Naturgy Energy Group SA

Naturgy Energy Group SA, formerly Gas Natural SDG SA, is a Spain-based company active in the energy sector. The Company's activities are divided into four business segments: Gas & Electricity, which includes generation and renewables businesses, gas supply, marketing and logistics of liquefied natural gas (LNG) worldwide, as well as gas and electricity commercialization in Europe; Infrastructure Spain & EMPL - Medgaz, which comprises gas and electricity network businesses in Spain and the Maghreb gas pipelines; Infrastructure Latin America South Zone that implies gas and electricity networks businesses in Chile, Argentina, Brazil and Peru, and Infrastructure Latin America North Zone, which includes gas and electricity network businesses in Mexico and Panama.
  • TickerGAS
  • ISINES0116870314
  • ExchangeMadrid Stock Exchange
  • SectorGas, Water & Multi-utilities
  • CountrySpain

Analysts

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Louis Boujard
  • Martial Descoutures
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Louis Boujard
  • Martial Descoutures
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2019

...

Louis Boujard ...
  • Philippe Ourpatian

Naturgy : Q1 ahead of expectations, but full-year guidance unchanged

>Neutral recommendation maintained but target price adjusted to € 23.60 vs € 23.0 - The Q1 2019 results publication, which topped expectations at the recurring operating earnings level does not call into question our Neutral rating on the stock. The strategic aspects of the 2022 plan began falling into place as of Q3 2018, and it is now up to management to increase visibility on recurring trends for the coming years. The 2019 guidance is in line with our current estim...

Louis Boujard ...
  • Philippe Ourpatian

Naturgy : Un T1 au-dessus des attentes, mais des guidances annuelles inchangées

>Recommandation Neutre maintenue, mais OC ajusté à 23.60 € vs 23.0 € - Cette publication, au-dessus des attentes sur l’opérationnel récurrent, ne remet pas en cause notre opinion Neutre sur le titre. Si les éléments stratégiques du plan 2022 se mettent en place à partir du T3 2018, il reste au management à accroître la lisibilité des tendances récurrentes sur les années à venir. Les guidances de 2019 sont en ligne avec nos estimations actuelles puisque le groupe table...

Louis Boujard ...
  • Philippe Ourpatian

Naturgy : Q1 ahead of expectations, but full-year guidance unchanged

>Neutral recommendation maintained but target price adjusted to € 23.60 vs € 23.0 - The Q1 2019 results publication, which topped expectations at the recurring operating earnings level does not call into question our Neutral rating on the stock. The strategic aspects of the 2022 plan began falling into place as of Q3 2018, and it is now up to management to increase visibility on recurring trends for the coming years. The 2019 guidance is in line with our current estim...

Louis Boujard ...
  • Philippe Ourpatian

Naturgy : Un T1 au-dessus des attentes, mais des guidances annuelles inchangées

>Recommandation Neutre maintenue, mais OC ajusté à 23.60 € vs 23.0 € - Cette publication, au-dessus des attentes sur l’opérationnel récurrent, ne remet pas en cause notre opinion Neutre sur le titre. Si les éléments stratégiques du plan 2022 se mettent en place à partir du T3 2018, il reste au management à accroître la lisibilité des tendances récurrentes sur les années à venir. Les guidances de 2019 sont en ligne avec nos estimations actuelles puisque le groupe table...

Tancrede Fulop

Morningstar | Efficiencies and Tariffs Increases Offset Poor LNG Performance in Naturgy's First-Quarter Results

We reiterate our fair value estimate of EUR 24.6 per Naturgy share along with our narrow-moat, stable trend ratings after the group released first-quarter results in line with consensus expectations and left its full-year targets unchanged. Shares look fairly valued. Ordinary EBITDA grew 6% to EUR 1.17 billion. Reported EBITDA came in at EUR 1.12 billion, up 6% and in line with consensus expectations. The difference between ordinary and reported figures comes from restructuring costs of EUR 50 million. Reported net income increased by 7% to EUR 341 million. Profitability drivers reversed com...

Tancrede Fulop

Efficiencies and Tariffs Increases Offset Poor LNG Performance in Naturgy's First-Quarter Results

We reiterate our fair value estimate of EUR 24.6 per Naturgy share along with our narrow-moat, stable trend ratings after the group released first-quarter results in line with consensus expectations and left its full-year targets unchanged. Shares look fairly valued.  Ordinary EBITDA grew 6% to EUR 1.17 billion. Reported EBITDA came in at EUR 1.12 billion, up 6% and in line with consensus expectations. The difference between ordinary and reported figures comes from restructuring costs of EUR 50 ...

Filipe Rosa

Utilities: Termination of coverage

Due to a reallocation of resources, Haitong Research is terminating coverage of Acciona (Ana SM), EDP (EDP PL), Enagas (ENG SM), Endesa (ELE SM), Iberdrola (IBE SM), Naturgy (NTGY SM) and REE (REE SM). Effective upon this termination of coverage, our last recommendations, fair values and estimates should not be relied upon going forward.

Ahmed Ben Salem ...
  • Alain William
  • Alexandre Iatrides
  • Alfred Glaser
  • Baptiste Lebacq
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jerôme Bodin
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Manuel Martin
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 25/07/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Louis Boujard
  • Martial Descoutures
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/02/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Louis Boujard
  • Martial Descoutures
  • Philippe Ourpatian
  • Pierre Corby
  • Roland Pfaender
  • Sven Edelfelt
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/05/2019

...

