Maintaining Gas Natural's FVE After the Announcement of a Slight Remuneration Cut
We reiterate our narrow-moat, stable moat trend ratings for Gas Natural after the Spanish Minister of Energy announced a project bill targeting a tariff cut way below recent press reports. We also maintain our fair value estimate of EUR 22, as we estimate a maximum bottom-line impact of EUR 20 million. Shares appear significantly undervalued after what we consider to be an overreaction by the market over the past several days. We think the market is missing the upside from power generation's mar...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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