Intrinsic value of Transportadora de Gas del Sur ADR - TGS

Previous Close

$14.31

  Intrinsic Value

$22.23

stock screener

  Rating & Target

str. buy

+55%

Previous close

$14.31

 
Intrinsic value

$22.23

 
Up/down potential

+55%

 
Rating

str. buy

We calculate the intrinsic value of TGS stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  75.56
  42.00
  38.30
  34.97
  31.97
  29.28
  26.85
  24.66
  22.70
  20.93
  19.33
  17.90
  16.61
  15.45
  14.40
  13.46
  12.62
  11.86
  11.17
  10.55
  10.00
  9.50
  9.05
  8.64
  8.28
  7.95
  7.66
  7.39
  7.15
  6.94
  6.74
Revenue, $m
  474
  659
  911
  1,230
  1,623
  2,098
  2,662
  3,318
  4,071
  4,923
  5,875
  6,927
  8,077
  9,325
  10,669
  12,105
  13,633
  15,249
  16,952
  18,741
  20,615
  22,573
  24,616
  26,743
  28,958
  31,260
  33,653
  36,141
  38,725
  41,411
  44,204
Variable operating expenses, $m
 
  243
  336
  454
  599
  774
  982
  1,224
  1,502
  1,817
  2,168
  2,556
  2,981
  3,441
  3,937
  4,467
  5,030
  5,627
  6,255
  6,916
  7,607
  8,330
  9,083
  9,868
  10,685
  11,535
  12,418
  13,336
  14,290
  15,281
  16,311
Fixed operating expenses, $m
 
  159
  163
  167
  170
  174
  178
  182
  186
  190
  194
  198
  203
  207
  212
  216
  221
  226
  231
  236
  241
  246
  252
  257
  263
  269
  275
  281
  287
  293
  300
Total operating expenses, $m
  331
  402
  499
  621
  769
  948
  1,160
  1,406
  1,688
  2,007
  2,362
  2,754
  3,184
  3,648
  4,149
  4,683
  5,251
  5,853
  6,486
  7,152
  7,848
  8,576
  9,335
  10,125
  10,948
  11,804
  12,693
  13,617
  14,577
  15,574
  16,611
Operating income, $m
  143
  256
  412
  610
  854
  1,150
  1,502
  1,912
  2,383
  2,917
  3,513
  4,173
  4,894
  5,677
  6,520
  7,422
  8,381
  9,396
  10,466
  11,590
  12,767
  13,997
  15,281
  16,618
  18,009
  19,456
  20,961
  22,524
  24,149
  25,837
  27,593
EBITDA, $m
  161
  303
  477
  697
  970
  1,299
  1,691
  2,148
  2,673
  3,267
  3,932
  4,666
  5,469
  6,341
  7,280
  8,284
  9,352
  10,482
  11,673
  12,924
  14,235
  15,605
  17,033
  18,522
  20,071
  21,682
  23,357
  25,097
  26,906
  28,786
  30,740
Interest expense (income), $m
  21
  74
  125
  192
  275
  378
  503
  650
  822
  1,020
  1,243
  1,492
  1,768
  2,070
  2,397
  2,749
  3,125
  3,525
  3,949
  4,395
  4,864
  5,355
  5,868
  6,404
  6,961
  7,541
  8,145
  8,772
  9,424
  10,101
  10,805
Earnings before tax, $m
  91
  182
  287
  418
  579
  772
  999
  1,262
  1,561
  1,897
  2,270
  2,680
  3,126
  3,608
  4,124
  4,674
  5,256
  5,871
  6,517
  7,195
  7,903
  8,642
  9,412
  10,214
  11,048
  11,915
  12,816
  13,752
  14,725
  15,736
  16,788
Tax expense, $m
  31
  49
  77
  113
  156
  208
  270
  341
  421
  512
  613
  724
  844
  974
  1,113
  1,262
  1,419
  1,585
  1,760
  1,943
  2,134
  2,333
  2,541
  2,758
  2,983
  3,217
  3,460
  3,713
  3,976
  4,249
  4,533
Net income, $m
  60
  133
  209
  305
  423
  564
  729
  921
  1,140
  1,385
  1,657
  1,957
  2,282
  2,634
  3,010
  3,412
  3,837
  4,286
  4,758
  5,252
  5,769
  6,309
  6,871
  7,456
  8,065
  8,698
  9,356
  10,039
  10,749
  11,487
  12,255

