From the datasheet:
”All models are fitted with a compensation diode that can be used to slightly increase the output voltage of the
alternator. This compensates for the voltage drop over the diodes in the isolator.”
To add further to the reply above, the COMP connection would only be used if your alternator had an external voltage sensing wire to measure battery voltage, which are not very common.
if the alternator does not have COMP is it If the alternator does not have a COMP and does not install COMP wiring, will the ARGODIODE BATTERY ISOLATOR work?
The ArgoDiode will still work with compensation but there will be some voltage drop due to the diodes. If you are concerned about voltage drop consider the ArgoFET battery combiner which does has very low voltage drop.