Enagas: Favorable Court Ruling, But Still Not Upside Ahead

2025-06-18 04:26:02 ET

Since our last update , Enagás (ENGGF) (ENGGY) reported a solid start to the year and communicated positive news related to the ICSID ruling. Still, we expect the shares to remain broadly unchanged over the next twelve months. Our neutral rating was backed by 1) Long-Term Doubts (Fig. 1), 2) a pricey valuation compared to peers such as Snam and E.ON , and 3) an FCF not sufficient to meet the dividend payment. After a brief review of Enagás’ first-quarter results, we highlight the recent favorable ruling and its financial implications....

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