Naturgy : Excessive caution for 2022 like in 2021?
>Neutral rating maintained but target price adjusted to € 25.4 vs € 23.0 - In the wake of the publication of 2021 performances that beat our estimates and those of the consensus, we have left unchanged our 2022 estimates based on the 2021-2025 strategic trajectory announced by the group. Our 2022 EBITDA estimates (€ 4.11bn) are above the current consensus (€ 3.94bn). However, the group’s guidance of reaching at least the 2021 level, or even beating it, supports our as...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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