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  104
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  572
  795
  1,099
  1,484
  1,958
  2,531
  3,211
  4,003
  4,911
  5,939
  7,087
  8,356
  9,744
  11,249
  12,869
  14,602
  16,445
  18,394
  20,449
  22,607
  24,867
  27,229
  29,693
  32,260
  34,931
  37,708
  40,595
  43,595
  46,713
  49,953
  53,322
Adjusted assets (=assets-cash), $m
  468
  795
  1,099
  1,484
  1,958
  2,531
  3,211
  4,003
  4,911
  5,939
  7,087
  8,356
  9,744
  11,249
  12,869
  14,602
  16,445
  18,394
  20,449
  22,607
  24,867
  27,229
  29,693
  32,260
  34,931
  37,708
  40,595
  43,595
  46,713
  49,953
  53,322
Revenue / Adjusted assets
  1.013
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
  0.829
Average production assets, $m
  306
  469
  649
  876
  1,156
  1,494
  1,895
  2,362
  2,899
  3,505
  4,183
  4,932
  5,751
  6,640
  7,596
  8,619
  9,706
  10,857
  12,070
  13,344
  14,678
  16,072
  17,526
  19,041
  20,618
  22,257
  23,961
  25,732
  27,572
  29,485
  31,473
Working capital, $m
  92
  -76
  -105
  -141
  -187
  -241
  -306
  -382
  -468
  -566
  -676
  -797
  -929
  -1,072
  -1,227
  -1,392
  -1,568
  -1,754
  -1,950
  -2,155
  -2,371
  -2,596
  -2,831
  -3,075
  -3,330
  -3,595
  -3,870
  -4,156
  -4,453
  -4,762
  -5,083
Total debt, $m
  249
  414
  632
  908
  1,248
  1,659
  2,146
  2,714
  3,365
  4,102
  4,925
  5,835
  6,830
  7,909
  9,071
  10,314
  11,635
  13,033
  14,506
  16,053
  17,674
  19,367
  21,134
  22,974
  24,889
  26,881
  28,951
  31,102
  33,337
  35,661
  38,076
Total liabilities, $m
  410
  570
  788
  1,064
  1,404
  1,815
  2,302
  2,870
  3,521
  4,258
  5,081
  5,991
  6,986
  8,065
  9,227
  10,470
  11,791
  13,189
  14,662
  16,209
  17,830
  19,523
  21,290
  23,130
  25,045
  27,037
  29,107
  31,258
  33,493
  35,817
  38,232
Total equity, $m
  162
  225
  311
  420
  554
  716
  909
  1,133
  1,390
  1,681
  2,006
  2,365
  2,757
  3,183
  3,642
  4,132
  4,654
  5,206
  5,787
  6,398
  7,037
  7,706
  8,403
  9,130
  9,885
  10,671
  11,488
  12,338
  13,220
  14,137
  15,090
Total liabilities and equity, $m
  572
  795
  1,099
  1,484
  1,958
  2,531
  3,211
  4,003
  4,911
  5,939
  7,087
  8,356
  9,743
  11,248
  12,869
  14,602
  16,445
  18,395
  20,449
  22,607
  24,867
  27,229
  29,693
  32,260
  34,930
  37,708
  40,595
  43,596
  46,713
  49,954
  53,322
Debt-to-equity ratio
  1.537
  1.840
  2.030
  2.160
  2.250
  2.320
  2.360
  2.400
  2.420
  2.440
  2.460
  2.470
  2.480
  2.480
  2.490
  2.500
  2.500
  2.500
  2.510
  2.510
  2.510
  2.510
  2.520
  2.520
  2.520
  2.520
  2.520
  2.520
  2.520
  2.520
  2.520
Adjusted equity ratio
  0.124
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283
  0.283

