Naturgy : A tough first half
>Reduce recommendation and target price maintained - These numbers, falling short of expectations at the operating level and destabilised by non-recurring items, do not call into question our rating on the stock. The strategic aspects of the 2022 plan will fall into place from Q3 2018 but management will have to increase visibility on trends for the year and deliver a minimum level of business guidance (EBITDA at least). As we said following the presentation of the 20...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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