For now, everything is a mystery. There is tomorrow Friday, to know the details of how the board and shareholders of Naturgy (Gas Natural) after the partial takeover bid presented by the Australian fund IFM for 22.7% of the company, although with the idea that above 17% and the entry of two directors on its Board would be enough.
The market’s impression is that it has not reached that level, especially after the strong offensive by Criteria, the company’s main shareholder, which has increased its presence in Naturgy and now exceeds 26.58% of its capital. The market opts for a range slightly higher than 10% acceptance, although we will wait for the result.
The experts also expected that the share price “subsidized” by the Australian offering, has not channeled in recent weeks the cuts experienced at the expense of the cut of the “benefits fallen from the sky” that Iberdrola and Endesa have experienced and that makes them lose, in both cases at double digits in the Ibex so far this year.
But finally it does not seem that it will be fulfilled, at least until we know the end of the takeover bid, because after a start to the week down 0.92%, on Tuesday it recovered positions to reach over 22 euros per share. Steeper up to 4% your earnings yesterday that they place with that revaluation Naturgy’s shares on the price offered by IFM with what they expect new revaluations for the action. So far this year, the value has risen almost 27%.
Alberto Roldán partner of Divacons Alphavalue It stands out for Investment Strategies that at Naturgy “its fundamentals do not leave excessive optimism despite the rise in raw materials. What we see is that the market consensus has not been too open to raising forecasts in the company, in a company that is not cheap. The only aspect that I would highlight is the dividend yield ”.
And he adds that after the corporate operation “we need something more to see if its price can improve in the market and can incorporate new catalysts. We have a fairly neutral opinion of the company and, in general, we are not positive in the utilities sector, especially the Spanish ones ”.
From Investment Strategies your technical analyst José Antonio González considers that Naturgy “oscillates around its 40-period simple moving average or medium-term, whose slope flattens, pputting in check the viability of the support of 21.27 euros per share, The drilling of which will allow its 200-period or long-term simple moving average to be attacked as the first bearish target, in a context of reduced volatility and a MACD entering negative territory.
Naturgy on daily chart with Average amplitude range in percentage, MACD oscillator and trading volume
Continuing from the technical point of view, the truth is that the premium indicators of Investment Strategies place Naturgy with a total score of 7 out of 10 possible points for the value. Only the long-term volume moves downwards, which is decreasing and the medium-term trend, which is downward.
Disclaimer: This article is generated from the feed and not edited by our team.