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MarketScreener Homepage  >  Equities  >  Bolsa de Madrid  >  Naturgy Energy Group    NTGY   ES0116870314

NATURGY ENERGY GROUP

(NTGY)
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Naturgy Energy : suspends 300 workers in Spain on proposed cut to returns

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09/12/2019 | 11:05am EDT
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MADRID (Reuters) - Naturgy will temporarily suspend around 300 employees in Spain while it awaits the outcome of a regulatory proposal to limit the amount of income it can earn from investments in transporting and distributing gas, the utility said on Thursday.

Spain's competition watchdog presented draft regulation in July cutting the fixed rates of return on such investments, prompting a sharp sell-off in gas company stocks.

Naturgy said it was starting negotiations with labour unions on the consequences of the regulator's move, which had already prompted it to halt investment in the network run by the distribution company, which is called Nedgia.

"Faced with the uncertainty created, the company ... is obliged to carry out this temporary measure at Nedgia, until the definitive text of the regulation is made public," the company said in a statement.

The company added it would continue to respond to client enquiries and teams employed to do so would not be affected.

The regulator's proposals are open for public consultation until the end of September, and may be changed before a 2020 deadline to set binding rules.

(Reporting by Isla Binnie; editing by David Evans)

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Financials (EUR)
Sales 2019 25 110 M
EBIT 2019 2 828 M
Net income 2019 1 388 M
Debt 2019 15 251 M
Yield 2019 5,64%
P/E ratio 2019 17,4x
P/E ratio 2020 15,9x
EV / Sales2019 1,55x
EV / Sales2020 1,52x
Capitalization 23 661 M
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Mean consensus UNDERPERFORM
Number of Analysts 21
Average target price 22,38  €
Last Close Price 24,31  €
Spread / Highest target 19,3%
Spread / Average Target -7,96%
Spread / Lowest Target -34,2%
EPS Revisions
Managers
NameTitle
Francisco Miguel Reynés Massanet Chairman & Chief Executive Officer
Carlos Javier Álvarez Fernández Chief Financial Officer
Enrique Alcántara-García Irazoqui Director
Luis Suárez de Lezo Mantilla Director
Ramón Adell Ramón Independent Director
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