Naturgy : H1 in line, 2025 strategy based on growth but not on dividends
>Neutral recommendation and target price of € 23.0 maintained - Following the publication of H1 2021 performances that were in line with forecasts and the presentation of the strategy for 2021-2025 focused on the development of renewable energies and networks, we maintain our Neutral rating on the share and our target price of € 23.0 based on the average of a DCF (€ 22.6 with a WACC of 7.83%, unchanged perpetual growth of 1.5%), a sum-of-the-parts based on an industri...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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