Transportadora de Gas del Sur S.A.
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Assessment
Our Rating
A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.
The business works in principle, but one material question is open. As long as it stays open, our findings do not carry a quality verdict.
Why this colour
Holding the stock is a bet that ENARGAS delivers its monthly tariff adjustments faster than inflation eats them, and that the multi-billion Vaca Muerta projects get funded without tipping the balance sheet. Buying in adds a valuation problem: market value in dollars, profit in pesos, and in between a currency that lost roughly 41 percent in 2025 — our data set carries a P/E of 15.74, translation at the closing rate gives about 18, and both are calculated cleanly. Three things belong in every report you read: are transported volumes still growing (last 74.2 million cubic meters per day)? How is the $3.0 billion project with YPF and Chevron being financed? And does a second distribution follow the first $1.15 per ADR, or does the profit stay in the reserve? Until those answers exist, watching wins. The decision is yours.
What the thesis turns on
Assessment: Opportunities & Risks
Transportadora de Gas del Sur is money illusion in its purest form: a real, growing business — more gas than ever, a license extended to 2047, a balance sheet with almost no net debt, a first dividend in years — expressed in numbers that multiply from report to report without anything having moved. Revenue for 2023 sits in the books three times: Ps. 452.8 billion, Ps. 986.1 billion and Ps. 1,297.1 billion. Add debt that is 100 percent dollar-denominated against a peso balance sheet, a tariff set by a regulator, and a $3.55 billion growth program against $2.15 billion of equity. Whoever invests here buys a solid network and an open bill. Not investment advice.
Operating business
Volumes are growing where it counts: average daily deliveries in gas transportation rose from 66.8 million cubic meters (2023) to 74.2 (2025), and the firm-contracted share from 49.8 to 55.1, at 83 percent utilization. Liquids still delivered 1,076,729 tons in 2025 despite a seven-week shutdown — practically the prior-year level.
Meaning of the numbers
Hyperinflation accounting under IAS 29 makes peso series unusable across filings: consolidated revenue for 2023 appears as Ps. 452.8 billion, Ps. 986.1 billion and Ps. 1,297.1 billion in three consecutive annual reports. The purchasing power lost on the company's own cash is a real expense — Ps. 36.0 billion in the first quarter of 2026 alone, after Ps. 25.3 billion a year earlier.
Regulation & tariff
The price of the core business is a political decision. In the five-year tariff review (Resolution 256/2025) ENARGAS set an allowed return of 7.18 percent real after tax against the 9.98 percent requested. How little of that arrives shows in the first quarter of 2026: segment revenue fell Ps. 7.1 billion despite tariff increases, because inflation restatement cost Ps. 48.5 billion.
Balance sheet & funding
As of December 31, 2025 the company holds Ps. 3,127.9 billion of equity (ratio 57.8 percent) plus cash and financial investments of Ps. 1,808.2 billion against financial debt of Ps. 1,705.6 billion — no net debt, with maturities not before 2031 and 2035. On June 11, 2026 S&P raised the rating from "B−" to "B". The catch: all debt is dollar-denominated while the books are in pesos.
Growth outside regulation
Vaca Muerta supplies the demand: the tender in early 2026 drew requests for more than 32 million cubic meters per day, almost three times the capacity offered. Against that stand roughly $3.55 billion of announced projects — $550 million for the Perito Moreno expansion and $3.0 billion for the liquids project with YPF, Pluspetrol and Chevron — versus equity of roughly $2.15 billion. Funding is still open.
Ownership & tradability
53.83 percent sits with CIESA, 25.33 percent with the state fund FGS, and only 20.84 percent with the broad public. The state stake is more than twice the size of all 18,052,759 ADRs outstanding; TGS itself names sales "such as the ANSES" as a price risk. The same state regulates the tariff. Helikon held roughly 13 percent of all ADRs as of March 31, 2026 — in a market that thin, a single seller moves the price.
Worth Noting
Transportadora de Gas del Sur reached our research list through the Form 13F-HR of London-based Helikon Investments Ltd for the quarter ended March 31, 2026 (filed May 8, 2026): 2,347,333 ADRs worth $81,241,195. The position was built in the third quarter of 2025, added to in the fourth and cut by 28.5 percent in the first quarter of 2026; in that same quarter the fund sold out entirely of Pampa Energía ($50.0 million) — the co-owner of TGS controlling shareholder CIESA. A 13F shows only U.S.-listed long positions, arrives with a 35- to 45-day delay and contains no short sales or derivatives — a rear-view mirror, not a road map.
