Report
Philippe Ourpatian

Naturgy : Un premier semestre troublé

>Opinion Neutre et objectif de cours maintenu - Cette publication, en deçà des attentes sur l’opérationnel et troublée par les éléments non récurrents, ne remet pas en cause notre opinion sur le titre. Si les éléments stratégiques du plan 2022 vont se mettre en place à partir du T3 2018, il reste au management à accroitre la lisibilité des tendances sur l’année et à délivrer à minima un paramètre de guidance d’activité (EBITDA au minimum). Comme nous l’avions mentionn...
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
Philippe Ourpatian

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