Transportadora de Gas del Sur SA TGS

EnergyOil & GasArgentina

Last close 22.88 USD on Nov 3, 2026, −23.4% year to date

Quant rating

Quant rating B Rank 27 of 113 in Energy

Growth A 14 of 113
Valuation A 4 of 113
Quality A 7 of 113
Revisions C 61 of 113
Momentum D 96 of 113

Wall Street consensus Buy (1.88)Average target 42.12 USD +84.1%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.8B
Enterprise value: 1.5B
52-week range: 22.31 – 36.28
3-year range: 9.95 – 36.28
Dividend yield: 4.14%
Beta (5 years): 0.53
Shares outstanding: 348M
Next earnings: Feb 25, 2027

About the company

Transportadora de Gas del Sur S.A. is an Argentina-based company, which is principally engaged in the provision of public natural gas transportation services and the production and commercialization of natural gas liquids. The Company operates gas pipeline system in Latin America. The trunk gas pipeline system of the Company connects the main gas fields in the south and west of Argentina with gas distributors and industrial gas distributors and industrial customers in those areas and in greater Buenos Aires. In addition, it provides midstream services, which mainly consist of the treatment, separation of impurities and compression of natural gas, gathering and transportation of natural gas in reservoirs, as well as gas pipeline construction, operation and maintenance services.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	1,186	1,184	560	931	1,688	–
Revenue growth	0.1%	111.4%	−39.8%	−44.9%	68.3%	3.4%
EPS (basic, normalized)	2.25	2.69	0.53	1.64	1.46	–
EPS growth	−16.3%	409.1%	−67.8%	12.1%	–	–
Gross margin	54.2%	52.8%	37.1%	41.6%	46.4%	46.4%
Net margin	24.5%	30.3%	5.2%	19.6%	23.5%	20.6%
ROE	15.7%	24.0%	4.2%	12.9%	24.4%	16.2%

Balance sheet, last quarter
Cash & short-term investments (mil)	1,487
Current ratio	3.67x
Long-term debt (mil)	1,035
Net debt (mil)	−358
Total equity (mil)	2,674
Net debt / equity	−0.13x
Net debt / EBITDA	−0.49x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	1,186	+0.1%	1.2x	729	+24.0%	2.0x	2.25	−16.3%	10.2x
2026	1,371	+15.6%	1.1x	764	+4.8%	1.9x	2.52	+12.1%	9.1x
2027	1,468	+7.0%	1.0x	836	+9.4%	1.7x	2.81	+11.4%	8.1x
2028	1,586	+8.1%	0.9x	912	+9.1%	1.6x	3.00	+6.5%	7.6x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,371	+2.4%	+2.9%	+3.5%	2.52	−9.1%	−11.5%	−10.4%
2027	1,468	+1.7%	+0.6%	+1.6%	2.81	+3.2%	−1.5%	−0.1%
2028	1,586	+8.6%	+8.1%	+2.3%	3.00	0.0%	−4.2%	+7.2%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	FQ-4	Sep 2025	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	229	299	273	349	306	–	321	394	342	380
Sales mean (mil)	197	–	257	307	306	289	293	326	341	366
Surprise	+16.2%	–	+6.0%	+13.4%	−0.1%	–	+9.3%	+20.9%	+0.2%	+3.9%
EPS reported	0.45	0.64	0.37	0.86	0.68	–	0.56	0.67	0.15	0.12
EPS mean	0.45	0.64	0.37	0.83	0.49	0.22	0.29	0.56	0.81	0.63
Surprise	−0.9%	+0.5%	−0.3%	+3.9%	+38.0%	–	+93.8%	+20.6%	−81.5%	−80.1%

Peer comparison Oil & Gas

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
TGS Transportadora de Gas del Sur SA	1.8B	−0.49x	24.5%	1.40x	9.1x	8.1x	1.9x	1.7x
YPFDm YPF SA	19.1B	1.94x	−4.7%	15.93x	4.6x	6.8x	3.2x	3.2x
EC Ecopetrol SA	34.3B	3.01x	7.5%	1.29x	7.9x	9.2x	4.1x	4.7x
RRC Range Resources Corporation	12.6B	–	21.9%	2.59x	13.0x	13.4x	7.8x	7.6x
VIST Vista Energy, S.A.B. de C.V.	7.5B	1.62x	29.1%	2.75x	7.0x	6.5x	3.7x	3.5x
HBR Harbour Energy PLC	5.8B	–	−2.6%	0.92x	5.1x	4.8x	1.3x	1.5x
Mean		1.52x	12.6%	4.15x	7.8x	8.1x	3.7x	3.7x
Median		1.78x	14.7%	1.99x	7.5x	7.5x	3.4x	3.3x

