Enagas: Still A No-Go Opportunity [Seeking Alpha]
ENAGAS SA UNSP/ADR (ENGGY)
NASDAQ:AMEX Investor Relations:
enagas.es
Company Research
Source: Seeking Alpha
The company's capital allocation priorities and inconsistent free cash flow raise concerns about its dividend sustainability. Enagás is still expensive compared to peers, prompting a neutral rating status and a cautious view of the equity story. In our Enagás' last assessment ( OTCPK:ENGGF OTCPK:ENGGY ), we perfectly timed the market (Fig 1). Here at the Lab, we like EU-regulated pipeline companies, and last August 2023, our team moved the Spanish player to a neutral rating. In early January 2024, we downgraded the company to a sell recommendation with a target price of €12.96 per share. According to our analysis, these evidences were supported by the following: Enagás' free cash flow could not meet the dividend per share payment; There was no news on the GSP arbitration with a possibility of a higher net debt evolution; The company's valuation was unjustified compared to EU-regulated peers. For our new readers, Enagas engages its activities in the gas field. Aside from i
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News
- Spain's Enagas Q1 net profit rises 20% [Reuters]Reuters
- Europe's Top LNG Plant Operator Wants to Move Into Ammonia, CO2 [Financial Post (Toronto, Ontario, Canada)]Financial Post
- Europe's Top LNG Plant Operator Wants to Move Into Ammonia, CO2 [BNN Bloomberg (Canada)]BNN Bloomberg
- SWTCH Energy Secures $27.2M in Series B Funding to Eliminate EV Charging Gaps in Buildings [Yahoo! Finance]Yahoo! Finance
- Russian LNG accounts for a quarter of Spanish gas imports in March [Reuters]Reuters