Naturgy Energy Group, S.A.

BME:NTGY Stock Report

Market Cap: €26.7b

Naturgy Energy Group Management

Management criteria checks 1/4

We currently do not have sufficient information about the CEO.

Key information

Francisco Reynes Massanet

Chief executive officer

€5.2m

Total compensation

CEO salary percentage24.04%
CEO tenure8.4yrs
CEO ownership0.008%
Management average tenureno data
Board average tenure6.3yrs

Recent management updates

Recent updates

Narrative Update • Jun 25

NTGY: Balance Sheet Flexibility And Capex Plans Will Shape Fairly Valued Shares

Analysts have nudged their fair value estimate for Naturgy Energy Group slightly higher, with the price target moving from about €29.46 to roughly €29.68. This adjustment is supported by a series of recent rating upgrades and €32 target revisions that highlight expectations for balance sheet flexibility, cost efficiencies and increased capex to lift the equity story.
Narrative Update • Jun 07

NTGY: Balance Sheet Flexibility And Rating Upgrades Will Guide Fairly Valued Shares

Naturgy Energy Group's analyst fair value estimate has been raised from €28.04 to €29.46. Analysts point to a higher average price target around €32, supported by upgrades that highlight balance sheet flexibility, expected EPS revisions, and a modest shift to positive revenue growth assumptions.
Narrative Update • Apr 28

NTGY: BlackRock Exit And Recent Rating Upgrades Will Shape Fairly Valued Shares

Analysts have nudged their fair value estimate for Naturgy Energy Group higher from about €27.34 to €28.04, citing a slightly better outlook for revenue trends, profit margins and future P/E multiples, as reflected in a series of recent rating upgrades and target revisions. Analyst Commentary Recent research on Naturgy Energy Group has leaned more supportive, with several upgrades and refreshed targets clustering around the current fair value range.
Narrative Update • Apr 13

NTGY: BlackRock Exit And Rating Upgrades Will Shape Fairly Valued Shares

Analysts have modestly adjusted their price expectations for Naturgy Energy Group, with recent target changes clustering around €27 to €28.40 as they reassess the stock following rating upgrades and refreshed assumptions for discount rates, profitability and future P/E levels. Analyst Commentary Recent research views on Naturgy Energy Group are mixed, with some analysts focusing on upgraded ratings and others trimming targets while keeping more neutral stances.
Narrative Update • Mar 27

NTGY: BlackRock Exit And Bookbuild Mechanics Will Shape Fairly Valued Shares

Analysts have lifted the price target on Naturgy Energy Group from about €26.86 to about €27.34, reflecting updated views on the group's fair value, discount rate, revenue trajectory, profit margins and expected future P/E after recent rating and target revisions across the Street. Analyst Commentary Bullish Takeaways Bullish analysts see the recent upgrades as an acknowledgment that the current share price is closer to what they view as fair value, with revised targets around €27 to €28.40 anchoring their view.
Narrative Update • Mar 13

NTGY: Bookbuild Stake Sale And Stable P/E Framework Will Shape Returns

Analysts have nudged their price target on Naturgy Energy Group down from €28 to €27, citing slightly lower discount rate and future P/E assumptions while keeping the overall fair value framework broadly unchanged. Analyst Commentary With the price target adjusted to €27 and the rating held at Equal Weight, recent commentary suggests a balanced view on Naturgy Energy Group.
Narrative Update • Feb 27

NTGY: Higher Discount Rate And Lower P/E Will Shape Future Returns

Analysts have trimmed their price target on Naturgy Energy Group by €1 to €27, reflecting updated views on discount rates, revenue trends, profit margins and future P/E assumptions. Analyst Commentary Recent research keeps a neutral stance on Naturgy Energy Group, with a modest €1 trim to the price target to €27.
Analysis Article • Feb 16

Investors Don't See Light At End Of Naturgy Energy Group, S.A.'s (BME:NTGY) Tunnel

With a price-to-earnings (or "P/E") ratio of 12.6x Naturgy Energy Group, S.A. ( BME:NTGY ) may be sending bullish...
Narrative Update • Feb 09

NTGY: Lower Discount Rate And Stable Margins Will Support Fair Value

Analysts have nudged their fair value estimate for Naturgy Energy Group slightly higher to €26.95, reflecting updated assumptions around the discount rate, long term revenue trends, profit margins, and future P/E expectations. Valuation Changes Fair Value Estimate is now €26.95, effectively unchanged from the prior €26.95, reflecting only a very small adjustment.
Narrative Update • Jan 25

