olivLaw · US equity research
Gas Transporter of the South Inc TGS
Natural Gas Transmission · SIC 4922 · Vertical: Natural Gas Transmission (SIC 4922)
Gas Transporter of the South Inc (TGS) is an Argentine company that transports natural gas and produces and sells gas liquids, with all operations located in Argentina. Its transport tariffs are regulated by ENARGAS, and high inflation in recent years makes revenue trends depend on tariff updates. The Midstream segment, linked to development in Vaca Muerta, appears as an increasingly important revenue source.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Gas Transporter of the South Inc (TGS) stock was 23.25 USD (−2.35% on the day), with beta 1.00, 52-week range 22.88–35.32 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.7
- weak (30–45)
- Bollinger (20, 2)
- 23.21 – 27.65
- in the lower half of the band · %B 0.01 · band width 17.5%
- SMA 50 / 200
- 26.98 / 29.71
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.90 / -0.68
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −12.5% | −1.1% | −11.4 pp | — |
| 3 months | −21.3% | −0.5% | −20.9 pp | — |
| 6 months | −26.3% | +4.4% | −30.7 pp | — |
| Year to date | −25.2% | +12.3% | −37.5 pp | — |
| 1 year | −21.7% | +13.5% | −35.2 pp | +14.4% |
| 3 years | +120.6% | +76.4% | +44.2 pp | +58.0% |
| 5 years | +346.3% | +63.7% | +282.6 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
the price (USD) and the reports are in different currencies
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 30.7 bn | 71.3 bn | 99.8 bn | 164.3 bn | 539.7 bn | 1,115.7 bn | 986.1 bn | 1,219.8 bn |
| Revenue YoY | +109.6% | +132.4% | +39.9% | +64.6% | +228.6% | +106.7% | −11.6% | +23.7% |
| Net income | 8.8 m | 23.9 m | 26.3 bn | 9.7 bn | 127.0 bn | 219.2 bn | 51.2 bn | 370.2 bn |
| Net income YoY | +699.7% | +170.2% | +109,961.8% | −63.3% | +1,214.1% | +72.6% | −76.6% | +622.8% |
| Diluted EPS | unavailable | unavailable | 33.38 | 12.68 | 168.67 | 291.14 | 68.03 | 491.74 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −62.0% | +1,230.2% | +72.6% | −76.6% | +622.8% |
| net % | 0.0% | 0.0% | 26.4% | 5.9% | 23.5% | 19.6% | 5.2% | 30.3% |
| Free cash flow | 5.6 bn | 9.8 bn | -5.0 bn | 61.0 bn | 125.3 bn | 68.5 bn | 118.7 bn | 194.4 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 60.0 bn ARS
- Financial debt
- 580.1 bn ARS
- Net debt
- 520.1 bn ARS
- Equity
- 2,233.5 bn ARS
- Total assets
- 3,394.6 bn ARS
- Debt / equity
- 0.26x
- Current ratio
- unavailable
- ROE
- 18.1%
- ROA
- 11.0%
- FCF margin
- 15.9%
Financial statements (source on every figure)
Revenue and net income (ARS)
Margins
Income statement · ARS
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 99.8 bn | 164.3 bn | 539.7 bn | 1,115.7 bn | 986.1 bn | 1,219.8 bn | SEC (XBRL)· 24 Apr 2025verified |
| Cost of revenue | 50.1 bn | 81.0 bn | 289.1 bn | 651.3 bn | 620.1 bn | 575.2 bn | SEC (XBRL)· 24 Apr 2025verified |
| Gross profit | 49.7 bn | 83.2 bn | 250.6 bn | 464.4 bn | 366.0 bn | 644.5 bn | SEC (XBRL)· 24 Apr 2025verified |
| Operating income | 40.6 bn | 60.7 bn | 206.7 bn | 355.7 bn | 253.6 bn | 560.3 bn | SEC (XBRL)· 24 Apr 2025verified |
| Interest expense | 36.4 bn | 53.5 bn | 102.6 bn | 399.5 bn | 1,096.9 bn | 207.5 bn | SEC (XBRL)· 24 Apr 2025verified |
| Pre-tax income | 34.6 bn | 22.6 bn | 204.2 bn | 334.9 bn | 95.0 bn | 582.1 bn | SEC (XBRL)· 24 Apr 2025verified |
| Income tax | 8.3 bn | 13.0 bn | 77.3 bn | 115.7 bn | 43.8 bn | 211.9 bn | SEC (XBRL)· 24 Apr 2025verified |
| Net income | 26.3 bn | 9.7 bn | 127.0 bn | 219.2 bn | 51.2 bn | 370.2 bn | SEC (XBRL)· 24 Apr 2025verified |
