Enagas : Turning on the investment pipeline: upgrading to Outperform
>Upgrading to Outperform on valuation and strategic developments - We are upgrading our recommendation on Enagas to Outperform from Neutral mostly on valuation grounds after the recent share pullback (-c.20% over the last 3 months). We believe its valuation already factors in the risks of rising interest rates but fails to reflect its growth opportunities (hydrogen, international connections) and recent successful strategic developments (capital increase at Enagas Ren...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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