Naturgy Energy Group, S.A.

DB:GAN Stock Report

Market Cap: €22.0b

Naturgy Energy Group Valuation

Is GAN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of GAN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: GAN (€22.98) is trading above our estimate of fair value (€19.76)

Significantly Below Fair Value: GAN is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for GAN?

Key metric: As GAN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for GAN. This is calculated by dividing GAN's market cap by their current earnings.
What is GAN's PE Ratio?
PE Ratio11x
Earnings€2.01b
Market Cap€22.04b

Price to Earnings Ratio vs Peers

How does GAN's PE Ratio compare to its peers?

The above table shows the PE ratio for GAN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.2x
RWE RWE
8.1x-11.1%€22.9b
EBK EnBW Energie Baden-Württemberg
28.6xn/a€17.2b
EOAN E.ON
17.5x8.9%€31.5b
ATO Atmos Energy
22.4x11.1%US$23.3b
GAN Naturgy Energy Group
11x-5.0%€22.0b

Price-To-Earnings vs Peers: GAN is good value based on its Price-To-Earnings Ratio (11x) compared to the peer average (19.2x).

Price to Earnings Ratio vs Industry

How does GAN's PE Ratio compare vs other companies in the Global Gas Utilities Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
GAN 11.0xIndustry Avg. 14.3xNo. of Companies17PE01020304050+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: GAN is good value based on its Price-To-Earnings Ratio (11x) compared to the Global Gas Utilities industry average (14.1x).

Price to Earnings Ratio vs Fair Ratio

What is GAN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

GAN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio11x
Fair PE Ratio17.7x

Price-To-Earnings vs Fair Ratio: GAN is good value based on its Price-To-Earnings Ratio (11x) compared to the estimated Fair Price-To-Earnings Ratio (17.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst GAN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current€22.98
€24.16
+5.1%
5.6%€27.00€21.00n/a16
Nov ’25€22.54
€24.16
+7.2%
5.6%€27.00€21.00n/a16
Oct ’25€23.10
€24.16
+4.6%
5.2%€26.50€21.00n/a17
Sep ’25€22.42
€24.11
+7.5%
5.4%€26.50€21.00n/a16
Aug ’25€22.08
€24.11
+9.2%
5.5%€26.50€21.00n/a15
Jul ’25€20.52
€24.18
+17.8%
7.4%€27.80€21.00n/a15
Jun ’25€24.60
€23.88
-2.9%
6.7%€27.80€21.00n/a15
May ’25€23.50
€23.84
+1.5%
6.7%€27.80€21.00n/a15
Apr ’25€20.06
€23.53
+17.3%
10.8%€27.80€16.00n/a16
Mar ’25€21.08
€23.53
+11.6%
10.8%€27.80€16.00n/a16
Feb ’25€24.58
€24.09
-2.0%
11.0%€27.80€16.00n/a17
Jan ’25€26.90
€24.31
-9.6%
11.1%€27.80€16.00n/a17
Dec ’24€27.44
€24.25
-11.6%
11.1%€27.80€16.00n/a17
Nov ’24€26.62
€24.25
-8.9%
11.1%€27.80€16.00€22.5417
Oct ’24€25.74
€24.30
-5.6%
11.4%€28.30€16.00€23.1017
Sep ’24€26.58
€24.47
-7.9%
11.9%€28.30€16.00€22.4217
Aug ’24€27.84
€24.50
-12.0%
11.9%€28.30€16.00€22.0817
Jul ’24€26.74
€24.16
-9.6%
11.8%€29.60€16.00€20.5217
Jun ’24€26.54
€23.99
-9.6%
12.1%€29.60€16.00€24.6017
May ’24€28.20
€23.93
-15.1%
12.3%€29.60€16.00€23.5016
Apr ’24€27.75
€23.87
-14.0%
12.3%€29.60€16.00€20.0616
Mar ’24€26.00
€23.81
-8.4%
12.1%€29.60€16.00€21.0816
Feb ’24€25.95
€23.18
-10.7%
12.3%€29.60€16.00€24.5815
Jan ’24€24.72
€23.09
-6.6%
12.5%€29.60€16.00€26.9015
Dec ’23€26.81
€22.79
-15.0%
12.2%€29.60€16.00€27.4416
Nov ’23€25.71
€22.75
-11.5%
12.2%€29.60€16.00€26.6216

Analyst Forecast: Target price is less than 20% higher than the current share price.

Discover undervalued companies

Centrica

UK£6.4b

Operates as an integrated energy company in the United Kingdom, Ireland, Scandinavia, North America, and internationally.

CENB

UK£1.51

7D

4.0%

1Y

-11.3%

Magnora

NOK 1.6b

Operates as a renewable energy development company in Norway, Sweden, and the United States.

4SM

NOK 2.09

7D

-1.9%

1Y

-20.9%

China Resources Power Holdings

HK$90.4b

An investment holding company, invests in, develops, operates, and manages power plants and coal mines in the People’s Republic of China.

CRP

HK$2.15

7D

-0.2%

1Y

15.7%