| Diluted EPS | 33.38 | 12.68 | 168.67 | 291.14 | 68.03 | 491.74 | SEC (XBRL)· 24 Apr 2025verified |
Balance sheet · ARS
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 39.1 bn | 42.6 bn | 58.5 bn | 20.3 bn | 14.4 bn | 60.0 bn | SEC (XBRL)· 24 Apr 2025verified |
| Inventories | 1.2 bn | 5.2 bn | 15.4 bn | 12.4 bn | 16.7 bn | 3.7 bn | SEC (XBRL)· 24 Apr 2025verified |
| Property, plant & equipment, net | 101.5 bn | 149.2 bn | 292.5 bn | 917.0 bn | 2,162.2 bn | 2,384.9 bn | SEC (XBRL)· 24 Apr 2025verified |
| Total assets | 130.2 bn | 378.1 bn | 1,262.8 bn | 2,794.5 bn | 3,322.6 bn | 3,394.6 bn | SEC (XBRL)· 24 Apr 2025verified |
| Short-term debt | 2.3 bn | 1.4 bn | 2.3 bn | 12.2 bn | 131.9 bn | 78.4 bn | SEC (XBRL)· 24 Apr 2025verified |
| Long-term debt | 43.4 bn | 64.8 bn | 100.1 bn | 282.4 bn | 895.2 bn | 501.7 bn | SEC (XBRL)· 24 Apr 2025verified |
| Current liabilities | 10.8 bn | 12.2 bn | 39.5 bn | 66.0 bn | 260.3 bn | 369.0 bn | SEC (XBRL)· 24 Apr 2025verified |
| Total liabilities | 64.7 bn | 184.0 bn | 531.3 bn | 982.4 bn | 1,459.3 bn | 1,161.1 bn | SEC (XBRL)· 24 Apr 2025verified |
| Equity | 192.5 bn | 604.5 bn | 1,593.0 bn | 1,812.1 bn | 1,863.3 bn | 2,233.5 bn | SEC (XBRL)· 24 Apr 2025verified |
| Shares outstanding at year end | 784.6 m | 752.8 m | 752.8 m | 752.8 m | 752.8 m | 752.8 m | SEC (XBRL)· 24 Apr 2025verified |
- 2022
- 917.0 bn
- 2023
- 2,162.2 bn
- 2024
- 2,384.9 bn
SEC (XBRL)· 24 Apr 2025verified
Cash flow · ARS
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 27.7 bn | 83.8 bn | 183.8 bn | 240.2 bn | 412.8 bn | 484.2 bn | SEC (XBRL)· 24 Apr 2025verified |
| Capex | 32.7 bn | 22.8 bn | 58.5 bn | 171.6 bn | 294.2 bn | 289.8 bn | SEC (XBRL)· 24 Apr 2025verified |
| Free cash flow | -5.0 bn ≈ | 61.0 bn ≈ | 125.3 bn ≈ | 68.5 bn ≈ | 118.7 bn ≈ | 194.4 bn ≈ | SEC (XBRL)· 24 Apr 2025derived |
| Investing cash flow | -34.2 bn | -88.5 bn | -183.7 bn | -272.7 bn | -449.5 bn | -384.9 bn | SEC (XBRL)· 24 Apr 2025verified |
| Financing cash flow | -23.3 bn | -14.9 bn | -5.8 bn | 24.6 bn | 53.7 bn | -31.3 bn | SEC (XBRL)· 24 Apr 2025verified |
| Share repurchases | 5.3 bn | 8.0 bn | 0 | 0 | — | — | SEC (XBRL)· 25 Apr 2023verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 45.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Price and reporting are in different currencies; market indicators are unavailable.
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
46% · Insufficient data
Estimated value range
unavailable — no valuation assumptions for the reporting currency
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 6.5%
- Equity risk premium
- 6.0%
- Beta (default)
- 1.00
- Cost of equity
- 12.5%
- Terminal growth
- 3.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 45.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 12.7% | 56 (vs peers) | 23% |
| Net margin · Quality | 30.3% | 88 (vs peers) | 14% |
| FCF conversion · Quality | 52.5% | 32 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 31.2% | 100 (on a fixed band) | 18% |
| EPS CAGR 3Y · Growth | 42.9% | 100 (on a fixed band) | 18% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.7x | 18 (on a fixed band) | 14% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial18/100 · 1/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality58/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
GAS TRANSPORTER OF THE SOUTH INC. (TGS). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1,219.8 bn ARS in 2024; YoY growth 23.7%; net margin 30.3%; ROE 18.1%.