Transportadora de Gas del Sur is a foreign private issuer: there is no 10-K and no 10-Q. The evidence chain for this analysis is the annual reports on Form 20-F for 2025 (filed 04.22.2026) and 2024 (04.24.2025) plus the interim reports and mandatory disclosures on Form 6-K (earnings release 05.06.2026, interim financial statements 05.26.2026, RIGI approval 05.13.2026, NGL project 06.11.2026, credit rating 06.12.2026).
Our in-house stock scanner carries eight quarters for TGS in the reporting currency peso: Piotroski F-Score 7 of 9, equity ratio 0.578, P/E 15.74 (data as of July 23, 2026). The Altman Z-Score, NCAV and the cash line are deliberately not carried, because those metrics would mix peso balance sheet items with dollar market values. Every peso amount in this analysis is stated in constant purchasing power under IAS 29 and is not comparable across annual reports; analyses are evergreen, daily prices are not a buy argument.
Stock Watch
This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at TGS since then.
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Price history
Chart
Interactive price chart (TradingView).
52-week range: 20.10 $ to 35.30 $ · Last price: 29.10 $ (As of: September 17, 2026)
Key figures
Key figures at a glance
Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.
Basics
Performance
Technical Indicators
Calculated from the price history · as of 09/18/2026
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
This stock currently pays no dividend.
Quality & Screener
Comparison
Industry comparison
The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.
Industry: Oil & Gas Integrated
| Company | Market cap ($B) | P/E | EV/EBITDA | Gross Margin % | EBIT Margin % | Sales Growth (Year) % | Perf. 1Y % |
|---|---|---|---|---|---|---|---|
| Transportadora de Gas del Sur S.A. TGS | 4.4 | 14.5 | 5.5 | 55.0 | 49.7 | 63.0 | 32.1 |
| Exxon Mobil Corp XOM | 670.8 | 27.6 | 9.4 | 29.8 | 6.4 | -4.5 | 45.7 |
| Chevron Corp CVX | 421.4 | 36.6 | 8.0 | 44.3 | 7.3 | -4.6 | 37.4 |
| Petroleo Brasileiro Petrobras SA PBR | 134.9 | 5.4 | 3.4 | 50.6 | 32.0 | -3.6 | 73.8 |
| BP PLC ADR BP | 116.9 | 21.7 | 3.7 | 28.3 | 13.2 | 0.1 | 38.6 |
| Eni SpA E | 80.2 | 12.3 | 4.1 | 21.5 | 10.7 | -7.5 | 63.8 |
| Ecopetrol SA EC | 35.9 | 11.4 | 7.5 | 32.8 | 0.0 | -16.4 | 95.4 |
| YPF Sociedad Anonima YPF | 21.3 | – | 4.0 | 35.6 | 27.6 | 48.3 | 97.2 |
| National Fuel Gas Company NFG | 7.6 | 11.2 | 6.6 | 63.2 | 42.0 | 17.1 | -6.9 |
| Median of companies shown | 80.2 | 13.4 | 5.5 | 35.6 | 13.2 | -3.6 | 45.7 |
Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →
Fiscal years
Annual Figures
Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.
Revenue, operating income and net income per fiscal year ARS m
Revenue Operating income Net income
| Fiscal Year | Revenue (ARS m) | EBIT (ARS m) | Net Income (ARS m) | EPS (ARS) | Operating Cash Flow (ARS m) | Equity (ARS m) | Total Assets (ARS m) |
|---|---|---|---|---|---|---|---|
| 2016 | 7,402 | 2,232 | 931 | 5.64 | 2,138 | 2,526 | 8,931 |
| 2017 | 12,247 | 4,716 | 2,793 | 16.93 | 3,523 | 5,320 | 13,667 |
| 2018 | 33,656 | 14,257 | 11,416 | 72.40 | 12,797 | 30,945 | 61,943 |
| 2019 | 99,374 | 40,603 | 26,314 | 169.52 | 13,499 | 48,083 | 95,601 |
| 2020 | 163,311 | 60,689 | 9,662 | 63.37 | 28,514 | 66,027 | 128,594 |
| 2021 | 526,691 | 206,749 | 126,968 | 843.35 | 32,865 | 234,906 | 405,520 |
| 2022 | 1,079,018 | 355,672 | 219,157 | 1,455.69 | 240,154 | 832,157 | 1,283,287 |
| 2023 | 967,498 | 253,558 | 51,212 | 340.16 | 543,056 | 1,863,347 | 3,322,618 |
| 2024 | 1,219,766 | 560,299 | 370,164 | 2,458.71 | 636,915 | 2,233,510 | 3,394,598 |
| 2025 | 1,987,918 | 860,991 | 490,324 | 3,256.83 | 443 | 3,126,672 | 5,412,149 |
Quarters
Quarterly Figures
Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.
