Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : A growth target for 2021

>Neutral rating and target price of € 21.0 maintained - Restated for the retroactive deconsolidation of the electricity transmission and distribution activities in Chile being sold to the Chinese group China State Grid, results for 2020 were a shade below our expectations. The performance was marked by persistently difficult conditions in the gas markets, the pandemic and forex. For 2021, management's message remains reasonably optimistic with a qualitative guidance ...
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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