The estimated value range is 6,798.49–11,757.24 ARS per share (median of 1 methods, agreement: single method); assumptions are illustrative. The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 45.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net margin: 30.3%
- Revenue CAGR 3Y: 31.2%
- EPS CAGR 3Y: 42.9%
What contradicts it
- Interest coverage: 2.7x
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, Current ratio, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Natural Gas Transmission (SIC 4922) · same industry (4-digit SIC) · compared with 17 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| WMBWilliams Companies, Inc. | 83.0 bn | 27.1 | 24.0% | 25.2% | +13.8% | +11% / +84% |
| EPDEnterprise Products Partners L.P. | 79.2 bn | 12.0 | — | 10.2% | −6.4% | +12% / +37% |
| KMIKinder Morgan, Inc. | 70.2 bn | 19.5 | 11.6% | 19.6% | +12.2% | +15% / +79% |
| ETEnergy Transfer LP | 67.0 bn | 12.7 | — | 4.9% | +3.5% | +16% / +40% |
| TRGPTarga Resources Corp. | 61.1 bn | 27.2 | 72.6% | 13.5% | +3.9% | +63% / +215% |
| WESWestern Midstream Partners, LP | 17.6 bn | 13.6 | — | 28.2% | +6.6% | +8% / +43% |
| DTMDT Midstream, Inc. | 12.0 bn | 25.5 | 9.9% | 35.4% | +26.7% | −3% / +105% |
| AMAntero Midstream Corporation | 9.4 bn | 14.0 | 31.6% | 53.4% | +7.4% | +10% / +49% |
| AROCArchrock, Inc. | 5.0 bn | 14.8 | 22.6% | 22.9% | +28.7% | +17% / +97% |
| KGSKodiak Gas Services, Inc. | 4.2 bn | 48.6 | 4.6% | 5.8% | +12.8% | +17% / +134% |
| USACUSA Compression Partners, LP | 3.5 bn | 22.3 | — | 12.4% | +5.0% | −3% / +3% |
| KNTKKinetik Holdings Inc. | 3.4 bn | 18.1 | — | 10.4% | +19.0% | +48% / +41% |
| NGLNGL Energy Partners LP | 1.9 bn | — | — | -3.8% | −9.0% | +58% / +258% |
| SMCSummit Midstream Corporation | 308.0 m | 9,397.5 | 0.1% | 0.0% | +30.8% | +15% / +40% |
| TGSGas Transporter Of The South Inc. | — | — | 18.1% | 30.3% | +23.7% | −22% / +121% |
| TRPTc Energy Corporation | — | — | 12.8% | 23.1% | +10.7% | +14% / +67% |
| NGGNational Grid PLC | — | — | 8.6% | 15.8% | −7.4% | +12% / +29% |
| TCPATranscanada Pipelines Ltd | — | — | 14.0% | 23.1% | +7.2% | −13% / unavailable |
1- and 3-year price returns: for TGS from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (07 Oct 2026), 6-K (13 Aug 2026), 6-K (04 Aug 2026), 6-K (24 Jul 2026).
In brief
Gas Transporter of the South Inc (TGS) is an Argentine company that transports natural gas and produces and sells gas liquids, with all operations located in Argentina. Its transport tariffs are regulated by ENARGAS, and high inflation in recent years makes revenue trends depend on tariff updates. The Midstream segment, linked to development in Vaca Muerta, appears as an increasingly important revenue source.
SWOT
Strengths
- Diversification of revenues across regulated transport, liquids and Midstream services reduces dependence on a single segment 1.
- The transport infrastructure and Vaca Muerta activities are tied to growing unconventional production 1.
- The monthly tariff update mechanism provides a more predictable framework for adjusting transport revenues 1.
Weaknesses
- Regulated tariffs were adjusted in the past below inflation and costs, which reduced the real value of transport revenues 1.
- The company operates exclusively in Argentina, exposing it to the country's macroeconomic and currency risks 1.
- Prices for services and products are subject to significant government intervention 1.
