Enagas : Tallgrass divestment: a reasonable sacrifice of long-term cash flows
>A positive strategic and short-term financial catalyst - We are updating our estimates on Enagas to reflect the recent divestment of its 30.2% stake in Tallgrass Energy for € 1bn, including an estimated capital loss of € 360m. The sale will have limited effects over the 2024-2026 period as the contribution of Tallgrass was expected to be almost negligible in earnings (equity-accounted investees) while dividends were suspended until 2027 (when we expected a contributi...Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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