Report
Louis Boujard, CFA ...
  • Philippe Ourpatian

Naturgy : Une prudence excessive pour 2022 comme en 2021 ?

>Opinion Neutre maintenue mais OC ajusté à 25.4 € vs 23.0 € - A l’issue de la publication de performances 2021 supérieures à nos attentes et à celles du consensus, nous avons conservé en l’état nos estimations pour 2022 fondées sur la trajectoire stratégique 2021-2025 annoncée par le groupe. Notre estimation d’EBITDA 2022 (4.11 Md€) ressort supérieure au consensus actuel (3.94 Md€), mais la guidance du groupe d’atteindre à minima le niveau de 2021, voire de le battre ...
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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