ENGGF - Enagás: COVID-Resistant Regulated Utility But Spanish Exposure Is Sub-Optimal
In light of our recent deep-dive into the European regulated utilities sector, we decided to initiate the coverage of Enagás, S.A. (ENGGF) (ENGGY), a company that engages in the development and maintenance of gas infrastructures and in the operation and management of complex gas networks. It operates around 12,000 km of gas pipelines, three underground storage facilities in Serrablo, Gaviota and Yela and four regasification plants in Barcelona, Huelva, Cartagena, and Gijón. Like Snam (SNMRF) (SNMRY), the company has a diversified international portfolio of gas transmission assets and the management aims