Naturgy : 9M 2021 results in line, 2021 EBITDA adjusted downwards
>Neutral recommendation and target price of € 23.0 maintained - Following the publication of 9M 2021 performances that were in line with our estimates but above those of the consensus, we factored in the adjustment to the 2021 EBITDA guidance, the range for which was revised down by € 100m to € 3.8-3.9bn. This results in a -7.3% adjustment to our 2021 EPS estimate. We maintain our Neutral rating on the share and our target price of € 23.0 based on the average of a DCF...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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