Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : 2023 calibré, mais l’incertitude sur les opérations et la structure demeure

>Opinion Neutre maintenue mais OC ajusté à 27.2 € (vs 25.4 €) - A l’issue de la publication de performances des 2022 qui sont ressorties au-dessus de nos attentes et de celles du consensus globalement, nous avons ajusté nos estimations 2023 de +34.9% afin de prendre en compte la guidance d’EBITDA 2023 fondée sur l’atteinte a minima du niveau de 2022 (4.9 Md€). Notons que le groupe a officialisé un reporting de ses performances sur une base semestrielle avec, dans l’in...
Underlying
Naturgy Energy Group S.A.

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).

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Louis Boujard, CFA

Philippe Ourpatian

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