Naturgy Energy Group, S.A.
Naturgy Energy Group, S.A., together with its subsidiaries, engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas. It operates through Distribution Networks and Energy Markets segments. The company is involved in the regulated gas and electricity dis…
Naturgy Energy Group, S.A., together with its subsidiaries, engages in the supply, liquefaction, regasification, transport, storage, distribution, and sale of gas. It operates through Distribution Networks and Energy Markets segments. The company is involved in the regulated gas and electricity distribution; management of transport infrastructure; trade and shipping of liquefied natural gas; supply, procurement, and management of other gas infrastructure; and management of gas pipeline. It also manages conventional thermal generation facilities; facilities and generation projects using wind energy, mini hydro, solar and cogeneration, as well as hydroelectric power; photovoltaic generation projects; and renewable electricity generation projects. In addition, the company is involved in renewable gas projects, such as biomethane and green hydrogen; supply of gas, electricity and services to end customers. It operates in Spain, Australia, the United States, Argentina, Brazil, Chile, Mexico, Panama, the rest of Latin America, and the rest of Europe. 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.Looks undervalued
Why: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Details and the full model are below.
Market price below modeled range
Showing the EV/EBITDA (12x) you selected on the company card, using 2% growth, 2.2% terminal growth and 8.6% discount. The range varies these assumptions slightly; it is illustrative, not investment advice.
Assumptions: growth 2%, discount rate 8.60%, terminal growth 2.20% (sector defaults). See a worked example.
Blended growth assumption: 2.0% (sector default 4.0%, own revenue history -3.2%, analyst revenue consensus -0.9%).
5-year outlook: relative outlook of about 6.7% a year (High confidence), anchored to a 7% market return and adjusted for how this company ranks against others. A ranking aid, not a prediction. See the full forecast.
Analyst consensus expects revenue growth of -0.9% a year; the growth assumption used is 2.0%.
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Show the recommended model instead
Why this model: Dividends are a large share of earnings, so the cash paid to shareholders is the best guide to value.
Compare models- Recommended: Dividend discount model — EUR 26.71 (-8.8%)
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EPS-based Gordon proxy
— EUR 32.24 (+10.0%)
Not used: Treats all earnings as if paid out and ignores the cash kept for reinvestment, so it overstates value for companies that retain most profit.
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DCF (trailing free cash flow)
— EUR 26.33 (-10.1%)
Not used: Not chosen: Dividend discount model ranks ahead of it for this company.
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FCFF (steady state)
— EUR 26.67 (-9.0%)
Not used: Assumes only the long-run terminal growth rate from today, so it ignores the near-term growth expected.
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EV/EBITDA (12x)
— EUR 51.69 (+76.4%)
Not used: Used only when free cash flow is far below earnings even after averaging three years; a fixed 12x multiple also ignores sector differences.
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Fade DCF (10-year growth fade)
— EUR 26.34 (-10.1%)
Not used: An alternative growth path (fading over 10 years) shown for comparison; the automatic choice does not use it.
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EV/Sales (Rule of 40)
— EUR 102.49 (+249.8%)
Not used: Used only for technology and communication companies whose cash-flow value is far below the price.
| Bear EUR 41.00 | 28.5% |
| Base EUR 51.69 | 43.3% |
| Bull EUR 62.39 | 53.0% |
Margin = (value − price) / value, so it is measured against the value and reads lower than the upside to value, which is measured against the price. Positive means the price is below that case.
Track record: see the methodology page for how this model has performed historically, including its limits. Treat it as a screen, not a forecast.
Price history and fair value
No chartable saved daily price history is available for this range. The chart uses stored EODHD prices only and will appear after history is saved.
More detail: quality, peers, price history, dividends and financials
Quality score: 70 / 100
Five equal checks on reported history: profitability, cash generation, revenue growth, balance sheet and margins. It describes business quality, not whether the price is attractive.
| Profitability | 5 of 5 years profitable | 20 / 20 |
| Cash generation | free cash flow positive in 4 of 5 years | 16 / 20 |
| Growth | revenue -3.2% a year | 4 / 20 |
| Balance sheet | net debt 2.3x EBITDA | 10 / 20 |
| Margins | EBITDA margin 27% | 20 / 20 |
Peers in Utilities
Same-sector companies with a valuation, most undervalued first. Compare the margin of safety, yield and quality score side by side.
| Company | Price | Margin of safety | P/E | P/B | Yield | Quality |
|---|---|---|---|---|---|---|
| NTGY.MC (this company) | EUR 29.30 | -9.7% | 14.0 | 3.0 | 5.9% | 70 |
| ED Consolidated Edison | USD 119.93 | 30.7% | 20.0 | 1.7 | 2.7% | 78 |
| ENGI.PA Engie SA | EUR 23.81 | 16.6% | 15.8 | 1.8 | 7.5% | 76 |
| D Dominion Energy | USD 68.26 | -3.4% | 22.2 | 2.0 | 3.9% | 76 |
| FORTUM.HE Fortum Oyj | EUR 23.13 | -3.5% | 25.7 | 2.6 | 6.1% | 72 |
| CMS CMS Energy | USD 68.66 | -3.5% | 24.7 | 2.2 | 3.3% | 64 |
| CNA.L Centrica plc | GBP 1.50 | -5.9% | – | 2.3 | 3.3% | 92 |
| EIX Edison International | USD 59.61 | -8.9% | 6.3 | 1.3 | 5.7% | 52 |
| NEE NextEra Energy | USD 86.48 | -13.8% | 15.6 | 2.9 | 2.8% | 72 |
| Peer median | 20.0 | 2.1 | ||||
Dividends
Paid in the last 12 months: EUR 1.77 per share · yield 6.04% at the current price.
| Year | Dividends per share |
|---|---|
| 2026 (so far) | 1.770 |
| 2025 | 1.800 |
| 2024 | 1.400 |
| 2023 | 1.500 |
| 2022 | 1.200 |
| 2021 | 1.330 |
Annual financial statement
Saved annual report · Fiscal year 2025 · EODHD annual statements · period ended 31 Dec 2025
| Revenue | EUR 19,455,000,000 |
|---|---|
| EBITDA | EUR 5,184,000,000 |
| EBIT | EUR 3,583,000,000 |
| Net income | EUR 2,023,000,000 |
| Free cash flow | EUR 2,376,000,000 |
| Capital expenditures | EUR 2,149,000,000 |
| Debt | EUR 16,747,000,000 |
| Cash | EUR 4,662,000,000 |
| Working capital | EUR 1,404,000,000 |
| Shares outstanding | 969,613,000 |
| Reported dividends per share | EUR 1.7285 |