Free Trial

UTILITIES: Enagas (ENGSM Baa2/BBB/A-): 2Q24 Results

UTILITIES

Neutral for spreads. Rating agencies have already reacted to the Tallgrass sale, all more or less in-line here.

  • EBITDA beat by 7% (only 3 estimates) with results from affiliates outperforming. Sees FY24 EBITDA at €730-740MN, just shy of consensus.
  • Leverage seen around 3.3x at FY24, from 4.1x currently, following the completion of Tallgrass Energy stake sale.
  • The next investment cycle will pick up again in 2027.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.