Naturgy Maintains 2019 Guidance and Raises Cost-Cutting Target; All Eyes on Spanish Regulation
We reiterate our fair value estimate of EUR 24.60 per share along with our narrow moat and stable trend ratings after Naturgy released first-half results roughly in line with consensus expectations and left its full-year targets unchanged. Should Spanish regulator CNMC's proposals issued July 5 be adopted, we would reduce our fair value estimate by EUR 2, to EUR 22.60 per share. The last closing share price of EUR 22.90 shows that downside appears limited.Ordinary EBITDA grew 8% to EUR 2.28 bil...
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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