Camuzzi Gas Pampeana SA (CGPA2.BA) fair value

ACCE thesis

Camuzzi Gas Pampeana distributes natural gas to residential, commercial and industrial customers across much of central and northern Argentina, operating under a licence from the national regulator, ENARGAS. Its moat is the regulated monopoly over that distribution network, which is costly and slow to replicate, so revenue depends on tariff rules and volume rather than on competition. The company reports 12.1% revenue growth and a 14.6% return on equity, with a trailing P/E of 16.3, but a 4.5% operating margin on a 19.7% gross margin leaves little room between cost and price, so tariff timing is the swing factor. The near-term question is whether tariff adjustments keep pace with peso inflation and gas cost pass-through, since any lag hits margins quickly. At a 513.3B ARS market cap with a score of 53/100 and no index membership, the name is off most screens, which is worth a look only if the next tariff review and the margin trend point the same way.