Naturgy Energy Group SA

NTGY: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€68.10	Jqtvr	Mgggwfgq

Naturgy: Abu Dhabi's Taqa Seeks Takeover; Shares Attractive

Tancrede Fulop

Apr 18, 2024

On April 16, the Spanish stock exchange suspended trading in Naturgy shares after press articles reported that Abu Dhabi's power and water utility Taqa was discussing with Naturgy's major shareholders to acquire their stakes in order to launch a full takeover bid. On April 17, Taqa confirmed the talks. All in all, we confirm our EUR 25.70 fair value estimate and see the shares as undervalued despite their rise of 9.6% since April 15.

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