Best Idea GAS Sharply Increases Dividends; 2018-22 Free Cash Flow Forecasts In Line With Ours
We view the aggressive increase in shareholders' remuneration in the new 2018-2022 strategic plan as a positive. It reflects clout from financial shareholders CVC Capital and GIP and a more conservative approach to investments. We appreciate this, as global value creation opportunities in the sector are not massive in our view, in either renewables or infrastructure, owing to high levels of competition. We maintain our fair value estimate of EUR 23.50 per share for Gas Natural--renamed Naturgy--...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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