Best Idea Naturgy's 1H Results in Line With Expectations; Shares Fairly Valued
We reiterate our EUR 23.50 fair value estimate for Naturgy--formerly named Gas Natural--along with our narrow moat and stable trend ratings after the group released first-half results in line with expectations. The shares appear fairly valued. First-half recurrent EBITDA came in at EUR 2.1 billion, up 6% versus last year and in line with consensus expectations. This implies a slowdown in the second quarter as first-quarter growth stood at 7.8%. Recurrent net income increased 22% to EUR 532 milli...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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