Opportunities
Risks
- Tariff regulationhigh
Transport revenues depend on tariffs set by ENARGAS, which may be adjusted more slowly than costs 1.
- Inflation in Argentinahigh
High inflation raises operating costs, and the company cannot guarantee these increases will be offset through prices 1.
- Exchange ratemedium
Accounts are kept in Argentine pesos, and devaluation against the dollar could affect results in the liquids segment 1.
- Liquids pricesmedium
Liquids revenues depend on international prices and government programs for the domestic market 1.
- Application of IAS 29low
Accounting in a hyperinflationary economy can make comparisons between periods harder to interpret 1.
Investment thesis
What would need to be true (bull case)
- If monthly tariff updates keep pace with inflation, transport revenues could become more stable.
- Production growth in Vaca Muerta could expand demand for Midstream services.
- Diversification across three segments could limit the impact of any single factor on results.
What would break the thesis
- Regulated tariffs could remain below costs, which would limit real margins.
- Persistent inflation and currency instability could weigh on costs and financial results.
- Dependence on government decisions could make long-term revenues hard to forecast.
What to watch
- Trend of monthly tariff updates and inflation2026
- Midstream results and investment levels in Vaca Muertanext 10-K
- International prices of LPG and natural gasoline2026
- Regulatory changes affecting liquids and tariffsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 22 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (07 Oct 2026), 6-K (13 Aug 2026), 6-K (04 Aug 2026), 6-K (24 Jul 2026).
The business
The company operates in three main areas: natural gas transportation under a regulated tariff framework, production and sale of liquids such as propane, butane, ethane and natural gasoline, and Midstream services in the Neuquén basin. Revenues from natural gas transportation were 41% of the total in fiscal 2025, and those from liquids production and commercialization were 38% 1. All operations and assets are located in Argentina 1.
Transportation tariffs are established and periodically adjusted by ENARGAS, so revenues from this segment are predominantly regulated and not freely negotiated 1. In 2025, ENARGAS introduced monthly periodic updates that replaced the previous semi-annual scheme 1.
Liquids prices are influenced by international reference prices, export conditions and the domestic regulatory framework, including government programs for propane and butane sold in the local market 1.
Segments
Natural gas transportation
The segment sells transportation capacity at tariffs regulated by ENARGAS. In 2025 tariffs increased by 24.0% compared with the prior year, after a transitory adjustment of 675% in 2024 1.
Liquids production and commercialization
The segment sells propane, butane, ethane and natural gasoline in local and international markets. Revenues depend on international prices, contractual arrangements and the domestic regulatory framework 1.
Midstream
Services include gas transport and conditioning in Vaca Muerta, treatment and compression, pipeline inspection and maintenance, and steam generation. The segment is tied to unconventional production growth in the Neuquén basin and represents a growing source of revenue 1.
Market context
Prices of the company's services and products are subject to significant government intervention, so revenues depend on regulatory decisions 1.
Trends
- Monthly tariff updatesmixed
Resolution 241/2025 introduced monthly transport tariff adjustments, and ENARGAS approved several updates in the second half of 2025 and early 2026. If these adjustments keep pace with inflation, real revenues could stabilize 1.
- Vaca Muerta developmenttailwind
Growing unconventional hydrocarbon production in the Neuquén basin requires additional infrastructure, which could increase Midstream revenues 1.
- Inflation and costsheadwind
Inflation raises selling and administrative costs, and the company cannot assure that these increases will be fully offset by price increases 1.
- International liquids pricesmixed
Liquids revenues depend on international prices of LPG and natural gasoline, which can vary; the net effect depends on export conditions 1.
Competitive position
The provided sources do not name specific competitors. The company operates in a regulated framework in which tariffs are set by ENARGAS, so direct price competition for gas transport is limited by that regulation 1.
In the liquids segment, sales depend on contractual arrangements and export markets, where the company competes indirectly with other LPG and natural gasoline exporters, although the sources do not list them 1.
- No competitors named in the source
The source does not name competing companies; the analysis rests on the regulated framework and export markets.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)07 Oct 2026
- Current report (foreign issuer)13 Aug 2026
- Current report (foreign issuer)04 Aug 2026
- Current report (foreign issuer)24 Jul 2026
- Current report (foreign issuer)12 Jun 2026
- Current report (foreign issuer)11 Jun 2026
- Current report (foreign issuer)26 May 2026
- Current report (foreign issuer)13 May 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Gas Transporter of the South Inc · 22 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.