Intrinsic value of Transportadora de Gas del Sur ADR - TGS

Previous Close

$15.68

  Intrinsic Value

$854.59

stock screener

  Rating & Target

str. buy

+999%

Previous close

$15.68

 
Intrinsic value

$854.59

 
Up/down potential

+999%

 
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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  42.80
  39.02
  35.62
  32.56
  29.80
  27.32
  25.09
  23.08
  21.27
  19.64
  18.18
  16.86
  15.68
  14.61
  13.65
  12.78
  12.00
  11.30
  10.67
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.71
  7.44
  7.20
  6.98
  6.78
Revenue, $m
  945
  1,314
  1,782
  2,362
  3,067
  3,904
  4,884
  6,011
  7,290
  8,722
  10,307
  12,045
  13,933
  15,969
  18,148
  20,468
  22,925
  25,517
  28,240
  31,094
  34,078
  37,191
  40,435
  43,812
  47,323
  50,974
  54,767
  58,709
  62,806
  67,065
Variable operating expenses, $m
  397
  552
  749
  992
  1,288
  1,640
  2,051
  2,525
  3,062
  3,663
  4,329
  5,059
  5,852
  6,707
  7,622
  8,597
  9,629
  10,717
  11,861
  13,060
  14,313
  15,620
  16,983
  18,401
  19,876
  21,409
  23,002
  24,658
  26,379
  28,167
Fixed operating expenses, $m
  135
  138
  141
  144
  147
  150
  154
  157
  161
  164
  168
  171
  175
  179
  183
  187
  191
  195
  200
  204
  208
  213
  218
  223
  227
  232
  238
  243
  248
  254
Total operating expenses, $m
  532
  690
  890
  1,136
  1,435
  1,790
  2,205
  2,682
  3,223
  3,827
  4,497
  5,230
  6,027
  6,886
  7,805
  8,784
  9,820
  10,912
  12,061
  13,264
  14,521
  15,833
  17,201
  18,624
  20,103
  21,641
  23,240
  24,901
  26,627
  28,421
Operating income, $m
  413
  624
  893
  1,226
  1,631
  2,114
  2,679
  3,329
  4,067
  4,894
  5,811
  6,815
  7,906
  9,083
  10,343
  11,685
  13,106
  14,604
  16,180
  17,831
  19,557
  21,358
  23,235
  25,188
  27,220
  29,332
  31,527
  33,809
  36,179
  38,644
EBITDA, $m
  441
  663
  945
  1,295
  1,721
  2,228
  2,822
  3,505
  4,280
  5,149
  6,112
  7,167
  8,313
  9,549
  10,873
  12,282
  13,775
  15,350
  17,005
  18,739
  20,552
  22,444
  24,416
  26,468
  28,602
  30,821
  33,127
  35,523
  38,014
  40,603
Interest expense (income), $m
  21
  70
  118
  181
  261
  360
  480
  623
  790
  983
  1,201
  1,446
  1,716
  2,013
  2,335
  2,683
  3,055
  3,451
  3,870
  4,313
  4,778
  5,265
  5,774
  6,306
  6,860
  7,436
  8,035
  8,659
  9,306
  9,979
  10,679
Earnings before tax, $m
  344
  506
  712
  965
  1,271
  1,634
  2,056
  2,539
  3,085
  3,693
  4,365
  5,099
  5,893
  6,748
  7,660
  8,630
  9,655
  10,734
  11,867
  13,053
  14,292
  15,584
  16,929
  18,329
  19,784
  21,297
  22,869
  24,502
  26,200
  27,965
Tax expense, $m
  93
  137
  192
  261
  343
  441
  555
  686
  833
  997
  1,179
  1,377
  1,591
  1,822
  2,068
  2,330
  2,607
  2,898
  3,204
  3,524
  3,859
  4,208
  4,571
  4,949
  5,342
  5,750
  6,175
  6,616
  7,074
  7,551
Net income, $m
  251
  370
  520
  705
  928
  1,193
  1,501
  1,853
  2,252
  2,696
  3,186
  3,722
  4,302
  4,926
  5,592
  6,300
  7,048
  7,836
  8,663
  9,529
  10,433
  11,376
  12,358
  13,380
  14,442
  15,547
  16,694
  17,887
  19,126
  20,415