Technical analysis

1M−4.8%
3M−23.4%
1Y−21.9%
3Y+134.2%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Transportadora de Gas del Sur SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	1,186	1,184	560	931	1,688	1,003
Cost of revenue	543	559	352	543	904	495
Gross profit	643	626	208	387	784	508
Selling, general & administrative expenses	115	118	59.0	83.5	127	77.4
Research & development	–	–	–	–	–	–
Depreciation/amortization	3.4	3.9	3.9	6.8	12.5	6.1
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	42.3	−38.9	0.9	2.0	6.0	58.7
Other operating expenses	−2.1	−1.0	0.1	−1.6	−8.4	−4.6
Operating income	485	544	144	297	647	371
Net interest income (expense)	6.9	86.0	−16.7	−28.5	−169	−350
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	−47.8	−64.8	−73.3	11.1	161	117
Net income before taxes	444	565	54.0	279	639	138
Provision for taxes	154	206	24.9	96.5	242	79.1
Minority interest	0	0	0	0	0	0
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	290	359	29.1	183	397	59.0
Extraordinary items	–	–	–	–	–	–
Net income	290	359	29.1	183	397	59.0
EBIT, normalized	527	505	145	299	653	429
EBITDA, normalized	666	633	220	410	835	540
Basic EPS, normalized	2.25	2.69	0.53	1.64	1.46	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Transportadora de Gas del Sur SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	799	322	138	16.9	84.1	83.9
Receivables	152	166	81.3	132	250	126
Total inventory	135	33.1	9.5	10.4	22.2	10.3
Prepaid expenses	8.7	6.3	27.7	55.8	65.3	25.2
Other current assets	447	451	269	222	252	38.1
Total current assets	1,542	979	526	437	673	284
Property, plant & equipment	2,186	2,315	1,228	1,666	2,849	1,775
Goodwill	–	–	–	–	–	–
Intangibles	–	–	–	–	–	–
Long-term investments	3.7	1.2	133	228	426	249
Note receivable	0.3	0.4	0	0.1	0.2	0.2
Other long-term assets	0	0	0	0.2	0.5	0.4
Total assets	3,731	3,296	1,887	2,332	3,949	2,309
Liabilities
Accounts payable	69.2	74.5	51.6	59.6	115	50.3
Payable/accrued	–	–	–	–	–	–
Accrued expenses	49.4	29.3	16.1	25.5	50.1	35.1
Short-term debt	0	0	0	0	0	0
Current portion of long-term debt	146	76.1	69.6	16.9	11.9	8.6
Other current liabilities	43.3	178	10.5	18.0	207	51.6
Total current liabilities	308	358	148	120	384	146
Long-term debt	1,007	487	508	513	975	771
Minority interest	0	0	0	0	0	0
Other liabilities	261	282	173	187	302	207
Total liabilities	1,576	1,127	829	820	1,662	1,123
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	670	717	420	616	1,061	665
Additional paid-in capital	−49.5	−20.9	−12.2	−17.9	−30.9	−19.3
Retained earnings (accumulated deficit)	1,536	1,504	670	941	1,306	570
Treasury stock	0	−32.2	−18.8	−27.6	−47.6	−29.8
Other equity	0	0	0	0	0	0
Total equity	2,156	2,168	1,058	1,512	2,288	1,185
Total liabilities & shareholders' equity	3,731	3,296	1,887	2,332	3,949	2,309

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Transportadora de Gas del Sur SA, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	290	359	29.1	183	397	59.0
Depreciation, depletion & amortization	139	126	75.0	111	182	111
Deferred taxes	–	–	–	–	–	–
Non-cash items	223	135	171	132	290	406
Changes in working capital	−301	−172	−55.1	−252	−332	−114
Cash from operations	351	448	220	173	537	462
Investing activities
Capital expenditures	−221	−281	−167	−143	−183	−139
Other investing cash flows	−92.4	−92.3	−88.2	−84.4	−391	−401
Cash from investing	−313	−374	−255	−228	−575	−540
Financing activities
Financing cash flow items	–	–	–	–	–	–
Cash dividends paid	−159	–	–	–	–	0
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	611	−30.4	30.5	20.5	−18.2	−91.1
Cash from financing	451	−30.4	30.5	20.5	−18.2	−91.1
Foreign exchange effects	11.2	0.2	1.8	1.7	6.1	13.7
Net change in cash	500	44.3	−3.4	−31.9	−49.2	−155
Free cash flow	130	167	52.6	30.3	354	323

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 3, 2026 after market close.