Revenue & Profit
Cash Flow
Balance Sheet
Margins
Per Share
Click the chart or tab into it, then use ← and → to step through the periods.
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· Total · per year
These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.
The figures could not be loaded right now.
Source: fundamental data
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales (ARS m) | Sales YoY (%) | Net Margin (%) | OCF (ARS m) | FCF (ARS m) |
|---|---|---|---|---|---|---|---|
| 2024: Q2 | 0.12 | -47.20 | 363,424 | 75.80 | 32.90 | 142,081 | 65,360 |
| 2024: Q3 | 0.35 | 288.90 | 331,968 | 48.50 | 20.70 | 171,457 | 90,965 |
| 2024: Q4 | 0.81 | 331.40 | 413,753 | 87.70 | 35.70 | 189,336 | 88,765 |
| 2025: Q1 | 0.68 | 51.60 | 320,991 | 8.60 | 33.40 | 142 | 90 |
| 2025: Q2 | 0.20 | 66.70 | 343,013 | -5.60 | 11.70 | 85 | 32 |
| 2025: Q3 | 0.51 | 45.70 | 421,417 | 26.90 | 26.60 | 164,033 | 70,420 |
| 2025: Q4 | 0.68 | -15.50 | 567,122 | 37.10 | 25.90 | 141,222 | 21,305 |
| 2026: Q1 | 0.77 | 14.00 | 484,200 | 50.80 | 33.00 | 195,773 | 52,384 |
What Do These Terms Mean?
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Screening
Appears in These Scanners
This stock currently matches 6 of our scanner strategies — each hit links to the scanner.
Growth
Quality & Balance Sheet
Research
Risk & Weakness
Value & GARP
Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. Scanners marked in red are red-flag signals (risk/short scanners) — appearing there is not a seal of approval. View all scanners
Outlook
Analysts & Price Target
Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.
Distribution of Recommendations
Estimates by Fiscal Year
| Fiscal Year | EPS Estimate (ARS) | EPS Range (ARS) | Revenue Estimate (ARS m) | Expected Growth | Analysts |
|---|---|---|---|---|---|
| 12/31/2026 | 2.70 | 2.39 – 2.92 | 2,063,033 | 36.5% | 6 |
| 12/31/2027 | 2.62 | 2.42 – 3.20 | 2,173,415 | -3.1% | 5 |
Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.
AI classification
AI Rating
Geprüft am 24.07.2026 gegen die verfügbare SEC-Belegkette von Transportadora de Gas del Sur S.A. (Foreign Private Issuer, CIK 0000931427 — es gibt kein 10-K und kein 10-Q): Jahresbericht 20-F für 2025 (eingereicht 22.04.2026), Jahresbericht 20-F für 2024 (24.04.2025) sowie die 6-K vom 06.05.2026 (Quartalsmitteilung 1Q2026), 13.05.2026 (RIGI-Zulassung), 26.05.2026 (Zwischenabschluss zum 31.03.2026), 11.06.2026 (Verträge zum integrierten Flüssiggas-Projekt) und 12.06.2026 (Rating-Anpassung). Befund: Der Konzern verkauft keine KI-Produkte und nennt KI nirgends als Geschäftsrisiko für das eigene Modell — die Risk Factors drehen sich um Argentinien, Tarifregulierung, Währung und Inflation. Belegt ist dagegen der eigene, interne Einsatz: Im 20-F 2025 beschreibt TGS unter „Human Capital“, dass die Messung des Betriebsklimas 2025 auf die Plattform Slik umgestellt wurde, die dem Unternehmen neben Umfragen und Echtzeit-Dashboards ausdrücklich „artificial intelligence insights“ liefert; im selben Bericht führt die am 03.11.2025 vom Vorstand verabschiedete aktualisierte Cybersicherheits-Richtlinie eigene Definitionen und Verfahren für den sicheren Einsatz künstlicher Intelligenz ein. Beides ist operativer Einsatz beziehungsweise dessen Governance, keine Umsatzquelle. In den beiden Zwischenberichten und den Pflichtmitteilungen kommt KI nicht vor. Nach der Vorrang-Regel (verkauft > bedroht > nutzt > neutral) bleibt damit „nutzt“ — mit dem ehrlichen Zusatz, dass es sich um einen schmalen internen Anwendungsfall in Personal- und IT-Prozessen handelt, nicht um KI im Kernprozess des Gastransports.
