Life's a Gas; Initiating Coverage of Gas Natural With EUR 23 FVE, Narrow Moat Rating
We are initiating coverage of Gas Natural Fenosa with a fair value estimate of EUR 23 per share. We assign narrow moat and stable trend ratings.ÂGNF benefits from solid cash flow generation and earnings visibility provided by the networks operations; ongoing cost reductions; and medium-term earnings upside from its large combined-cycle gas generation fleet in Spain. Our fair value estimate offers 13% upside to the current share price as of early August.
GNF's combination of businesses support o...
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).
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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