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    NTGY   ES0116870314

NATURGY ENERGY GROUP, S.A.

(NTGY)
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Naturgy Energy S A : main shareholder defends dividend policy as IFM bid deadline looms

10/04/2021 | 02:33pm EST

MADRID, Oct 4 (Reuters) - Naturgy's main shareholder on Monday reaffirmed its commitment to maintaining the Spanish energy group's dividend policy and to building its stake in the firm, putting it at loggerheads with Australian bidder IFM.

Investment group IFM launched a 4.9 billion euro ($5.8 billion) bid to acquire a 22.69% stake in Naturgy in January, but has since come into conflict with the company's biggest shareholders.

IFM said last Wednesday it would accept a reduced dividend from Naturgy to support its development plans, but a day later Naturgy said its board planned to stick with the current dividend policy regardless of the outcome of the bid.

On Monday Isidre Faine, the chairman of the Caixabank banking foundation, which holds a 26.3% stake in Naturgy through its ownership of holding company Criteria, said Naturgy's dividend "is a fundamental pillar of its revenues".

Faine said the foundation "reaffirmed its desire to strengthen its capital in Naturgy and to continue as the leading Spanish shareholder".

Criteria's plans to increase its stake in Naturgy to up to 30% are seen by the market as an attempt to block the bid from IFM. A source had also told Reuters earlier this year that Criteria's plan could clash with the IFM bid.

The offer is subject to securing at least 17% in the Spanish energy group, although IFM said in its prospectus filed last week it could decide to lower the minimum threshold to 10%.

The three main shareholders in Naturgy hold more than a combined 67% of the energy group, while Naturgy's free-float stands at currently 27.58%.

Naturgy's shareholders have until Oct. 8 to accept the offer. (Reporting by Jesús Aguado; Editing by Jan Harvey)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CAIXABANK, S.A. -1.03% 2.298 Delayed Quote.10.52%
NATURGY ENERGY GROUP, S.A. 0.20% 24.5 Delayed Quote.29.22%
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Analyst Recommendations on NATURGY ENERGY GROUP, S.A.
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Financials
Sales 2021 17 007 M 19 240 M 19 240 M
Net income 2021 1 195 M 1 352 M 1 352 M
Net Debt 2021 11 310 M 12 795 M 12 795 M
P/E ratio 2021 21,4x
Yield 2021 4,90%
Capitalization 23 543 M 26 575 M 26 634 M
EV / Sales 2021 2,05x
EV / Sales 2022 1,96x
Nbr of Employees 7 627
Free-Float 36,5%
Chart NATURGY ENERGY GROUP, S.A.
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Naturgy Energy Group, S.A. Technical Analysis Chart | NTGY | ES0116870314 | MarketScreener
Technical analysis trends NATURGY ENERGY GROUP, S.A.
Short TermMid-TermLong Term
TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus UNDERPERFORM
Number of Analysts 18
Last Close Price 24,50 €
Average target price 21,58 €
Spread / Average Target -11,9%
EPS Revisions
Managers and Directors
Francisco Miguel Reynés Massanet Chairman & Chief Executive Officer
Carlos Ayuso Salinas Director-Internal Audit, Compliance & Control
Ramón Adell Ramón Independent Director
Francisco Belil Creixell Independent Director
Helena Herrero Starkie Independent Director
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