Naturgy : A slightly better performance in 2019, but 2020 will not be easy
>Neutral rating maintained and target price of € 24.7 vs € 23.60 - While these full-year figures just beat expectations in terms of recurring operating trends, we are nonetheless maintaining our Neutral rating on the stock. It is true that the strategic elements of the 2022 plan are in place, but 2020 will likely be extremely volatile and it is very difficult to analyse at this stage. We have adjusted our target price to € 24.7 (vs € 23.6) based on the same methodolog...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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