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

Jorge Guimarães

Iberian Energy Monthly: December: little wind, steady prices

The last month of the year was characterized by a stabilization of pool prices, as avg of Eur61.9/MWh was still 7% up yoy but flat mom. December was poor in terms of wind resources (output of 5.4TWh, 24% down yoy, 1% < 5Y avg), but since demand in Iberia was also weaker (25.6TWh, -4% yoy, also 1% < 5Y avg) this did not have a significant impact on prices, moreover because hydro production continues to compare very favourably with a very dry 2017 (hydro production reached 3.9TWh, +80% yoy, 19% > 5Y avg), meaning the thermal gap was down 20% yoy to 7.3TWh. For 4Q18, avg pool price in the quarter...

Tancrede Fulop

Morningstar | Naturgy's Unique Capital Structure Drives Shareholder-Friendly Policy

With 34 billion cubic meters of gas sold in 2017, of which 11 bcf were LNG, Naturgy is one of the largest gas utilities in Europe. The profitability of the gas supply division has been under pressure since 2012, owing to a drop in the unit margin from intense competition and narrowing of spreads between gas prices across the world.This backdrop has reversed in 2018 due to increasing gas prices and spreads across the world. We expect the profitability of the gas supply and International LNG divisions to significantly increase through 2022 owing to increasing volumes, continuing margin improveme...

Tancrede Fulop

Naturgy's Unique Capital Structure Drives Shareholder-Friendly Policy

We reiterate our EUR 23.50 fair value estimate for Naturgy Energy Group along with our narrow moat and stable trend ratings after the group released nine-month results in line with our expectations. The shares appear slightly undervalued.  Recurrent EBITDA grew 10% to EUR 3.25 billion as growth accelerated from 6% in the first half to 19% in the third quarter. The main positive driver was the gas and power division; international liquefied natural gas' EBITDA jumped by EUR 170 million at the end...

Jorge Guimarães

Iberian Energy Monthly: November: price stabilization continues

The month of November was characterized by the continued stabilization of wholesale electricity prices (pool prices) in Iberia, which started in October, and was helped by the changes in taxation introduced by the Spanish government for Q4. The avg pool price reached Eur62.1/MWh in the month, still up 5% yoy, but 5% lower mom and 13% below the September high. Iberian electricity demand reached 25.2TWh, +1% yoy (YTD accumulated demand +1.4%), but since wind, hydro and nuclear productions were higher vs last year (+20%/+110%+6% to 5.9/3.1/3.8TWh, respectively), the thermal gap was down 22% yoy (...

Pedro Echeguren

Spanish Renewable Electricity: Coming regulatory changes

Spanish Renewable Electricity: Coming regulatory changes Two targets: Make electricity greener and cheaper Forthcoming measures Companies: Winners and losers

Jorge Guimarães

Iberian Energy Monthly: December: little wind, steady prices

The last month of the year was characterized by a stabilization of pool prices, as avg of Eur61.9/MWh was still 7% up yoy but flat mom. December was poor in terms of wind resources (output of 5.4TWh, 24% down yoy, 1% < 5Y avg), but since demand in Iberia was also weaker (25.6TWh, -4% yoy, also 1% < 5Y avg) this did not have a significant impact on prices, moreover because hydro production continues to compare very favourably with a very dry 2017 (hydro production reached 3.9TWh, +80% yoy, 19% > 5Y avg), meaning the thermal gap was down 20% yoy to 7.3TWh. For 4Q18, avg pool price in the quarter...

Tancrede Fulop

Morningstar | Naturgy's Unique Capital Structure Drives Shareholder-Friendly Policy

With 34 billion cubic meters of gas sold in 2017, of which 11 bcf were LNG, Naturgy is one of the largest gas utilities in Europe. The profitability of the gas supply division has been under pressure since 2012, owing to a drop in the unit margin from intense competition and narrowing of spreads between gas prices across the world.This backdrop has reversed in 2018 due to increasing gas prices and spreads across the world. We expect the profitability of the gas supply and International LNG divisions to significantly increase through 2022 owing to increasing volumes, continuing margin improveme...

