By Julien Toyer
MADRID (Reuters) – The Spanish group Gas Natural said Wednesday that strong bet by the regulated gas business and renewable energy production to ensure their model, improve between 6 and 8 percent its profit by 2020 and ensure a payout of 70 percent over the next four years.
the Catalan group wants to use his generation cash to invest 13,000 million euros, mainly to develop its gas networks in Spain and Latin America and to increase its capacity in renewables in about 2,500 megawatts.
the plan, designed taking into account the strong growth global primary energy demand, especially in emerging markets, is subject in all cases to risk by volatility in the currency markets (more than 30% of its EBITDA comes from Latam) and raw materials, which could affect the projections the next two years, recognizes the company.
the group expects its net profit to reach 1,600 million euros in 2018 and 1,800 million in 2020 while the gross operating profit would increase by five percent to 5,400 million euros in 2018 and 6,000 million in 2020.
analysts at Banc Sabadell, which considered that the announced objectives were 11 percent below consensus net profit, put under review its recommendation on the value, so far “buy”.
the company shares led losses in the Spanish stock exchange on the day, with next fall to six percent.
“Even thinking that the company may have voluntarily assumed an overly conservative plan reiterates its pessimism (for commodities and currencies) for the first half of 2016, which will drive the short term a strong revision of the estimates that the market penalize “the bank’s analysts said
the gas, which will pay its shareholders. – led by Caixa and Repsol – 1,000 million euros, or one euro per share against the results of 2015, said it plans to spend about 7,000 million euros to remunerate shareholders until 2020, with a stable pay-out at 70 percent.
All this, with a projected debt of 15,600 million euros end of 2020, reducing the ratio of ebitda from the current three times to 2.9 in 2018 and 2.5 in late 2020. in this context, the group said not expect any change in the rating levels.
in a conference call with analysts, those responsible for the gas sidestepped a decision on the percentage of the dividend that will be offered in stocks and merely noted that the decision will not be for financial reasons.
also cleared another the doubts raised by analysts to make clear that the new strategic plan does not include acquisitions draft.
In addition to the punishment for the action that some attributed to the low invasiveness of the strategic plan, the share price of the company also suffered from a first-quarter results below expectations.
Between January and March the currency developments in its key markets in Latin America and the weakness of the liberalized business fell by 10 percent EBITDA to 1,216 million euros, below the 1.238 million expected by analysts.
the group net profit fell 18.6 percent to 329 million euros compared to 339 million projected
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