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  60
  133
  209
  305
  423
  564
  729
  921
  1,140
  1,385
  1,657
  1,957
  2,282
  2,634
  3,010
  3,412
  3,837
  4,286
  4,758
  5,252
  5,769
  6,309
  6,871
  7,456
  8,065
  8,698
  9,356
  10,039
  10,749
  11,487
  12,255
Depreciation, amort., depletion, $m
  18
  47
  65
  88
  116
  149
  190
  236
  290
  351
  418
  493
  575
  664
  760
  862
  971
  1,086
  1,207
  1,334
  1,468
  1,607
  1,753
  1,904
  2,062
  2,226
  2,396
  2,573
  2,757
  2,948
  3,147
Funds from operations, $m
  93
  180
  274
  393
  538
  713
  919
  1,157
  1,429
  1,735
  2,076
  2,450
  2,857
  3,298
  3,770
  4,274
  4,808
  5,371
  5,965
  6,586
  7,237
  7,916
  8,624
  9,360
  10,127
  10,924
  11,752
  12,612
  13,506
  14,436
  15,402
Change in working capital, $m
  -44
  -22
  -29
  -37
  -45
  -55
  -65
  -75
  -87
  -98
  -109
  -121
  -132
  -144
  -154
  -165
  -176
  -186
  -196
  -206
  -215
  -225
  -235
  -245
  -255
  -265
  -275
  -286
  -297
  -309
  -321
Cash from operations, $m
  137
  202
  303
  429
  583
  768
  984
  1,233
  1,516
  1,833
  2,185
  2,571
  2,990
  3,441
  3,924
  4,439
  4,983
  5,557
  6,160
  6,792
  7,452
  8,141
  8,859
  9,605
  10,381
  11,188
  12,027
  12,898
  13,804
  14,745
  15,723
Maintenance CAPEX, $m
  0
  -33
  -47
  -65
  -88
  -116
  -149
  -190
  -236
  -290
  -351
  -418
  -493
  -575
  -664
  -760
  -862
  -971
  -1,086
  -1,207
  -1,334
  -1,468
  -1,607
  -1,753
  -1,904
  -2,062
  -2,226
  -2,396
  -2,573
  -2,757
  -2,948
New CAPEX, $m
  -38
  -139
  -180
  -227
  -280
  -338
  -401
  -467
  -536
  -607
  -678
  -749
  -819
  -889
  -956
  -1,023
  -1,088
  -1,151
  -1,213
  -1,274
  -1,334
  -1,394
  -1,454
  -1,515
  -1,576
  -1,639
  -1,704
  -1,771
  -1,840
  -1,913
  -1,988
Cash from investing activities, $m
  -34
  -172
  -227
  -292
  -368
  -454
  -550
  -657
  -772
  -897
  -1,029
  -1,167
  -1,312
  -1,464
  -1,620
  -1,783
  -1,950
  -2,122
  -2,299
  -2,481
  -2,668
  -2,862
  -3,061
  -3,268
  -3,480
  -3,701
  -3,930
  -4,167
  -4,413
  -4,670
  -4,936
Free cash flow, $m
  103
  30
  77
  138
  216
  314
  433
  576
  744
  937
  1,157
  1,404
  1,677
  1,977
  2,304
  2,656
  3,034
  3,436
  3,862
  4,311
  4,784
  5,279
  5,797
  6,338
  6,901
  7,487
  8,097
  8,731
  9,390
  10,075
  10,787
Issuance/(repayment) of debt, $m
  -59
  169
  218
  276
  340
  411
  487
  568
  651
  737
  823
  910
  995
  1,079
  1,162
  1,242
  1,321
  1,398
  1,473
  1,547
  1,621
  1,694
  1,767
  1,840
  1,915
  1,991
  2,070
  2,151
  2,235
  2,323
  2,415
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -59
  169
  218
  276
  340
  411
  487
  568
  651
  737
  823
  910
  995
  1,079
  1,162
  1,242
  1,321
  1,398
  1,473
  1,547
  1,621
  1,694
  1,767
  1,840
  1,915
  1,991
  2,070
  2,151
  2,235
  2,323
  2,415
Total cash flow (excl. dividends), $m
  50
  199
  295
  413
  556
  725
  920
  1,144
  1,395
  1,674
  1,980
  2,313
  2,672
  3,057
  3,466
  3,899
  4,355
  4,834
  5,335
  5,859
  6,405
  6,973
  7,564
  8,178
  8,816
  9,479
  10,167
  10,882
  11,626
  12,398
  13,202
Retained Cash Flow (-), $m
  -53
  -67
  -86
  -109
  -134
  -162
  -192
  -224
  -257
  -291
  -325
  -359
  -393
  -426
  -459
  -490
  -521
  -552
  -581
  -611
  -640
  -668
  -697
  -726
  -756
  -786
  -817
  -849
  -882
  -917
  -953
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  132
  209
  304
  422
  562
  728
  920
  1,138
  1,383
  1,655
  1,954
  2,280
  2,631
  3,007
  3,408
  3,833
  4,282
  4,754
  5,248
  5,765
  6,304
  6,866
  7,451
  8,060
  8,693
  9,350
  10,033
  10,743
  11,481
  12,249
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  126
  191
  265
  347
  436
  528
  621
  711
  794
  868
  928
  973
  1,000
  1,010
  1,001
  974
  932
  875
  808
  733
  652
  570
  488
  411
  338
  273
  215
  166
  125
  92
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Transportadora de Gas del Sur S.A. is engaged in the transportation of natural gas and production and commercialization of natural gas liquids (Liquids). The Company operates through four segments: Natural Gas Transportation Services, Liquids Production and Commercialization, Other Services and Telecommunications. The Company's pipeline system connects gas fields in southern and western Argentina with gas distributors and industries in those areas and in the greater Buenos Aires area. It also provides midstream services, which consist of gas treatment, removal of impurities from the natural gas stream, gas compression, wellhead gas gathering and pipeline construction, operation and maintenance services. The Company transports gas through approximately 5,675 miles of pipeline, of which it owns 4,745 miles. It operates the remaining 930 miles, which are owned by the Gas Trusts.

