Morgan Stanley | Our estimates of Naturgy (NTGY) for 2022 are 18% below the objectives set by the company. This is due to our negative vision in LNG and in Latin American currencies.
Acerinox and MásMóvil will increase their weight in the Spanish stock index, accounting for 100% of its capital vs current 80%. On the contrary, Colonial will see it reduced to 60% (vs current 80% ) while Naturgy goes from 60% to 40%.
For the ratings agency, the reforms the Spanish regulator wants to carry out include a significant change in methodology which means less income for the companies in the sector in 2021-2026.
José Benito de Vega | Naturgy has enjoyed a very positive stockmarket evolution since the beginning of 2018, in which period its value has increased 43% compared to an 8% fall of the IBEX35. There are various factors behind his positive performance compared to the index, which was accentuated following the presentation of its Strategic Plan in June 2018. However, after the positive evolution of its shares, it is trading with elevated multiples and at a premium to the European sector which, in our opinion, does not take account of the regulatory risk.
Alphavalue | The energy multinational Naturgy in the period 2018-2019 will invest a total of 955 M€ in the development of rentable Energy in Spain,…
Naturgy expects to invest 2 billion euros during 2019, of which 70% will be destined for Spain: almost 1 billion euros in new renewable installations, 175 million euros for electricity networks and another 220 million euros in gas networks. This was announced by the company’s president, Francisco Reynes, during a press conference prior to the General Assembly of shareholders held in Madrid yesterday.
Naturgy has reached agreement with Argentina to recover 120 million euros. The company has been suffering significant damage to its accounts from the hyperinflation and the devaluation of the Argentine peso this year.
Australia has awarded to a subsidiary of Naturgy a total of 180 MW installed capacity in a windpower project located approximately 150km from the city of Melbourne. The wind farm is expected to contribute gross operating profits (Ebitda) of approximately 22 million euros when it is in full operation.
Naturgy´s adjustments in the value of its conventional electricity generation assets in Spain will rise to 3.7 billions. According to what the group, old Gas Natural Fenosa, told the regulator CNMV, this results from a depreciation of the value of its assets of 4.9 billion euros.
Recently renamed Naturgy, Gas Natural has presented its Strategic Plan 2018-2022 to analysts in London. In this new stage, the company will carry out radical changes in its share holding and leadership.