reports
- Alejandro Quelch
TGS: Q3 shows operating improvements
Quarterly figures were a positive surprise at the operating level. Operating income reached $ 5,450 million (+ 22.7% YoY), exceeding our estimates of $ 5,150 million, with a margin improvement of 693 basis points in 3Q20 to 42.23%. This was driven by an efficient management of administration and marketing costs, which fell by $ 896 million (vs. $ 185 million estimated) in 3Q20 YoY, and a 3% improvement in net sales due to a better performance of the Liquids business. At the bottom line, net i...
- Diego Burzaco
TGS: The worst quarter is here but future remains uncertain
Unsurprisingly, TGS's quarterly figures were worse than those seen in 1Q20 as the quarantine tightened and the economy came to a complete standstill. Net sales were down 25.9% YoY to $ 10,735 million, below our estimates of $ 11,150 million. The deviation was justified by a greater than expected drop in the Production and Marketing of Liquids unit (-40% vs. -35% expected), partially offset by a greater than estimated improvement in Telecommunications unit (+21% vs. +8% expected). The good new...
- Diego Burzaco
TGS: Not out of the woods, worse is yet to come
Transportadora Gas del Sur (TGSU2) disclosed 1Q20 earnings, which don’t reflect the real impact of Covid-19 on its business yet. Quarterly net revenues stood at $ 12,121 million, 11.4% lower than in 1Q19. A 9% yoy drop has been observed in Gas Transportation revenues, explained by fewer firm contracts. The Liquids business sales plunged 18% yoy, as a result of a 19% drop in export prices and 25% lower exported volume. Free cash flow fell by $ 6,358 million due to lower sales and Capex of $ 2,....
- Juan Guma
- Nicolás Viveros
Argentina fixed income strategy weekly
Uncertainty surrounding the restructuring process would continue in the short term as Economy minister Martin Guzman did not disclose any details regarding a proposal for the debt restructuring in his last week’s webcast. Furthermore, the offer has been postponed to April. On the fiscal side, Guzman said that no further adjustments would be carried out and primary equilibrium would be reached in 2023, worsening the outlook for a potential proposal to bondholders. The significant outflow of ri....
Ford Equity International Rating and Forecast Report
Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind...
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