Gas Natural Lowers Its 2017 Recurring Net Income; Shares Look Significantly Undervalued
Gas Natural published a weak set of nine-month results that were already anticipated by consensus. The group lowered its 2017 recurring net income to EUR 1.2 billion from EUR 1.3 billion-EUR 1.4 billion. We will lower our 2017 estimates accordingly, as we think the new guidance is sensible. The group will disclose a new strategic plan at its full-year results by late February 2018. This will be a welcome update of the equity story, especially regarding the use of the EUR 2.2 billion cash proceed...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).
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