Bankinter | BlackRock announced on Wednesday at the close of trading the accelerated placement of 7.1% of Naturgy (NTGY), reducing its stake from 18.5% to 11.4%. The placement price will be €24.75 per share, representing a discount of 5.4% on yesterday’s closing price. At the placement prices, the value of this package reaches €1.7 billion.
BlackRock will go from being the third to the fourth largest shareholder in the company. Ahead of it are Criteria Caixa (24%), CVC/March (18.6%) and IFM (15.2%).
BlackRock acquired a stake in Naturgy after purchasing the management company GIP, which had acquired a stake in Naturgy in 2016 after purchasing part of the stake held by Criteria Caixa and Repsol for €19 per share. Now, after receiving dividends in recent years, it has decided to reduce its presence in the gas company.
With this divestment, BlackRock confirms its commitment to having a smaller, financial stake in the companies in which it invests.
Bankinter analysis team’s opinion: The accelerated placement will be carried out, as is usual in this type of operation, at a discount of 5.4% on Wednesday’s closing price and, therefore, the market reaction today will be negative. However, we believe this is a good buying opportunity after the expected fall, especially given the attractive dividend yield.
The Strategic Plan presented by Naturgy in February for the period 2025-2027 established a policy of increasing and predictable dividends.
In 2026, the DPA would be €1.80 and €1.90 in 2027, representing a dividend yield of 7.3% for 2026 and 7.7% for 2027 at the prices at which this placement will be carried out.
A positive aspect of this placement is the increase in the free float of the group, which will rise from the current 18.7% to 25.8%.
The reorganisation of Naturgy’s shareholding structure, which has been expected by the market for years, has begun. Today’s placement could pave the way for further movements in Naturgy’s capital. CVC, which has been waiting for some time to exit the gas group, could be tempted to follow in BlackRock’s footsteps. IFM, which has always wanted to continue climbing the capital ladder, could take advantage of this opportunity to strengthen its presence. We cannot rule out further placements of Naturgy shares in the coming months, but it is also possible that this could lead to some kind of corporate transaction. The United Arab Emirates group Taqa attempted to launch a takeover bid in the summer of 2024.
