Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : Q1 2022 broadly in line, still no guidance set for 2022

>Neutral rating and € 25.4 TP maintained - The Q1 2022 release came out broadly in line with our expectations and with consensus forecasts, so we are sticking with our 2022 estimates which are based on the 2021-2025 strategic trajectory announced by the group. Our 2022 EBITDA forecast (€ 4.11bn) is a shade above the current consensus (€ 4.04bn) but the group’s guidance, which is to achieve the same level as in 2021 or even overtake it, lends weight to our estimates fo...
Underlying
Naturgy Energy Group S.A.

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).

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Louis Boujard, CFA

Philippe Ourpatian

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