TGS has released solid Q3/25 numbers, driven by a recovery in the liquids business and continued strength in mid-stream. Revenues jumped 26% y-o-y to ARS 426.5 mn while adjusted EBITDA rose 22% to ARS 219.2 bn, albeit the margin narrowed 1.7 ppts to 51.4%. Total debt was largely flat in USD terms at USD 570 mn, and was covered by USD 634 mn of cash. LTM gross leverage was down 0.1x q-o-q at 0.7x. The outlook is robust, and management anticipates remaining committed to a very strong capital...
In the latest edition of our LatAm Trade Book, we review most of our current trade recommendations. We also discuss key metrics of the issuers and how the bonds fare relative to peers. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our LatAm coverage.
In today's Morning Views publication we comment on developments of the following high yield issuers: YPF, Falabella, Geopark, Canacol, Cencosud, TGS, Millicom, Klabin, C&W Communications, Movida, GOL, Orbia, Minerva, Suzano, Rumo, Investment Energy Resources, Simpar, Ultrapar
In the latest edition of our LatAm Trade Book, we review most of our current trade recommendations. We also discuss key metrics of the issuers and how the bonds fare relative to peers. Please reach out to our analysts to discuss any of these ideas, or other trade recommendations from our LatAm coverage.
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