FINANCIAL RATIOS  of  Transportadora de Gas del Sur ADR (TGS)

Valuation Ratios
P/E Ratio 189.5
Price to Sales 24
Price to Book 70.2
Price to Tangible Book
Price to Cash Flow 83
Price to Free Cash Flow 114.8
Growth Rates
Sales Growth Rate 75.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 46.2%
Cap. Spend. - 3 Yr. Gr. Rate 20.4%
Financial Strength
Quick Ratio 15
Current Ratio 0
LT Debt to Equity 149.4%
Total Debt to Equity 153.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 14.8%
Ret/ On Assets - 3 Yr. Avg. 6.1%
Return On Total Capital 16.4%
Ret/ On T. Cap. - 3 Yr. Avg. 5.1%
Return On Equity 44.3%
Return On Equity - 3 Yr. Avg. 13.4%
Asset Turnover 1
Profitability Ratios
Gross Margin 40.1%
Gross Margin - 3 Yr. Avg. 38.4%
EBITDA Margin 27.4%
EBITDA Margin - 3 Yr. Avg. 15.7%
Operating Margin 30.2%
Oper. Margin - 3 Yr. Avg. 22.6%
Pre-Tax Margin 19.2%
Pre-Tax Margin - 3 Yr. Avg. 5.5%
Net Profit Margin 12.7%
Net Profit Margin - 3 Yr. Avg. 3.7%
Effective Tax Rate 34.1%
Eff/ Tax Rate - 3 Yr. Avg. 36.4%
Payout Ratio 10%

TGS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the TGS stock intrinsic value calculation we used $464 million for the last fiscal year's total revenue generated by Transportadora de Gas del Sur ADR. The default revenue input number comes from 2016 income statement of Transportadora de Gas del Sur ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our TGS stock valuation model: a) initial revenue growth rate of 42% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for TGS is calculated based on our internal credit rating of Transportadora de Gas del Sur ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Transportadora de Gas del Sur ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of TGS stock the variable cost ratio is equal to 36.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $156 million in the base year in the intrinsic value calculation for TGS stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 30.3% for Transportadora de Gas del Sur ADR.

Corporate tax rate of 27% is the nominal tax rate for Transportadora de Gas del Sur ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the TGS stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for TGS are equal to 71.2%.

Life of production assets of 10 years is the average useful life of capital assets used in Transportadora de Gas del Sur ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for TGS is equal to -11.5%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $158 million for Transportadora de Gas del Sur ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 794 million for Transportadora de Gas del Sur ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Transportadora de Gas del Sur ADR at the current share price and the inputted number of shares is $11.4 billion.

