Natural Gas Services Group, Inc. (NGS)

Industry: Oil & Gas Equipment & Services Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
O2C.DE	88	Petro Welt Technol	185	-	-	17.51	26.88	-	48.04
LB	89	LandBridge Company	179	66.93	66.93	17.54	17.54	-	48.62
NCSM	90	NCS Multistage Hol	178	10.77	10.77	6.16	6.16	9.37	13.90
TGS.OL	91	TGS ASA	174	66.82	66.82	2.42	1.98	-	12.52
1080.HK	92	Shengli Oil & Gas	172	-	-	-	-	-	-
688377.SS	93	Nanjing Develop Ad	170	66.76	64.07	44.02	42.96	41.28	57.58
603800.SS	94	Jiangsu Hongtian T	169	104.39	104.39	66.63	52.88	20.11	77.49
NGS	95	Natural Gas Servic	167	17.24	9.82	7.00	5.51	11.72	13.91
7228.KL	96	T7 Global Berhad	166	5.67	4.17	12.87	7.63	15.33	11.25
DTI	97	Drilling Tools Int	161	-	-	5.21	5.21	4.18	9.18
5G2.SI	98	Kim Heng Limited	160	20.98	20.98	3.51	3.51	8.59	4.71
300471.SZ	99	Houpu Clean Energy	138	-	-	-	-	60.69	2,053.91
RUIS.JK	100	PT Radiant Utama I	122	10.19	12.31	4.65	4.82	7.42	6.56
ESN.TO	101	Essential Energy S	115	46.88	48.68	3.03	3.06	-	32.54
REGENTRP.BO	102	Regent Enterprises	111	7.01	7.01	5.27	3.76	1.43	1.82
GEOS	103	Geospace Technolog	111	-	-	-	-	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	20.98	20.98	5.24	5.02	8.59	12.52
Full Range Median Multiple	33.93	34.83	5.72	5.69	9.37	13.90
Industry Multiple	40.64	40.61	15.73	14.70	18.71	182.93
Market Implied Multiple	22.47	12.80	8.36	6.58	13.99	16.61
Company (NGS) Multiple	17.24	9.82	7.00	5.51	11.72	13.91
(*) Net Income / EBITDA / Revenue	19	33	72	92	43	36
Winsorized Enterprise Value	N/A	N/A	377	459	370	454
Full Range Median Enterprise Value	N/A	N/A	412	520	403	503
(-) Net Debt	182	182	182	182	182	182
Winsorized Equity Value	392	688	196	277	188	272
Full Range Median Equity Value	634	1,142	230	339	221	322
(/) Shares Outstanding	12	12	12	12	12	12
Winsorized Fair Value	$31.42	$55.14	$15.67	$22.20	$15.04	$21.78
Full Range Median Fair Value	$50.81	$91.52	$18.41	$27.12	$17.72	$25.77
Current Price	$33.64	$33.64	$33.64	$33.64	$33.64	$33.64
Upside / Downside	-6.60%	63.91%	-53.41%	-34.01%	-55.29%	-35.25%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$21.99	$38.60	$10.97	$15.54	$10.53	$15.25
Buy / Don't Buy	Don’t Buy	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy