Naturgy Energy Group SA

NTGY: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€65.20	Yhwq	Cbmnbnj

Naturgy Earnings: In line With Expectations; Dividend Yield Is Attractive

Tancrede Fulop

Feb 27, 2024

We confirm our EUR 25.70 fair value estimate after no-moat Naturgy released 2023 results in line with FactSet consensus, but slightly below our expectations. As planned, Naturgy will pay a final 2023 dividend of EUR 0.4, implying a total dividend of EUR 1.4 and a 6.2% yield, reflecting the undervaluation of the shares.

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