RELATED COMPANIES Price Int.Val. Rating
YPF YPF ADR 16.36 17.08  hold
WGP Western Gas Eq 36.04 50.03  str.buy

COMPANY NEWS

▶ TGS Files 2017 Annual Report on Form 20-F   [Apr-16-18 09:55AM  PR Newswire]
▶ Dominion Midstreams Shows Market Leadership With Jump To 85 RS Rating   [Sep-25-17 03:00AM  Investor's Business Daily]
▶ Oneok Sees IBD RS Rating Improve To 73   [Sep-15-17 03:00AM  Investor's Business Daily]
▶ Stocks Close Higher; E-Trade Hits Buy Point But Tesla Skids   [Jul-05-17 04:14PM  Investor's Business Daily]
▶ TGS Files 2016 Annual Report on Form 20-F   [Apr-25-17 05:00PM  PR Newswire]
▶ Will Trump's America First Energy Plan Pump Up This IPO Leader?   [Mar-16-17 02:21PM  Investor's Business Daily]
▶ TGS Files SC 14D-9   [Jan-13-17 01:07PM  PR Newswire]
▶ Should You Avoid Standard Motor Products, Inc. (SMP)?   [Dec-11-16 05:36AM  Insider Monkey]
▶ Is Zeltiq Aesthetics Inc (ZLTQ) A Good Stock To Buy?   [Nov-30-16 03:07PM  Insider Monkey]
▶ TGS Files 2015 Annual Report on Form 20-F   [Jun-13-16 03:22PM  PR Newswire]
▶ Argentina Politics: A Win For Investors, Moody's Says   [Nov-03  10:09AM  at Barrons.com]
▶ 5 Breakout Stocks Under $10 Set to Soar   [Sep-26  02:16PM  at TheStreet]
▶ Buy Argentina Now   [Sep-15  05:48PM  at Barrons.com]
▶ Argentine stocks sink over 8% after default   [Jul-31  05:10PM  at MarketWatch]
▶ Transportadora De Gas Del Sur SA Stock Downgraded (TGS)   [Jun-11  11:11AM  at TheStreet]
▶ Transportadora De Gas Del Sur SA Stock Upgraded (TGS)   [May-20  11:11AM  at TheStreet]
▶ 3 Stocks Under $10 Making Big Moves   [Apr-09  06:00AM  at TheStreet]
▶ Is It Time to Buy Argentine ADRs?   [Feb-05  01:08PM  at Motley Fool]
▶ Avoid Argentina Stocks This Year   [Jan-26  08:23AM  at Seeking Alpha]
▶ 4 Stocks Under $10 Moving Higher   [Nov-27  09:11AM  at TheStreet]
▶ Transportadora De Gas Del Sur S.A. - A High-Yielding Gem?   [Aug-26  02:59PM  at Seeking Alpha]
▶ Transportadora De Gas Del Sur SA Stock Upgraded (TGS)   [Jul-16  10:12AM  at TheStreet]
▶ 3 Latin American Small Caps Showing Signs Of Undervaluation   [May-24  05:39AM  at Seeking Alpha]
▶ 4 Hold-Rated Dividend Stocks: TGS, ANH, NTLS, EROC   [May-22  11:30AM  at TheStreet]
▶ 4 Hold-Rated Dividend Stocks: TGS, UAN, NMFC, EROC   [May-13  11:30AM  at TheStreet]
▶ 3 Hold-Rated Dividend Stocks   [May-03  11:30AM  at TheStreet]
▶ 3 Hold-Rated Dividend Stocks   [Apr-24  11:30AM  at TheStreet]
▶ 3 Hold-Rated Dividend Stocks   [Mar-28  11:30AM  at TheStreet]
▶ Argentina's Errant Energy Policy   [Feb-26  10:34AM  at Motley Fool]
▶ Energy Sector Wrap   [Aug-16-12 04:57PM  at Fox Business]
▶ 3 High Yield Dividend Stocks Primed For Growth   [Aug-08-12 05:25PM  at Seeking Alpha]
▶ 4 High Yield Dividend Stocks Poised For Growth   [Aug-02-12 01:18AM  at Seeking Alpha]
▶ 3 High Yield Dividend Stocks Trading Below Market Value   [Jul-25-12 04:37AM  at Seeking Alpha]
Financial statements of TGS
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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