Naturgy : A difficult H1 forcing the group to issue a target for EBITDA 2020
>Neutral recommendation and target price of € 17.2 maintained, but 2020 EPS revised down -5.0% - The group has reported an H1 2020 performance that came in a shade above our forecasts. That said, during the conference call, management, in the face of trends in the underlying markets (electricity and gas) has, for once, issued a target for 2020 EBITDA at around € 4.0bn. Factoring this in we have lowered our 2020 EPS forecast by 5.0%. We are maintaining our target price...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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