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NTGY aims to reach an EBITDA’25 target of € 4.8 Bn vs. € 3.7 Bn in 2020 (+5.1% CAGR’20-25 vs. +2.3% BS(e) and consensus) through an aggressive investment plan totalling € 14 Bn, which almost doubles the previous Plan’18-22 (1.7x) of € 8.4 Bn and means average annual investments of € 2.8 Bn (vs. € 1.6 Bn consensus and € 1 Bn BS(e)). We especially highlight the investment in renewable energies (€ 8.7 Bn), and to a lesser extent in networks (€ 4.1 Bn).
NATURGY: 2021-25 STRATEGIC PLAN (ANÁLISIS BANCO SABADELL)
The 2021-25 Strategic Plan is focused on growth (renewables and networks in core markets, with strict financial discipline) at the expense of dividend, “opportunistic” asset rotation and ESG commitment.NTGY aims to reach an EBITDA’25 target of € 4.8 Bn vs. € 3.7 Bn in 2020 (+5.1% CAGR’20-25 vs. +2.3% BS(e) and consensus) through an aggressive investment plan totalling € 14 Bn, which almost doubles the previous Plan’18-22 (1.7x) of € 8.4 Bn and means average annual investments of € 2.8 Bn (vs. € 1.6 Bn consensus and € 1 Bn BS(e)). We especially highlight the investment in renewable energies (€ 8.7 Bn), and to a lesser extent in networks (€ 4.1 Bn).
Underlying
Naturgy (NTGY SM)
Provider
Sabadell
Virginia Romero
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