Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : Un exercice 2019 un peu mieux, 2020 pas simple

>Recommandation Neutre et OC à 24.7 € vs 23.60 € - Cette publication annuelle un peu au-dessus des attentes sur l’opérationnel récurrent ne remet pas en cause notre opinion Neutre sur le titre. Si les éléments stratégiques du plan 2022 sont en place, 2020 sera extrêmement volatile et difficile à lire. Notre objectif de cours est ajusté à 24.7 € (vs 23.6 €) sur la base d’une méthodologie inchangée (moyenne somme des parties et actualisation des flux de trésorerie). Le ...
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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