Report
Philippe Ourpatian

Naturgy : 9M 2018 ahead of expectations and 2018 EBITDA guidance clarified

>Neutral recommendation and target price maintained - This publication, which topped expectations at the operating level and which was destabilised 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, it is now up to management to increase visibility on recurring trends for Q4 and also on the coming years. As we said following the presentation of the 2022 plan at end-J...
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
Philippe Ourpatian

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