Naturgy Energy Group SA

Gas Natural SDG is a gas company based in Spain. Co. and its subsidiaries are primarily engaged in the supply, transportation, distribution and commercialization of piped natural gas, as well as the activities involving exploration and developing, supply, regasification, liquefaction and storage of natural gas, and the generation and commercialization of electricity. Co. operates mainly in Spain and also outside of Spain, especially in Latin America, Puerto Rico, Italy, France and Africa (through Maghreb-Europe gas pipeline and integrated LNG projects in Algeria).
  • TickerGAS
  • ISINES0116870314
  • ExchangeMadrid Stock Exchange
  • SectorGas, Water & Multi-utilities
  • CountrySpain

Analysts

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2019

...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : Q3 2019 in line, guidance confirmed, but the outlook is still cloudy

>Neutral rating and € 23.60 target price maintained - Based on these quarterly earnings, which are in line with our expectations in terms of recurrent operating profit, we are maintaining our Neutral rating. Whilst the strategic elements of the 2022 plan are in place, the regulatory risk to gas activities in Spain is still there. In view of this risk, the 2019 guidance was not the focus of any specific comment at this stage and is therefore maintained. The group forec...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : Un T3 2019 en ligne, la guidance est confirmée, mais l’horizon demeure nuageux

>Recommandation Neutre et OC à 23.60 € maintenus - Cette publication trimestrielle en ligne avec nos attentes sur l’opérationnel récurrent ne remet pas en cause notre opinion Neutre sur le titre. Si les éléments stratégiques du plan 2022 sont en place, le risque réglementaire sur les activités de gaz en Espagne demeure. Au regard de ce risque, les guidances de 2019 n’ont pas fait l’objet d’un commentaire particulier à ce stade et sont par conséquent maintenues. Le gro...

Javier Esteban

NATURGY: MENSAJES DE LA CONFERENCE CALL RDOS. 9MESES’19 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. 9meses’19 destacamos muy pocas novedades.  NTGY revisa al alza del objetivo de eficiencias 2019 desde 100 hasta 150 M euros pero esta (que supone un 1% del EBITDA) ya se adelantó en julio’19 con motivo de los Rdos. 2T’19  Según NTGY aún no se ha visto el suelo en GNL (6% EBITDA/ -44% caída a 9meses’19) por lo que la visibilidad en esta línea es muy limitada. VALORACIÓN Noticias de poco impacto. La incertidumbre en GNL no es nueva en un entorno de precios del gas en mínimos. Nosotros tendremos que revisar nuestras estimaciones en esta línea y a corto plazo en ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : Q3 2019 in line, guidance confirmed, but the outlook is still cloudy

>Neutral rating and € 23.60 target price maintained - Based on these quarterly earnings, which are in line with our expectations in terms of recurrent operating profit, we are maintaining our Neutral rating. Whilst the strategic elements of the 2022 plan are in place, the regulatory risk to gas activities in Spain is still there. In view of this risk, the 2019 guidance was not the focus of any specific comment at this stage and is therefore maintained. The group forec...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : Un T3 2019 en ligne, la guidance est confirmée, mais l’horizon demeure nuageux

>Recommandation Neutre et OC à 23.60 € maintenus - Cette publication trimestrielle en ligne avec nos attentes sur l’opérationnel récurrent ne remet pas en cause notre opinion Neutre sur le titre. Si les éléments stratégiques du plan 2022 sont en place, le risque réglementaire sur les activités de gaz en Espagne demeure. Au regard de ce risque, les guidances de 2019 n’ont pas fait l’objet d’un commentaire particulier à ce stade et sont par conséquent maintenues. Le gro...

Javier Esteban

NATURGY: MENSAJES DE LA CONFERENCE CALL RDOS. 9MESES’19 (ANÁLISIS BANCO SABADELL)

De la conference call de Rdos. 9meses’19 destacamos muy pocas novedades.  NTGY revisa al alza del objetivo de eficiencias 2019 desde 100 hasta 150 M euros pero esta (que supone un 1% del EBITDA) ya se adelantó en julio’19 con motivo de los Rdos. 2T’19  Según NTGY aún no se ha visto el suelo en GNL (6% EBITDA/ -44% caída a 9meses’19) por lo que la visibilidad en esta línea es muy limitada. VALORACIÓN Noticias de poco impacto. La incertidumbre en GNL no es nueva en un entorno de precios del gas en mínimos. Nosotros tendremos que revisar nuestras estimaciones en esta línea y a corto plazo en ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : A stronger Q2 for a H1 in line, but the regulatory risk remains

>Neutral recommendation and target price of € 23.60 maintained - This interim publication, which was in line with our expectations at the recurring operating earnings level, does not call into question our Neutral rating on the stock. Whilst the strategic elements of the 2022 plan are in place, the regulatory risk on gas activities in Spain remains. With regard to regulatory risk, the 2019 guidance has not been the subject of specific comment at this stage and is ther...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : Un T2 2019 meilleur pour un S1 en ligne, mais le risque réglementaire demeure

>Recommandation Neutre et OC à 23.60 € maintenus - Cette publication semestrielle en ligne avec nos attentes sur l’opérationnel récurrent ne remet pas en cause notre opinion Neutre sur le titre. Si les éléments stratégiques du plan 2022 sont en place, le risque réglementaire sur les activités de gaz en Espagne demeure. Au regard de ce risque, les guidances de 2019 n’ont pas fait l’objet d’un commentaire particulier à ce stade et sont par conséquent inchangées Le group...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10/31/2019

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Delphine Brault
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard, CFA
  • Martial Descoutures
  • Oussema Denguir
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 31/10/2019

...

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, CFA
  • Manuel Martin, CEFA,CREA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Roland Pfaender,MBA,CFA,CCRA
  • Stephane Houri

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/25/2019

...

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

...

NATURGY ENERGY GROUP SA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of NATURGY ENERGY GROUP SA (ES), a company active in the Gas Distribution industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date October 8, 2019, the closing price was EUR 23.72 and its potential was estimated at EUR 25.91.

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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