Naturgy Energy Group SA

NTGY: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€79.60	Lskg	Npytvqjm

Naturgy Releases Mixed First-Quarter Results; Fair Value Estimate Maintained

Tancrede Fulop

May 12, 2022

We maintain our fair value estimate of EUR 24 after no-moat Naturgy released mixed first-quarter results without setting a full-year guidance yet. Shares appear fairly valued after drop at time of writing.

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