Naturgy Energy Group, S.A. (GASNF)
ValueMarkers Composite Index
51% below intrinsic value ($70)
Naturgy Energy Group, S.A. (GASNF) — VMCI valuation read
Headline read on GASNF: VMCI of 58/100 versus a Utilities sector median of 50. The 8-point above-median position is what makes Naturgy Energy Group, S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.
Form 4 filings on GASNF: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.
**Investor frame.** Three reads on GASNF: value (GASNF trades at 17.0x earnings, 6% below the Utilities median of 18.0x), quality (ROIC of 19.0% sits 9.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of -1.7x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.
GASNF fell 2.7% over the trailing 7 days, with a -7.4% read on a 30-day basis.
Naturgy Energy Group, S.A., together with its subsidiaries, engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of natural gas. It operates through Energy and Network Management, Renewables and New Business, Supply, and Rest segments. The company engages in the regulated gas and electricity distribution; sale of liquefied natural gas and the sea transport business; management of the gas pipelines and conventional thermal generation facilities; and generation and sale of electricity through wind, mini-hydro, solar, and cogeneration sources, as well as provision of supply management services. It serves in Spain, Argentina, Brazil, Chile, Mexico, Panama, the rest of Latin America, and internationally. The company was formerly known as Gas Natural SDG, S.A. and changed its name to Naturgy Energy Group, S.A. in June 2018. Naturgy Energy Group, S.A. was incorporated in 1843 and is based in Madrid, Spain.
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