Naturgy Energy Group, S.A. (NTGY.MC) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+19.5%

€34.83

vs €29.14 price

Levered DCF

€31.23

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.34

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	11.94×	11.69×	13.04×	14.13×	22.72×	-332.05×	15.66×	-7.87×
P/B	2.69×	2.37×	2.75×	3.08×	4.67×	2.27×	2.08×	2.03×
P/S	1.29×	1.17×	1.15×	0.69×	1.24×	1.19×	0.95×	0.91×
EV / EBITDA	7.24×	6.69×	7.36×	7.9×	10.66×	15.7×	8.34×	-33.17×
Gross margin	27.6%	40.0%	33.2%	19.9%	25.4%	32.7%	27.6%	25.7%
Operating margin	17.8%	29.4%	24.7%	13.9%	15.2%	13.0%	12.4%	-8.9%
Net margin	10.4%	9.9%	8.8%	4.9%	5.5%	-0.4%	6.1%	-11.6%
Current ratio	1.18×	1.31×	1.22×	1.23×	1.18×	1.4×	1.32×	1.19×
Debt / equity	1.79×	1.92×	1.69×	2.15×	2.83×	2.16×	1.69×	1.52×
Interest coverage	4.59×	11.58×	8.02×	5.72×	6.52×	3.27×	3.88×	-2.75×
Dividend yield	6.7%	6.0%	5.6%	6.4%	6.2%	9.9%	8.7%	6.3%
Payout ratio	82.8%	70.8%	73.2%	91.0%	140.6%	-3276.4%	135.7%	-49.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	21.7%	20.1%	21.0%	21.8%	20.6%	-0.7%	13.3%	-25.8%
Return on invested capital	7.6%	11.7%	12.5%	10.4%	8.8%	6.1%	6.2%	-4.7%
Return on assets	5.2%	4.7%	5.2%	4.1%	3.2%	-0.1%	3.4%	-6.9%
Free cash flow yield	9.5%	8.0%	9.4%	9.2%	-0.7%	10.7%	9.9%	4.8%
Earnings yield	8.0%	8.5%	7.7%	7.1%	4.4%	-0.3%	6.4%	-12.7%
Enterprise value	€37.5B	€35B	€38.2B	€35.6B	€40.2B	€31.7B	€37.1B	€37.1B
Net debt / EBITDA	2.39×	2.4×	2.36×	2.72×	3.37×	6.65×	3.41×	-13.34×
Cash conversion cycle (days)	11	-0	14	29	43	14	32	33