Financials Naturgy Energy Group, S.A.

Equities

NTGY

ES0116870314

Natural Gas Utilities

Market Closed - Bolsas y Mercados Espanoles Other stock markets 11:35:20 2023-12-05 am EST			5-day change	1st Jan Change
27.74 ^EUR	+0.22%		+1.61%	+14.11%

Nov. 13	Spanish Supreme Court OKs Naturgy's Temporary Closure of Local Gas Plants	MT
Nov. 10	Naturgy gets top Spanish court's nod to mothball gas plants	RE

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	22 131	21 802	18 219	27 512	23 360	26 655	-	-
Enterprise Value (EV) ¹	35 798	37 070	31 273	40 343	35 430	39 358	40 343	42 078
P/E ratio	-7,87x	15,7x	-52,7x	22,7x	14,1x	13,6x	15,8x	16,3x
Yield	5,84%	6,12%	5,91%	4,19%	4,94%	4,88%	4,96%	4,96%
Capitalization / Revenue	0,91x	0,95x	1,19x	1,24x	0,69x	0,87x	0,98x	1,04x
EV / Revenue	1,47x	1,61x	2,04x	1,82x	1,04x	1,29x	1,48x	1,64x
EV / EBITDA	8,11x	7,94x	9,07x	11,4x	7,15x	7,48x	8,22x	8,49x
EV / FCF	11,7x	18,9x	16,0x	19,1x	18,5x	21,8x	60,0x	53,2x
FCF Yield	8,53%	5,28%	6,26%	5,24%	5,40%	4,59%	1,67%	1,88%
Price to Book	2,03x	2,06x	2,27x	4,71x	3,11x	3,28x	3,15x	2,99x
Nbr of stocks (in thousands)	994 223	973 310	960 938	960 938	960 918	960 881	-	-
Reference price ²	22,3	22,4	19,0	28,6	24,3	27,7	27,7	27,7
Announcement Date	01/30/19	02/02/20	02/04/21	02/04/22	02/14/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	24 339	23 035	15 345	22 140	33 965	30 533	27 187	25 643
EBITDA ¹	4 413	4 668	3 449	3 529	4 954	5 264	4 909	4 957
EBIT ¹	2 667	2 933	2 080	2 438	3 083	3 399	3 148	3 127
Operating Margin	11,0%	12,7%	13,6%	11,0%	9,08%	11,1%	11,6%	12,2%
Earnings before Tax (EBT) ¹	-3 365	2 272	-36,0	1 797	2 546	2 969	2 652	2 535
Net income ¹	-2 822	1 401	-347	1 214	1 649	1 955	1 670	1 654
Net margin	-11,6%	6,08%	-2,26%	5,48%	4,85%	6,40%	6,14%	6,45%
EPS ²	-2,83	1,43	-0,36	1,26	1,72	2,04	1,75	1,70
Free Cash Flow ¹	3 054	1 958	1 958	2 113	1 914	1 808	672	791
FCF margin	12,5%	8,50%	12,8%	9,54%	5,64%	5,92%	2,47%	3,09%
FCF Conversion (EBITDA)	69,2%	41,9%	56,8%	59,9%	38,6%	34,3%	13,7%	16,0%
FCF Conversion (Net income)	-	140%	-	174%	116%	92,5%	40,3%	47,9%
Dividend per Share ²	1,30	1,37	1,12	1,20	1,20	1,35	1,38	1,38
Announcement Date	01/30/19	02/02/20	02/04/21	02/04/22	02/14/23	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2019 S1	2020 S1	2021 Q1	2021 Q2	2021 S1	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 S1
Net sales ¹	11 639	8 781	4 686	4 439	9 125	5 428	7 582	8 141	8 596	16 737	10 274	6 954	12 054
EBITDA ¹	2 150	1 870	982	696	1 678	882	969	1 074	973	2 047	1 455	1 452	2 849
EBIT ¹	1 441	995	665	338	1 003	494	941	661	441	1 102	1 059	922	1 713
Operating Margin	12,4%	11,3%	14,2%	7,61%	11,0%	9,10%	12,4%	8,12%	5,13%	6,58%	10,3%	13,3%	14,2%
Earnings before Tax (EBT) ¹	1 021	719	557	243	800	427	570	579	252	831	853	862	1 506
Net income ¹	592	334	383	101	484	293	437	347	210	557	504	588	1 045
Net margin	5,09%	3,80%	8,17%	2,28%	5,30%	5,40%	5,77%	4,26%	2,44%	3,33%	4,91%	8,46%	8,67%
EPS ²	-	-	0,40	0,10	-	0,31	0,45	0,36	0,22	0,58	0,52	0,62	-
Dividend per Share ²	-	-	0,63	0,30	-	0,40	0,50	0,50	0,30	-	0,40	-	-
Announcement Date	24/07/19	22/07/20	28/04/21	28/07/21	28/07/21	10/11/21	04/02/22	12/05/22	11/08/22	11/08/22	11/11/22	14/02/23	24/07/23

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	13 667	15 268	13 054	12 831	12 070	12 703	13 688	15 423
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3,10x	3,27x	3,78x	3,64x	2,44x	2,41x	2,79x	3,11x
Free Cash Flow ¹	3 054	1 958	1 958	2 113	1 914	1 808	672	791
ROE (net income / shareholders' equity)	9,70%	13,3%	9,39%	17,7%	24,5%	24,4%	20,0%	18,1%
Shareholders' equity ¹	-29 105	10 517	-3 695	6 864	6 731	8 014	8 347	9 126
ROA (Net income/ Total Assets)	2,83%	3,50%	2,16%	3,17%	4,19%	5,09%	4,08%	3,88%
Assets ¹	-99 682	40 000	-16 065	38 366	39 320	38 408	40 904	42 623
Book Value Per Share ²	11,0	10,9	8,35	6,07	7,81	8,46	8,82	9,28
Cash Flow per Share ²	2,89	4,11	3,57	1,04	4,42	3,89	3,50	3,54
Capex ¹	2 321	1 849	1 474	1 423	1 833	2 612	2 864	3 206
Capex / Sales	9,54%	8,03%	9,61%	6,43%	5,40%	8,56%	10,5%	12,5%
Announcement Date	30/01/19	02/02/20	04/02/21	04/02/22	14/02/23	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Naturgy Energy Group, S.A.

Trading Rating :

Investor Rating :

ESG Refinitiv :

A-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

UNDERPERFORM

Number of Analysts

Last Close Price

27.74EUR

Average target price

24.25EUR

Spread / Average Target

-12.59%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
NATURGY ENERGY GROUP, S.A.	+14.11%	28 782 M $
ATMOS ENERGY CORPORATION	+1.62%	17 065 M $
GAIL INDIA LIMITED	+46.12%	11 186 M $
TOKYO GAS CO., LTD.	+35.09%	9 564 M $
OSAKA GAS COMPANY., LTD.	+34.91%	8 050 M $
APA GROUP	-20.49%	7 226 M $
PETRONAS GAS	-2.45%	7 087 M $
ALTAGAS LTD.	+16.85%	5 687 M $
CHINA GAS HOLDINGS LIMITED	-36.80%	4 986 M $
NATIONAL FUEL GAS COMPANY	-20.73%	4 725 M $

Other Natural Gas Utilities