Naturgy Energy Group SA

NTGY: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€77.40	Bbvvf	Fmjnhyvk

Naturgy Posts Earnings Improvement in Q2, Postpones Gemini Project; Shares Overvalued

Tancrede Fulop

Aug 12, 2022

We confirm our EUR 24 fair value estimate for no-moat Naturgy after the company released first-half results implying an improvement in the second quarter. It also postponed the Gemini project to split the company beyond the end of the year due to the fallout of the energy crisis, including regulatory uncertainties and market volatility. The shares appear overvalued and more driven by risk arbitrage, given the limited floating capital.

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