Transportadora de Gas del Norte operates Argentina's largest natural gas transmission network, moving gas from the Vaca Muerta shale basin and other producing areas to distribution utilities and industrial users across the country. Its regulated tariff base and long-term transport contracts give it stable, high-margin cash flow, with a 43.7% operating margin and an 18.0% return on equity. Revenue growth has been muted at 1.9%, so the case rests on volume growth tied to Vaca Muerta output and on how tariffs are reset as Argentina's energy pricing normalises. The trailing P/E of 6.2 sits far below the forward P/E of 86.7, a gap that points to sharply lower expected earnings or a one-off item in the trailing figures and needs to be reconciled before anything else. Worth a deeper look to test whether the earnings base is durable, not yet a conclusion on value.
Plain-English pros, cons, and what to watch. Pro feature.
See what each model says, the assumptions behind it, the bad, normal and good cases, and why the fair value changed.
The full quality picture: a reason under every score, how the scores moved, and the conviction breakdown.
The full analyst picture: the price-target distribution against the current price, forward consensus estimates, and how ACCE's own models compare.
Trades are only made public after a delay. We show the delay so you know how old the news is.
Follow the informed money: 13F position changes, insider and Congress trades, and 13D activist filings.
| Date | Type | New | Previous | Price |
|---|---|---|---|---|
| 20 Oct 2026, 02:20 CEST | ACCE price target | ARS 3600 | first publication | ARS 3123 |
Answered from Transportadora de Gas del Norte SA Class C fundamentals + recent valuations. Every number shows its source and date.
| Company | Price | Fair value | vs fair value | P/E | ROE | Quality | Score |
|---|---|---|---|---|---|---|---|
| TGNO4.BA Transportadora de Gas del Norte SA Class C | ARS 3007.50 | - | - | 5.9x | 18.0% | 91 | 64 |
| TPZ.TO Topaz Energy Corp. | C$30.47 | C$11 | 177% above | 27.5x | 10.5% | 81 | 69 |
| EE Excelerate Energy Inc. Class A Common Stock | $32.40 | - | - | 22.3x | 8.8% | 50 | 65 |
| BWLPG.OL BW LPG Limited | kr 235.20 | kr 636 | 63% below | 8.1x | 25.5% | 77 | 76 |
| BWLP BW LPG Limited Common Shares | $25.57 | $29 | 11% below | 8.7x | 25.5% | 77 | 77 |
| DHT DHT Holdings Inc. | $24.60 | $11 | 115% above | 8.4x | 39.2% | 96 | 92 |
| GEI.TO Gibson Energy Inc. | C$33.61 | C$14 | 137% above | 32.4x | 17.9% | 26 | 64 |
Where TGNO4.BA ranks against its sector peers on each metric.