Naturgy Is the Only International Integrated Utility in Europe With a Moat
Naturgy released 2018 results below our expectations on a reported basis and set 2019 guidance above our estimates. We plan to increase our earnings and fair value estimates by a mid-single-digit rate following this publication. For the moment, we reiterate our EUR 22.30 fair value estimate for Naturgy along with our narrow moat and stable trend ratings.Ordinary EBITDA grew 12% to EUR 4.4 billion, accelerating from 10% at the end of September. Reported EBITDA grew 3% to EUR 4 billion, below our...
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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