Naturgy : Q3 2019 in line, guidance confirmed, but the outlook is still cloudy
>Neutral rating and € 23.60 target price maintained - Based on these quarterly earnings, which are in line with our expectations in terms of recurrent operating profit, we are maintaining our Neutral rating. Whilst the strategic elements of the 2022 plan are in place, the regulatory risk to gas activities in Spain is still there. In view of this risk, the 2019 guidance was not the focus of any specific comment at this stage and is therefore maintained. The group forec...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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