Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. (TRAN.BA) Stock Analysis & Winston Score

Transener is an Argentine company that operates the country's high-voltage electricity transmission network. It moves large amounts of electricity from power plants to regional distribution companies, which then deliver it to homes and businesses across Argentina. Transener owns and manages the largest high-voltage transmission grid in Argentina, making it the backbone of the national electricity system.

The company earns revenue through regulated tariffs set by the Argentine government, meaning its income is determined by official rate decisions rather than free-market pricing. It operates almost entirely within Argentina, and its natural monopoly over key transmission infrastructure gives it a strong competitive position — no other company runs a parallel national high-voltage grid. However, the main risk is Argentina's history of government intervention in utility tariffs, including long periods of frozen rates that erode real revenues during high inflation; future tariff adjustments by regulators will be the key driver of financial performance.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+67.4% YoY

YoY Growth Rate

Strong revenue growth

EPS Growth

+76.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

51.8%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$199.5B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Strong grower

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. is growing revenue at 67% year-over-year. The Winston Score penalises unprofitable companies, but revenue at this pace tells a different story — this is a company still in "build mode."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Share count broadly stable

0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 444.7M (2021) → 444.7M (2025)

Score breakdown

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Quality

Gross Margin

59.0%

Premium pricing power — 59.0% gross margin

Operating Margin

53.9%

Excellent — 53.9% operating margin

ROCE

9.1%

Below par — 9.1% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales YoY

+80.4%

Fast-growing sales (+80.4% YoY)

EPS YoY

+127.2%

Earnings growing fast (+127.2% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

8/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

117%

Turns 117% of profit into real cash

FCF Margin

22.7%

Converts sales into free cash efficiently (22.7%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

N/A

Data not available

Interest Cover

37.51x

Comfortably covers interest (37.5x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)

6.3x

Attractive valuation — P/E 6.3

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-1.0

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

8.61%

Healthy income — 8.61% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

N/A

no trend

Data not available

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