View the full file — quotes, sources, reviewed filings
„During 2025, we renovated the measurement of organizational climate with the Slik platform, which provides us with customized surveys, real-time dashboards and artificial intelligence insights."
Im Jahr 2025 haben wir die Messung des Betriebsklimas auf die Plattform Slik umgestellt, die uns maßgeschneiderte Umfragen, Echtzeit-Dashboards und Erkenntnisse aus künstlicher Intelligenz liefert.
20-F · 2026-04-22 · View SEC filing
„Outlining of specific definitions and procedures related to the safe use of artificial intelligence."
Festlegung spezifischer Definitionen und Verfahren für den sicheren Einsatz künstlicher Intelligenz.
20-F · 2026-04-22 · View SEC filing
Filings Reviewed: 20-F 2026-04-22 · 20-F 2025-04-24 · 6-K 2026-05-06 · 6-K 2026-05-13 · 6-K 2026-05-26 · 6-K 2026-06-11 · 6-K 2026-06-12
Rated on July 24, 2026 · How the Rating Is Built
Growth
Growth Score
Ten checks against the annual reports — each one passed counts a point.
- Revenue grows by more than 15% a year over three years 22.6%
- More than 10% revenue growth is expected for the coming year -78.3%
- Share count grows by less than 3% a year 0.0%
- Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 63.0%
- Gross margin at 40% or higher and without meaningful erosion 53.6%
- Goodwill from acquisitions does not grow faster than revenue 0.0%
- Net debt below twice EBITDA 135,042 m net cash
- Operating cash flow covers the profits of the last three years 268,715 m
- Return on capital at 15% or higher, or up versus two years ago 17.3%
- Insiders hold at least 10% or are net buyers 0.0%
A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail
Quality check
AAQS
7/10The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).
- Sales growth 10Y > 5% 86.2%
- Exp. sales growth 3Y > 5% 4.6%
- EBIT growth 10Y > 5% 93.8%
- Exp. EBIT growth 3Y > 5% -97.2%
- Net debt < 4x EBIT -0.2x
- EBIT positive, 10Y straight 10
- Max. EBIT decline < 50% 28.7%
- Return on equity > 15% 15.7%
- ROCE > 15% 17.3%
- Expected return > 10% -97.2%
View stocks with the full AAQS score · Read the methodology at AlleAktien
Source: fundamental data
The company
About the Company
Transportadora de Gas del Sur S.A. engages in transportation of natural gas, and production and commercialization of natural gas liquids in Argentina and internationally. The company operates through four segments: Natural Gas Transportation Services; Liquids Production and Commercialization; Midstream; and Telecommunications. The Natural Gas Transportation segment transports natural gas through pipeline system to distribution companies, power plants, and industrial customers. It provides operation and maintenance services for the natural gas transportation facilities. The Liquids Production and Commercialization segment produces and commercializes natural gas liquids, such as ethane, liquid petroleum gas, natural gasoline, propane, and butane. This segment offers certain related services comprising reception, storage, and dispatch of the liquids. The Midstream segment provides natural gas conditioning services; treatment, removal of impurities and natural gas compression, including the collection and transport of natural gas; and inspection and maintenance of pipelines and compressor plants services. In addition, this segment offers steam generation for electricity production and management services for expansion works and steam generation for the production of electricity. The Telecommunications segment offers data transmission services through a network of digital terrestrial radio relay. It serves residential, commercial, industrial, and electric power generation end users. The company was incorporated in 1992 and is headquartered in Buenos Aires, Argentina. Transportadora de Gas del Sur S.A. operates as a subsidiary of Compañía de Inversiones de Energía S.A.
- Employees
- 1,187
- Headquarters
- Buenos Aires, Argentina
- Address
- Madero Office Building, C1107CPG Buenos Aires, Argentina
- Phone
- 54 11 4371 5100
- Website
- tgs.com.ar
- IPO Date
- 11/17/1994
- ISIN
- US8938702045
- Stock Split
- 103:100 on 11/08/2019
Management
| Name | Title | Birth Year |
|---|---|---|
| Oscar José Sardi | Chief Executive Officer | 1955 |
| Alejandro Mario Basso | Director of Administration, Finance & Services | 1961 |
| Claudia Beatriz Trichilo | Operations Director | 1963 |
| Carlos Almagro | Head of Investor Relations | – |
| Hernán Diego Flores Gomez | Legal Affairs Director | 1966 |
| Carlos Hector Sidero | Director of Human Resources | 1956 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.