Naturgy : A stronger Q2 for a H1 in line, but the regulatory risk remains
>Neutral recommendation and target price of € 23.60 maintained - This interim publication, which was in line with our expectations at the recurring operating earnings level, does not call into question our Neutral rating on the stock. Whilst the strategic elements of the 2022 plan are in place, the regulatory risk on gas activities in Spain remains. With regard to regulatory risk, the 2019 guidance has not been the subject of specific comment at this stage and is ther...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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