Alexandre Iatrides ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Martial Descoutures
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Rémi Adam
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 01/31/2019

This report assesses the consequences for BMW and Daimler of a “possible” scenario: an increase in US tariffs on imports from Europe (from 2.5% to 15%) and a decline in Chinese tariffs (from 25% to 15% irrespective of the origin). We estimate: i) the impact on EBIT at -€ 1.2bn for both, i.e. respectively 15% and 10%, and ii) the impact on the valuation at -€ 13.9bn and -€ 14.9bn, which are impressive figures but not realistic. Any increase in US tariffs would result in the relocation ...

Alexandre Iatrides ...
  • Alfred Glaser
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Louis Boujard
  • Martial Descoutures
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Rémi Adam
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/01/2019

...

NATURGY ENERGY GROUP SA loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of NATURGY ENERGY GROUP SA (ES), active in the Gas Distribution industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date April 16, 2019, the closing price was EUR 24.69 and its potential was estimated at EUR 26.98.

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 each recommendation and reflect the fundamental and price data as of the last trading day of the week...

Gas Natural SDG SA (GAS) - Oil & Gas - Deals and Alliances Profile

Summary Gas Natural SDG SA (Gas Natural Fenosa) is an integrated gas and electric utility that carries out the exploration, development, liquefaction, regasification, transportation, storage, distribution and commercialization of natural gas. It also undertakes the generation, distribution and commercialization of electricity. Gas Natural Fenosa also provides expert operations and maintenance services for electricity generation facilities and industrial plants. The group has a presence in several countries, serving various customers across various industries on the five continents. Gas Natura...

Gas Natural SDG SA (GAS) - Power - Deals and Alliances Profile

Summary Gas Natural SDG SA (Gas Natural Fenosa) is an integrated gas and electric utility that carries out the exploration, development, liquefaction, regasification, transportation, storage, distribution and commercialization of natural gas. It also undertakes the generation, distribution and commercialization of electricity. Gas Natural Fenosa also provides expert operations and maintenance services for electricity generation facilities and industrial plants. The group has a presence in several countries, serving various customers across various industries on the five continents. Gas Natura...

Gas Natural SDG SA (GAS) - Oil & Gas - Deals and Alliances Profile

Summary Gas Natural SDG SA (Gas Natural Fenosa) is an integrated gas and electric utility that carries out the exploration, development, liquefaction, regasification, transportation, storage, distribution and commercialization of natural gas. It also undertakes the generation, distribution and commercialization of electricity. Gas Natural Fenosa also provides expert operations and maintenance services for electricity generation facilities and industrial plants. The group has a presence in several countries, serving various customers across various industries on the five continents. Gas Natura...

Gas Natural SDG SA (GAS) - Power - Deals and Alliances Profile

Summary Gas Natural SDG SA (Gas Natural Fenosa) is an integrated gas and electric utility that carries out the exploration, development, liquefaction, regasification, transportation, storage, distribution and commercialization of natural gas. It also undertakes the generation, distribution and commercialization of electricity. Gas Natural Fenosa also provides expert operations and maintenance services for electricity generation facilities and industrial plants. The group has a presence in several countries, serving various customers across various industries on the five continents. Gas Natura...

Naturgy – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Naturgy Energy Group - March, 05th 2019

In item 7, the Board proposes to appoint Mr. Scott Stanley as non-executive Director representing the significant shareholder GIP. Although GIP is not overrepresented (2 representatives, or 17% of Directors, with 20% of the share capital), serious concerns may arise over the lack of independent representation on the Board (42%). Therefore, we recommend opposition. In item 10, the Board proposes several amendments to the remuneration policy (binding vote), including a new incentive and the introduction of a claw-back clause. Although we welcome the introduction of the incentive plan, we note t...

Expert Corporate Governance Service (ECGS)

proxy report 28/06/2018

The Board of Gas Natural has recently approved a reorganization of the Group's structure, including several changes to the corporate governance. From item 6.1 to item 6.8, shareholders are called to approve several amendments to the Bylaws, which are in line with the Group's reorganization. We recommend that shareholders approve all amendments, except the change in the Company's name (item 6.1), as the new name was not made available to shareholders at the time of release of this analysis (June 8). In item 9.1, the Board proposes to ratify the appointment of Mr. Francisco Reynés Massanet as C...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 03/05/2017

In September 2016, the major shareholders "la Caixa" and Repsol sold 20% of Gas Natural shares to the infrastructure fund manager Global Infrastructure Partners (GIP). Following the transaction, Gas Natural's major shareholders are "la Caixa" (24.4%), Repsol (20.1%) and GIP (20%).On 21 September 2016, the Board decided several changes to its composition and regulations, to reflect the new shareholder structure. In items 8.1 to 8.8, it is proposed to appoint 8 non-executive Directors, all representing the major shareholders. As we have concerns over the lack of independent representation on the...

Jérôme VINERIER

Analyse court terme - GAS NATURAL : Les cours baissent.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Jérôme VINERIER

Short term view - GAS NATURAL : Falling prices.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Jérôme VINERIER

Analyse court terme - GAS NATURAL : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

Jérôme VINERIER

Short term view - GAS NATURAL : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Matthieu DRIOL

Medium term view - GAS NATURAL : The correction is gaining traction.

The background trend is clearly bullish. The correction is gaining traction. It is too early to qualify this action as a bearish reversal. The trend would be invalidated below the support at €19.90.

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