vessels

Expected Growth: 11.5%

The 11.5% growth of Liquid Natural Gas (LNG) powered vessels from Gaztransport & Technigaz SA is driven by increasing demand for eco-friendly shipping, stringent emission regulations, and rising LNG production. Additionally, the need for energy efficiency, reduced operating costs, and growing adoption in offshore and cargo shipping also contribute to this growth.

Services - Ships in Operation

Expected Growth: 13.5%

Strong demand for LNG shipping, increasing global energy demand, and a growing need for cleaner energy sources drive the 13.5% growth in Gaztransport & Technigaz SA's Ships in Operation segment. Additionally, the company's expertise in cryogenic membrane containment systems and its strong order book contribute to this growth.

Hydrogen

Expected Growth: 14.0%

Hydrogen from Gaztransport & Technigaz SA's 14.0% growth driven by increasing demand for clean energy, government incentives for renewable energy adoption, and strategic partnerships for large-scale hydrogen production and transportation infrastructure development.

Land Tanks and Gravity-Based Structure

Expected Growth: 12.5%

The 12.5% growth of Land Tanks and Gravity-Based Structure from Gaztransport & Technigaz SA is driven by increasing demand for LNG storage and regasification, growing adoption of FSRU and FLNG solutions, and rising investments in energy infrastructure projects, particularly in Asia and the Middle East.

Services - Studies

Expected Growth: 12.8%

Gaztransport & Technigaz SA's 12.8% growth in Services - Studies is driven by increasing demand for LNG carriers, rising energy consumption, and growing investments in offshore oil and gas projects. Additionally, the company's expertise in cryogenic membrane containment systems and its strong order book contribute to its growth momentum.

Floating Storage Units

Expected Growth: 11.8%

The 11.8% growth of Floating Storage Units from Gaztransport & Technigaz SA is driven by increasing global energy demand, rising LNG trade, and growing need for flexible and cost-effective storage solutions. Additionally, the company's technological advancements, strategic partnerships, and expanding presence in emerging markets also contribute to this growth.

Services - Approval

Expected Growth: 13.2%

Approval from Gaztransport & Technigaz SA drives growth in Services segment, leveraging their expertise in cryogenic membrane containment systems. This partnership enables increased market share, improved operational efficiency, and enhanced customer offerings, contributing to 13.2% growth.

Services - Training

Expected Growth: 12.2%

Gaztransport & Technigaz SA's 12.2% growth in Services - Training is driven by increasing demand for LNG transportation and processing, rising adoption of cleaner energy sources, and the company's expertise in providing specialized training for the oil and gas industry. Additionally, strategic partnerships and expansion into new markets have contributed to the segment's growth.

Services - Others

Expected Growth: 12.0%

Gaztransport & Technigaz SA's 12.0% growth in Services - Others is driven by increasing demand for LNG shipping and regasification services, expansion into new markets, and strategic partnerships. Additionally, the company's expertise in cryogenic membrane containment systems and its ability to provide customized solutions to clients contribute to its growth in this segment.

7. Detailed Products

Membrane Containment Systems

Gaztransport & Technigaz SA designs and manufactures membrane containment systems for the transportation and storage of liquefied gases, such as LNG, LPG, and LEG.

Insulated Cargo Tanks

The company offers insulated cargo tanks for the transportation of liquefied gases, providing high thermal insulation performance and minimizing boil-off gas.

LNG Fuel Tanks

Gaztransport & Technigaz SA designs and manufactures LNG fuel tanks for the maritime industry, providing a safe and efficient solution for LNG-powered vessels.

Onshore Storage Tanks

The company offers onshore storage tanks for the storage of liquefied gases, providing a safe and efficient solution for the oil and gas industry.

FSRU and LNG Terminal Solutions

Gaztransport & Technigaz SA provides FSRU and LNG terminal solutions, including design, engineering, and construction services.

8. Gaztransport & Technigaz SA's Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Gaztransport & Technigaz SA is medium due to the presence of alternative technologies and products in the market.

Bargaining Power Of Customers

The bargaining power of customers for Gaztransport & Technigaz SA is low due to the company's strong brand reputation and customer loyalty.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Gaztransport & Technigaz SA is medium due to the presence of multiple suppliers in the market.

Threat Of New Entrants

The threat of new entrants for Gaztransport & Technigaz SA is high due to the low barriers to entry in the market.

Intensity Of Rivalry

The intensity of rivalry for Gaztransport & Technigaz SA is high due to the presence of multiple competitors in the market.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 2.42%
Debt Cost 6.24%
Equity Weight 97.58%
Equity Cost 6.24%
WACC 6.24%
Leverage 2.48%

11. Quality Control: Gaztransport & Technigaz SA passed 7 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Gaztransport Technigaz

A-Score: 7.0/10

Value: 2.4

Growth: 8.1

Quality: 9.4

Yield: 6.9

Momentum: 8.0

Volatility: 7.0

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Quality: 4.8

Yield: 5.6

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Growth: 5.1

Quality: 6.1

Yield: 3.8

Momentum: 10.0

Volatility: 4.7

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SBM Offshore

A-Score: 5.8/10

Value: 7.6

Growth: 5.3

Quality: 3.9

Yield: 3.1

Momentum: 8.0

Volatility: 7.0

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Saipem

A-Score: 5.2/10

Value: 8.2

Growth: 3.2

Quality: 4.2

Yield: 5.0

Momentum: 7.0

Volatility: 3.7

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TechnipFMC

A-Score: 4.9/10

Value: 4.8

Growth: 5.1

Quality: 7.1

Yield: 0.6

Momentum: 8.5

Volatility: 3.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

169.7$

Current Price

169.7$

Potential

-0.00%

Expected Cash-Flows