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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
Total assets, $m
  975
  1,355
  1,837
  2,436
  3,161
  4,025
  5,035
  6,197
  7,515
  8,991
  10,626
  12,418
  14,364
  16,463
  18,710
  21,101
  23,634
  26,306
  29,114
  32,056
  35,132
  38,341
  41,686
  45,167
  48,787
  52,550
  56,461
  60,525
  64,749
  69,139
Adjusted assets (=assets-cash), $m
  975
  1,355
  1,837
  2,436
  3,161
  4,025
  5,035
  6,197
  7,515
  8,991
  10,626
  12,418
  14,364
  16,463
  18,710
  21,101
  23,634
  26,306
  29,114
  32,056
  35,132
  38,341
  41,686
  45,167
  48,787
  52,550
  56,461
  60,525
  64,749
  69,139
Revenue / Adjusted assets
  0.969
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
  0.970
Average production assets, $m
  489
  679
  921
  1,221
  1,585
  2,019
  2,525
  3,108
  3,769
  4,509
  5,329
  6,227
  7,204
  8,256
  9,383
  10,582
  11,852
  13,192
  14,600
  16,076
  17,618
  19,228
  20,905
  22,651
  24,466
  26,353
  28,315
  30,353
  32,471
  34,672
Working capital, $m
  -34
  -47
  -64
  -85
  -110
  -141
  -176
  -216
  -262
  -314
  -371
  -434
  -502
  -575
  -653
  -737
  -825
  -919
  -1,017
  -1,119
  -1,227
  -1,339
  -1,456
  -1,577
  -1,704
  -1,835
  -1,972
  -2,114
  -2,261
  -2,414
Total debt, $m
  413
  633
  912
  1,258
  1,679
  2,179
  2,763
  3,436
  4,200
  5,054
  6,001
  7,038
  8,165
  9,380
  10,681
  12,066
  13,533
  15,079
  16,705
  18,409
  20,190
  22,048
  23,984
  26,000
  28,096
  30,275
  32,539
  34,892
  37,338
  39,880
Total liabilities, $m
  564
  784
  1,064
  1,410
  1,830
  2,331
  2,915
  3,588
  4,351
  5,206
  6,152
  7,190
  8,317
  9,532
  10,833
  12,218
  13,684
  15,231
  16,857
  18,560
  20,341
  22,200
  24,136
  26,151
  28,248
  30,426
  32,691
  35,044
  37,489
  40,031
Total equity, $m
  410
  570
  774
  1,025
  1,331
  1,695
  2,120
  2,609
  3,164
  3,785
  4,474
  5,228
  6,047
  6,931
  7,877
  8,884
  9,950
  11,075
  12,257
  13,496
  14,790
  16,142
  17,550
  19,015
  20,539
  22,124
  23,770
  25,481
  27,259
  29,107
Total liabilities and equity, $m
  974
  1,354
  1,838
  2,435
  3,161
  4,026
  5,035
  6,197
  7,515
  8,991
  10,626
  12,418
  14,364
  16,463
  18,710
  21,102
  23,634
  26,306
  29,114
  32,056
  35,131
  38,342
  41,686
  45,166
  48,787
  52,550
  56,461
  60,525
  64,748
  69,138
Debt-to-equity ratio
  1.010
  1.110
  1.180
  1.230
  1.260
  1.290
  1.300
  1.320
  1.330
  1.340
  1.340
  1.350
  1.350
  1.350
  1.360
  1.360
  1.360
  1.360
  1.360
  1.360
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
  1.370
Adjusted equity ratio
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421
  0.421

