Naturgy Energy Group SA

NTGY: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€64.80	Bnfsq	Plymrkdh

Naturgy Earnings: 2024 Guidance Set Above Expectations; Shares Undervalued

Tancrede Fulop

Jul 23, 2024

We confirm our EUR 25.70 fair value estimate after no-moat Naturgy released flat first-half EBITDA and net income. The latter exceeded consensus by more than 20%. The firm set 2024 guidance above our and FactSet consensus expectations. The 2024 P/E of 11.8 implied by the new guidance and the 6.4% dividend yield reflect the undervaluation of the shares.

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