Naturgy : 2018 recurring earnings slightly higher than expected, 2019 guidance in line
>Neutral recommendation maintained, but target price adjusted to € 23.0 vs € 21.0 previously - This publication, which slightly topped expectations at the recurring operating earnings level and was disrupted by non-recurring items, does not call into question our rating on the stock. The strategic aspects of the 2022 plan are falling into place as of Q3 2018, and it is now up to management to increase visibility on recurring trends for the coming years. The 2019 guida...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).
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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