Tancrede Fulop

Naturgy's Unique Capital Structure Drives Shareholder-Friendly Policy

We reiterate our EUR 23.50 fair value estimate for Naturgy Energy Group along with our narrow moat and stable trend ratings after the group released nine-month results in line with our expectations. The shares appear slightly undervalued.  Recurrent EBITDA grew 10% to EUR 3.25 billion as growth accelerated from 6% in the first half to 19% in the third quarter. The main positive driver was the gas and power division; international liquefied natural gas' EBITDA jumped by EUR 170 million at the end...

Jorge Guimarães

Iberian Energy Monthly: November: price stabilization continues

The month of November was characterized by the continued stabilization of wholesale electricity prices (pool prices) in Iberia, which started in October, and was helped by the changes in taxation introduced by the Spanish government for Q4. The avg pool price reached Eur62.1/MWh in the month, still up 5% yoy, but 5% lower mom and 13% below the September high. Iberian electricity demand reached 25.2TWh, +1% yoy (YTD accumulated demand +1.4%), but since wind, hydro and nuclear productions were higher vs last year (+20%/+110%+6% to 5.9/3.1/3.8TWh, respectively), the thermal gap was down 22% yoy (...

Pedro Echeguren

Spanish Renewable Electricity: Coming regulatory changes

Spanish Renewable Electricity: Coming regulatory changes Two targets: Make electricity greener and cheaper Forthcoming measures Companies: Winners and losers

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Louis Boujard
  • Philippe Ourpatian
  • Vincent Maulay

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Louis Boujard
  • Philippe Ourpatian
  • Vincent Maulay

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2018

...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas Kieffer
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Salma Bouraoui
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2018

Which stocks should be picked over the summer? We have sought to answer this question by screening the Stoxx 600 using simple criteria: buy stocks with positive 1m, 3m and 6m EPS revision and that are not expensive (maximum premium of 20% on P/E and P/B) relative to their respective sectors. We have selected stocks on which our analysts have Buy recommendations and our chart analyst (Rémy Colombero) has a positive opinion: Ahold, Aegon, Alten, Arkema, Eiffage and Ipsen. Applying a sym...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Baptiste Lebacq
  • Benoit Valleaux
  • Christophe Chaput
  • Delphine Brault
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • François Maury
  • Georges Dieng
  • Jean-François Granjon
  • Johanna Jourdain
  • Laurence Hofmann
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Nicolas Kieffer
  • Nicolas David
  • Olfa Taamallah
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby
  • Pierre Tegner
  • Salma Bouraoui
  • Sven Edelfelt
  • Sylvain Goyon, CFA
  • Thomas Zlowodzki
  • Vincent Maulay
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2018

Quels titres favoriser pour l’été ? Nous avons tenté de répondre à cette question en criblant sur des critères simples le Stoxx 600 : acheter les titres qui connaissent une dynamique de révision de BPA positive à 1m, 3m et 6m et qui ne sont pas « chers » (prime maximale de 20% en P/E et P/B) par rapport à leurs secteurs de rattachement respectifs. Nous retenons les titres recommandés à l’Achat par nos analystes et pour lesquels notre chartiste (R. Colombero) a une opinion positive : A...

Alexandre Iatrides ...
  • Alfred Glaser
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Bruno Hareng
  • Delphine Brault
  • Emira Sagaama
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Léopold Authié
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas Kieffer
  • Olfa Taamallah
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Tegner
  • Pierre Corby
  • Stephane Houri
  • Steven Gould
  • Vincent Maulay
  • Vincent Baron
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/19/2018

The Innogy deal will reshuffle E.ON’s and RWE’s businesses and strategies, with each specialising on one part of the utility value chain (downstream and upstream, respectively). While the transaction will not significantly change the two companies’ level of exposure to climate transition risks (low for E.ON / high for RWE), simpler business structures and strategies should help the two German utilities to deliver (at last!) a clearer message on their contribution to climate mitigation...

NATURGY ENERGY GROUP SA sees a downgrade to Neutral on account of less fundamental stars

The independent financial analyst theScreener just lowered the general evaluation of NATURGY ENERGY GROUP SA (ES), active in the Gas Distribution industry. As regards its fundamental valuation, the title now shows 1 out of 4 stars while market behaviour can be considered moderately risky. theScreener believes that the title remains under pressure due to the loss of a star(s) and downgrades its general evaluation to Neutral. As of the analysis date October 12, 2018, the closing price was EUR 21.56 and its target price was estimated at EUR 20.48.

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...

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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