3 models fit Gaztransport & Technigaz SA and they disagree: 1 of 3 land within 15% of the average.
Two or more of our models back this value.
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Valued as a cyclical company: P/E comparison, EV/EBITDA comparison, Discounted cash flow, and Graham number.
ACCE opinionGaztransport & Technigaz SA (GTT.PA)
Fair value (3 models)
€159
ACCE price target
€202
Rating
Overvalued
Horizon
12 months
Fair value published on 22 Oct 2026, 12:04 CEST.
ACCE price target published on 22 Oct 2026, 16:00 CEST.
Rating published on 22 Oct 2026, 12:04 CEST.
Price used: €205 at the close on 23 Oct 2026, 17:30 CEST.
Models: Discounted cash flow, P/E comparison, and EV/EBITDA comparison.
Fair value: the average of the applicable valuation models (discounted cash flow, multiples, residual income, dividend discount, shareholder yield), each run on the latest financial statements and the market price shown. Opinion columns (fair value, target, rating) are shown apart from the data. Full methodology: acceinvestments.com/data/how-we-value-stocks
Conflicts of interest: The author holds no personal position in this security. General statement
Produced by ACCE Investments (acceinvestments.com)
Data
Price vs fair value
28.7% above
-22.3% to fair value
ACCE score
63
out of 100
P/E
17.2x
forward 16.9x
1-year return
+22.9%
Dividend yield
4.20%
Gaztransport & Technigaz SA in four questions
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Overview
ACCE thesis
Gaztransport & Technigaz designs and licenses the membrane containment systems that line the cargo tanks of liquefied natural gas carriers and onshore LNG storage, with its Mark III and NO96 technologies used across much of the global LNG fleet. Its moat is licensing economics: GTT earns royalties on each vessel built with its designs, and gross margin of 96.8% and operating margin of 64.1% reflect a business with almost no marginal cost per contract. The near-term driver is the expected wave of LNG carrier and floating facility newbuilds, though revenue growth of -0.4% shows that the order cycle has not yet translated into top-line expansion. At a trailing P/E of 16.7 and forward P/E of 16.4, with ROE near 80%, the market is pricing in a steady royalty stream rather than a growth story, so the question for us is whether the newbuild pipeline reaccelerates revenue enough to justify a deeper look.
⚠ Investor warnings · 1 flagAI-assisted·How I use AI
moderate
Revenue shrinking year on year
Revenue fell 0.4% YoY even as earnings rose 16.6%, so the profit growth is coming from margins or costs rather than sales volume. Worth tracking whether top-line weakness persists.
AI research notes
AI-assisted·How I use AIWritten Oct 22, 2026 · figures from 2026-06-30 · prices to Oct 23, 2026
Why it could do well
The company earns a net margin of 55.4%, meaning it keeps more than half of every euro of revenue as profit.
Free cash flow over the last twelve months reached EUR 393M, and debt is low at 0.21 times equity.
Analysts' mean price target of EUR 234.25 sits 16.3% above the current share price, and the stock pays a 4.6% dividend yield.
Why it could disappoint
Revenue fell 0.4% year over year, even though the five-year average growth rate was 15.2% per year.
The stock trades at 20.9 times forward earnings, a higher multiple than the 17.1 times trailing figure, implying expected earnings may not grow.
The latest earnings per share came in exactly at expectations, with a 0.0% surprise, so there was no upside beat to support the shares.
Each chip shows the exact figure and where it comes from. A claim without a source is not published.
Next results
Feb 18, 2027
We update the fair value about 2 days after the results, once the new figures are filed.Add to calendarGoogle
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Valuation
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Where GTT.PA's valuation models land
Price
€205.00
Model fair value
€159
Model range
€94.29 to €221
Fair value €159
Price €205
The price sits inside the model range.
Model
Fair value
Upside
Discounted cash flow
EV/EBITDA comparison
Graham number
P/E comparison
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