Naturgy : 2023 calibrated, but uncertainty continues on operations and the structure
>Neutral rating maintained but target price adjusted to € 27.2 (vs € 25.4) - Following the release of the 2022 performances which broadly beat our estimates and those of the consensus, we have adjusted our 2023 estimates by +34.9% to factor in the 2023 EBITDA guidance based on reaching at least the 2022 level (€ 4.9bn). Note that the group has announced performance reporting on a half-yearly basis with the publication of a trading statement for Q1 and Q3 in the meanti...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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