ENAGÃS: PRICING IN THE CNMC’S PROPOSAL (ANÃLISIS BANCO SABADELL)
Already prices in a -50% softening of the CNMC’s initial cuts. We change to SELL.Our T.P. (€ 23.63/sh.) barely yields upside after the softening of the cuts announced on 06/11. From here on out, we are awaiting the decision of the Council of State and the final approval at the CNMC before 31/12. The process will be quick, in the absence of government formation the current CNMC would approve it. However, if a government were to be formed, a new CNMC could reconsider it all and postpone it, which could lead ENAG to price in scenarios of zero cuts, yielding a maximum upside of +12%, which is not offset by the risks, and following a +17% rally from lows we change our recommendation to SELL.
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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