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Enagas Meets Fy Targets As Credit Metrics Improve Despite Slight Miss On Revenue

ENERGY SECTOR


  • Enagas look to have beat on Q4 Earnings and EBITDA (EUR 208mn vs. EUR 176mn) despite a slight miss on Q4 rev (EUR 237mn vs. EUR 259mn).
  • FY results followed a similar pattern though all FY23 targets were met despite a 7.3% decline in total demand (though natural gas recovered strongly in H2) and a 31% decrease in demand for electricity generation (on renewable generation and falling exports to France).
  • FFO/ND came in at 18.7% from 17.6% at FY22 while EBITDA leverage fell to 4.3x from 4.8x.
  • No discussion of 2024 targets or outlook (in contrast to the FY22 results).
  • Spreads muted, less than a bp of movement vs. govies
Credit BulletsBulletHomepagemarkets-real-timeCredit
Credit BulletsBulletHomepagemarkets-real-timeCredit

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