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  251
  370
  520
  705
  928
  1,193
  1,501
  1,853
  2,252
  2,696
  3,186
  3,722
  4,302
  4,926
  5,592
  6,300
  7,048
  7,836
  8,663
  9,529
  10,433
  11,376
  12,358
  13,380
  14,442
  15,547
  16,694
  17,887
  19,126
  20,415
Depreciation, amort., depletion, $m
  28
  38
  52
  69
  90
  114
  143
  176
  213
  255
  301
  352
  407
  466
  530
  598
  670
  745
  825
  908
  995
  1,086
  1,181
  1,280
  1,382
  1,489
  1,600
  1,715
  1,835
  1,959
Funds from operations, $m
  279
  408
  572
  774
  1,018
  1,307
  1,643
  2,029
  2,465
  2,951
  3,487
  4,074
  4,709
  5,392
  6,122
  6,898
  7,718
  8,581
  9,488
  10,437
  11,428
  12,462
  13,539
  14,660
  15,825
  17,036
  18,294
  19,602
  20,961
  22,374
Change in working capital, $m
  -10
  -13
  -17
  -21
  -25
  -30
  -35
  -41
  -46
  -52
  -57
  -63
  -68
  -73
  -78
  -84
  -88
  -93
  -98
  -103
  -107
  -112
  -117
  -122
  -126
  -131
  -137
  -142
  -147
  -153
Cash from operations, $m
  289
  421
  589
  795
  1,043
  1,337
  1,679
  2,070
  2,511
  3,002
  3,545
  4,136
  4,777
  5,466
  6,201
  6,981
  7,806
  8,674
  9,586
  10,540
  11,536
  12,574
  13,656
  14,781
  15,951
  17,167
  18,431
  19,744
  21,108
  22,527
Maintenance CAPEX, $m
  -19
  -28
  -38
  -52
  -69
  -90
  -114
  -143
  -176
  -213
  -255
  -301
  -352
  -407
  -466
  -530
  -598
  -670
  -745
  -825
  -908
  -995
  -1,086
  -1,181
  -1,280
  -1,382
  -1,489
  -1,600
  -1,715
  -1,835
New CAPEX, $m
  -147
  -191
  -242
  -300
  -364
  -433
  -506
  -583
  -661
  -740
  -820
  -899
  -976
  -1,052
  -1,127
  -1,199
  -1,270
  -1,340
  -1,408
  -1,476
  -1,543
  -1,610
  -1,677
  -1,746
  -1,815
  -1,887
  -1,961
  -2,038
  -2,118
  -2,202
Cash from investing activities, $m
  -166
  -219
  -280
  -352
  -433
  -523
  -620
  -726
  -837
  -953
  -1,075
  -1,200
  -1,328
  -1,459
  -1,593
  -1,729
  -1,868
  -2,010
  -2,153
  -2,301
  -2,451
  -2,605
  -2,763
  -2,927
  -3,095
  -3,269
  -3,450
  -3,638
  -3,833
  -4,037
Free cash flow, $m
  123
  203
  308
  443
  610
  814
  1,058
  1,344
  1,674
  2,049
  2,470
  2,937
  3,449
  4,006
  4,607
  5,252
  5,938
  6,665
  7,432
  8,239
  9,085
  9,969
  10,893
  11,855
  12,856
  13,897
  14,980
  16,106
  17,275
  18,491
Issuance/(repayment) of debt, $m
  169
  220
  279
  346
  420
  500
  585
  673
  763
  855
  946
  1,037
  1,127
  1,215
  1,301
  1,385
  1,467
  1,547
  1,626
  1,704
  1,781
  1,858
  1,936
  2,015
  2,096
  2,179
  2,264
  2,353
  2,445
  2,542
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
Cash from financing (excl. dividends), $m  
  169
  220
  279
  346
  420
  500
  585
  673
  763
  855
  946
  1,037
  1,127
  1,215
  1,301
  1,385
  1,467
  1,547
  1,626
  1,704
  1,781
  1,858
  1,936
  2,015
  2,096
  2,179
  2,264
  2,353
  2,445
  2,542
Total cash flow (excl. dividends), $m
  292
  423
  588
  789
  1,030
  1,314
  1,643
  2,017
  2,437
  2,904
  3,417
  3,974
  4,576
  5,221
  5,908
  6,636
  7,404
  8,212
  9,058
  9,943
  10,866
  11,828
  12,829
  13,870
  14,952
  16,076
  17,245
  18,459
  19,721
  21,033
Retained Cash Flow (-), $m
  -123
  -160
  -203
  -252
  -306
  -364
  -425
  -489
  -555
  -622
  -688
  -754
  -820
  -883
  -946
  -1,007
  -1,066
  -1,125
  -1,182
  -1,239
  -1,295
  -1,351
  -1,408
  -1,465
  -1,524
  -1,584
  -1,647
  -1,711
  -1,778
  -1,848
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
  170
  263
  384
  537
  725
  951
  1,218
  1,528
  1,882
  2,282
  2,728
  3,220
  3,757
  4,338
  4,962
  5,629
  6,338
  7,087
  7,876
  8,704
  9,571
  10,477
  11,421
  12,404
  13,428
  14,492
  15,598
  16,748
  17,943
  19,184
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
  163
  241
  335
  442
  562
  690
  823
  955
  1,081
  1,197
  1,296
  1,374
  1,428
  1,456
  1,457
  1,431
  1,379
  1,305
  1,213
  1,106
  990
  869
  749
  632
  522
  423
  335
  259
  196
  144
Current shareholders' claim on cash, %
  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 207.6
Price to Sales 26.3
Price to Book 76.9
Price to Tangible Book
Price to Cash Flow 90.9
Price to Free Cash Flow 125.8
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 $661.981837838 million for the last fiscal year's total revenue generated by Transportadora de Gas del Sur ADR. The default revenue input number comes from 0001 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 42.8% 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 42%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $132 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 28.6% 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 51.7%.

Life of production assets of 17.7 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 -3.6%. 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 - $287.547675676 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 29.677 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 $0.5 billion.

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COMPANY NEWS

▶ Is Argentina Producing Too Much Natural Gas?   [Oct-03-18 04:00PM  Oilprice.com]
▶ 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]

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