Naturgy : Un S1 difficile qui force le groupe à délivrer une trajectoire d’EBITDA 2020
>Opinion Neutre et OC à 17.2 € maintenus, mais BPA 20 révisé de -5.0% - Le groupe a publié des performances au S1 2020 un peu supérieures à nos attentes. Toutefois lors de la conférence téléphonique, le management, face à l’évolution de ses marchés sous-jacents (électricité et gaz) a, pour une fois, publié un atterrissage d’EBITDA 2020 autour de 4.0 Md€. Nous l’avons intégré et dès lors révisé de -5.0% notre BPA 2020. Notre objectif de cours est maintenu à 17.2 €. Com...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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