Sabadell - Enagas SA (ENG) ENAGÃS: CNMC EN PRECIO (ANÃLISIS BANCO SABADELL)

Report

Sabadell

Javier Esteban

EUR 400.00 For Business Accounts Only

ENAGÃS: CNMC EN PRECIO (ANÃLISIS BANCO SABADELL)

Ya descuenta el alivio del -50% a los recortes originales de CNMC. Cambiamos a VENDER.
Nuestro P.O. (23,6 euros/acc.) apenas arroja potencial tras el alivio a los recortes anunciado el pasado 06/11. Desde aquÃ queda el dictamen del Consejo de Estado y la aprobaciÃ³n definitiva en CNMC antes del 31/12. El proceso serÃ¡ Ã¡gil si no hay gobierno porque lo aprobarÃa la CNMC actual. De haberlo sin embargo, una nueva CNMC podrÃa reconsiderarlo todo y retrasarlo, lo que podrÃa implicar que ENAG descuente puntualmente escenarios de cero recortes, dejando un potencial mÃ¡ximo del +12% que no compensa los riesgos por lo que tras un rebote desde mÃnimos del +17% cambiamos a VENDER.

22/11/2019 11 ES

Underlying

Enagas SA

Enagas is a gas transportation company based in Spain. Co. is engaged in the technical distribution and storage of gas through pipelines as well as the provision of regasification services. Co. and subsidiaries are engaged in the ownership, administration, storage, pipeline transportation, distribution flow, and sale of natural gas. As a transport company, Co. also provides gas and manages the gas infrastructures.

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ES0130960018 Madrid Stock Exchange Spain

Provider

Sabadell

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Analysts

Javier Esteban

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COMPAÑÍAS QUE APARECEN EN EL INFORME: ESPAÑA: ACCIONA, ACCIONA ENERGÍA, ENAGÁS. EUROPA: ALLIANZ, DEUTSCHE TELEKOM, SIEMENS. El Ibex sigue imparable Pese a ser una jornada de caídas en la mayoría de las bolsas europeas Italia y España sumaron otra sesión más al alza con el Ibex superando la barrera de los 13.800 puntos. En el STOXX 600 la mayoría de sectores (15/20) cerraron con pérdidas, lideradas por B. de Consumo y Farma frente a Construcción y Bancos que fueron los que más subieron. Por el lado macro, en España y Alemania la inflación final de abril confirmó sin cambios el 2,2% y el 2,1% ...

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ENAGAS: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

1Q'25 vs. 1Q'24 Results EBITDA: € 163.9 M (-8.1% vs. -8.6% BS(e) and -9.1% consensus); Net Profit: € 65.2 M (0.0% vs. -6.4% BS(e) and -8.0% consensus); 1

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IBERIAN DAILY 16 MAY (ANÁLISIS BANCO SABADELL)

NEWS SUMMARY: N/A. US macro shows weakness After a slow start, European stock markets rallied throughout the session (aided by positive macro data) and closed with gains. In the STOXX 600, the defensive sectors Telecoms and Utilities posted the biggest gains, whereas Energy and Basic Materials fell the most. On the macro side, in the euro zone, the second reading of the 1Q’25 GDP confirmed the figure of 1.2% YoY, with March’s industrial output and 1Q’25 job creation rising more than expected. In the UK, 1Q’25 GDP growth was higher than expected. In the US, May’s Empire manufacturing index fel...

EUR 100.00

21h / 12m 21h / 12m 1 EN

Research Department

Research Department

INFORME DIARIO 16 MAYO (ANÁLISIS BANCO SABADELL)

COMPAÑÍAS QUE APARECEN EN EL INFORME: EUROPA: ENI. La macro en EE.UU. muestra debilidad Jornada de menos a más en las bolsas europeas que con la ayuda de datos macro positivos terminaron cerrando con subidas. En el STOXX 600 los defensivos Telecos y Utilities fueron los sectores que más subieron frente a Energía y R. Básicos que fueron los que más cayeron. Por el lado macro, en la Eurozona la segunda lectura del PIB 1T’25 ratificó el 1,2% a/a con la producción industrial de marzo y la creación de empleo del 1T’25 repuntando más de lo esperado. En R. Unido el crecimiento de PIB 1T’25 resultó...

EUR 100.00

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EUR 200.00

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ENAGÃS: CNMC EN PRECIO (ANÃLISIS BANCO SABADELL)

IBERIAN DAILY 15 MAY (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 15 MAYO (ANÁLISIS BANCO SABADELL)

ENAGAS: 1Q’25 RESULTS (ANÁLISIS BANCO SABADELL)

IBERIAN DAILY 16 MAY (ANÁLISIS BANCO SABADELL)

INFORME DIARIO 16 MAYO (ANÁLISIS BANCO SABADELL)

BANCO SABADELL RECOMMENDED PORTFOLIO WEEK 07 TO 14 MAY 2025 (ANÁLISIS BANCO SABADELL)

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ENAGÃS: CNMC EN PRECIO (ANÃLISIS BANCO SABADELL)