The energy crisis is behind us, and the European Commission has taken action to prevent further disruption over the coming years. European utilities will continue to grow in terms of both cash flow generation and investment, but at a less hectic pace. The extremely elevated power prices seen in 2022 and 2023 are also entering into a normalisation phase
Spanish utilities released their 1H23 results. Financial numbers were in line with expectations, but Spanish utilities are one of our least preferred utilities. Naturgy posted a robust 1H23 performance with the group's EBITDA up 39% to €2,849m We are marketweight on Naturgy. As far as Iberdrola is concerned, the champion of the green transition also released robust 1H23 results but its € senior bonds offer no upside in our opinion. We are underweight Enagas and Redeia[ed] on challenging regulato...
Naturgy posted a robust 1H23 performance with the group's EBITDA up 39% to €2,849m. The strong financial numbers were supported by better hedging/contracts locked by its supply segment. These contracts secure Naturgy's higher margins for the next 18 months or so. The company was also able to reduce indebtedness thanks to a strong cash flow generation. Last but not least, Standard & Poor's withdrew its watch negative on the BBB rating in May to replace it by a stable outlook. These are the good n...
Naturgy announced the break-up of its company into two separate listed companies and a change in the board of directors. Today, management held a 1 hour Investor call and presented the “project Geminis” and the rationales behind it. The project will lead to the birth of two entities, one focused on liberalised businesses and one on network activities. The split is expected to bring better allocation of investments and risks and reinforce the focus on the green transition. While Naturgy's managem...
Earnings season is kicking off for utilities. We expect the European integrated utilities to post an average 9% EBITDA growth in 2021. For 2022, according to guidance from the companies and our assumptions, we should see another year of sustained EBITDA growth at about 7%. Factors driving this sector growth include relatively elevated power prices with demand still growing, although at a much lower pace, ETS carbon emission contracts reaching record levels, and tensions between Russia and Ukrain...
Ãndice: CALIFICACIONES ASIGNADAS 1 FUNDAMENTOS DE LA CALIFICACIÓN 1 CAPACIDAD DE PAGO Y GENERACIÓN DE GANANCIAS 3 LIQUIDEZ DE LA ACCIÓN 4 ASPECTOS COMPLEMENTARIOS 4 CALIFICACIONES ASIGNADAS 5 INDICADORES OPERATIVOS Y FINANCIEROS 7 INFORMACIÓN CONTABLE COMPLEMENTARIA (RESUMIDA) 8 DEFINIC...
Ãndice: CALIFICACIONES ASIGNADAS 1 FUNDAMENTOS DE LA CALIFICACIÓN 1 CAPACIDAD DE PAGO Y GENERACIÓN DE GANANCIAS 2 LIQUIDEZ DE LA ACCIÓN 3 ASPECTOS COMPLEMENTARIOS 3 CALIFICACIONES ASIGNADAS 4 INDICADORES OPERATIVOS Y FINANCIEROS 5 INFORMACIÓN CONTABLE COMPLEMENTARIA (RESUMIDA) 6 DEFINICIONES 6 ...
Ãndice: CALIFICACIONES ASIGNADAS 1 FUNDAMENTOS DE LA CALIFICACIÓN 1 CAPACIDAD DE PAGO Y GENERACIÓN DE GANANCIAS 2 LIQUIDEZ DE LA ACCIÓN 4 ASPECTOS COMPLEMENTARIOS 4 CALIFICACIONES ASIGNADAS 5 INDICADORES OPERATIVOS Y FINANCIEROS 6 INFORMACIÓN CONTABLE COMPLEMENTARIA (RESUMIDA) 7 DEFINIC...
INFRASTRUCTURE AND PROJECT FINANCE CREDIT OPINION 18 December 2017 Update RATINGS Gas Natural BAN, S.A. Domicile Argentina Long Term Rating B1 Type LT Corporate Family Ratings - Dom Curr Outlook Stable Please see the ratings section  at the end of this report for more information. The ratings and outlook shown reflect information as of the publication date. Contacts Daniela Cuan +54.115
1 1 2 4 5 6 7 8 9 Ãndice: CALIFICACIONES ASIGNADAS FUNDAMENTOS DE LA CALIFICACIÓN CAPACIDAD DE PAGO Y GENERACIÓN DE GANANCIAS LIQUIDEZ DE LA ACCIÓN ASPECTOS COMPLEMENTARIOS CALIFICACIONES ASIGNADAS INDICADORES OPERATIVOS Y FINANCIEROS INFORMACIÓN CONTABLE COMPLEMENTARIA (RESUMIDA)
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