Naturgy's 9-Month Results in Line With Expectations; Shares Slightly Undervalued
We reiterate our EUR 23.50 fair value estimate for Naturgy Energy Group along with our narrow moat and stable trend ratings after the group released nine-month results in line with our expectations. The shares appear slightly undervalued.ÂRecurrent EBITDA grew 10% to EUR 3.25 billion as growth accelerated from 6% in the first half to 19% in the third quarter. The main positive driver was the gas and power division; international liquefied natural gas' EBITDA jumped by EUR 170 million in the qua...
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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