Below is the "Chart of the Day" and a brief excerpt from today's Early Look written by Hedgeye Energy Analyst Fernando Valle.
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Despite the massive run-up in ARGT in 2024, valuations are still cheaper than peers in Brazil, Colombia, and, of course, the U.S. Companies like TGS, the nation’s largest oil and gas transportation provider, trade near 2x EV/EBITDA, compared to U.S. peers at 10-11x. YPF similarly trades just above 2x (though so does PBR), despite the promise of the Milei government removing price controls and the continued growth of the country’s Vaca Muerta shale. |
