Naturgy Energy Group SA

NTGY: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€91.10	Bwqm	Rwtrdpr

Naturgy: Tweaking Our Fair Value to EUR 25.70 After Firm Raised 2023 Guidance; Shares Fairly Valued

Tancrede Fulop

Oct 24, 2023

We tweak our fair value estimate for no-moat Naturgy to EUR 25.70 from EUR 25 on the time value of money since our last update and the rise in our 2023 EBITDA estimate after the group raised its guidance for the second time in a row. Shares look fairly valued.

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