Naturgy Energy Group SA

NTGY: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€54.70	Qccw	Mqntytt

Naturgy Released 2022 Results and Sets 2023 Guidance Above Expectations

Tancrede Fulop

Feb 15, 2023

We plan to tweak our EUR 24 fair value estimate upward after no-moat Naturgy released 2022 earnings and set 2023 guidance above our and FactSet consensus expectations. The firm has no visibility regarding the timing of the Gemini project, aiming to split its liberalized and regulated activities into two listed entities through a spinoff. This project, unveiled in February 2022, was due to be completed by the end of 2022, but was postponed at first-half 2022 results due to the fallout from the energy crisis. For investors seeking companies favorably exposed to high commodity prices, we recommend undervalued RWE and Engie.

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