NTGY: Stable Margins And Slight Assumption Tweaks Will Shape Fair Value

Analysts have nudged their fair value estimate for Naturgy Energy Group slightly lower to €26.95, citing modest adjustments to expected revenue contraction, a small improvement in profit margins, and a marginally lower future P/E assumption. Valuation Changes Fair Value Estimate edged down slightly from €26.97 to €26.95 per share.
Narrative Update • Jan 10

NTGY: Stable Margins And Slight Assumption Tweaks Will Guide Fair Value

Analysts have reaffirmed their price target for Naturgy Energy Group at €26.97 per share. This reflects relatively unchanged fair value estimates, with only small adjustments to inputs such as the discount rate and the assumed future P/E.
Analysis Article • Dec 17

A Look At The Intrinsic Value Of Naturgy Energy Group, S.A. (BME:NTGY)

Key Insights The projected fair value for Naturgy Energy Group is €27.43 based on 2 Stage Free Cash Flow to Equity...
Narrative Update • Dec 16

NTGY: Higher Discount Rate And Stable Margins Will Shape Fair Value Outlook

Analysts have nudged their price target on Naturgy Energy Group slightly higher to €26.97 from €26.95, citing marginally adjusted discount rate and forward earnings assumptions while leaving the broader outlook largely unchanged. Valuation Changes The fair value estimate has risen slightly to €26.97 from €26.95, reflecting a marginal upward revision in the intrinsic valuation.
Narrative Update • Dec 02

NTGY: Improved Margins And Moderating Revenues Will Shape Fair Value Outlook

Analysts have raised their price target for Naturgy Energy Group from €26.38 to €26.95, citing improved profit margin outlook even though there is a decline in projected revenue growth. Valuation Changes Fair Value Estimate has risen slightly from €26.38 to €26.95.
Analysis Article • Nov 17

Naturgy Energy Group, S.A.'s (BME:NTGY) Earnings Are Not Doing Enough For Some Investors

Naturgy Energy Group, S.A.'s ( BME:NTGY ) price-to-earnings (or "P/E") ratio of 13.3x might make it look like a buy...
Analysis Article • Nov 01

Naturgy Energy Group, S.A. (BME:NTGY) Just Released Its Third-Quarter Earnings: Here's What Analysts Think

The quarterly results for Naturgy Energy Group, S.A. ( BME:NTGY ) were released last week, making it a good time to...
Analysis Article • Sep 25

Naturgy Energy Group (BME:NTGY) Is Doing The Right Things To Multiply Its Share Price

To find a multi-bagger stock, what are the underlying trends we should look for in a business? Amongst other things...
Analysis Article • Aug 24

Is Naturgy Energy Group (BME:NTGY) A Risky Investment?

Legendary fund manager Li Lu (who Charlie Munger backed) once said, 'The biggest investment risk is not the volatility...
Analysis Article • Aug 09

Solid Earnings May Not Tell The Whole Story For Naturgy Energy Group (BME:NTGY)

Naturgy Energy Group, S.A.'s ( BME:NTGY ) healthy profit numbers didn't contain any surprises for investors. However...
Analysis Article • Jul 22

A Look At The Fair Value Of Naturgy Energy Group, S.A. (BME:NTGY)

Key Insights Using the 2 Stage Free Cash Flow to Equity, Naturgy Energy Group fair value estimate is €26.33 Naturgy...
User avatar
New Narrative • Feb 23

Hedging LNG Volumes Will Limit Revenue Growth Amid Price Rebound

Heavy investment in renewables and biomethane may strain capital expenditure and impact net income due to high initial costs and lower short-term returns.

CEO Compensation Analysis

How has Francisco Reynes Massanet's remuneration changed compared to Naturgy Energy Group's earnings?
DateTotal CompensationSalaryCompany Earnings
Mar 31 2026n/an/a

€2b

Dec 31 2025€5m€1m

€2b

Sep 30 2025n/an/a

€2b

Jun 30 2025n/an/a

€2b

Mar 31 2025n/an/a

€2b

Dec 31 2024€1mn/a

€2b

Sep 30 2024n/an/a

€2b

Jun 30 2024n/an/a

€2b

Mar 31 2024n/an/a

€2b

Dec 31 2023€1mn/a

€2b

Sep 30 2023n/an/a

€2b

Jun 30 2023n/an/a

€2b

Mar 31 2023n/an/a

€2b

Dec 31 2022€1mn/a

€2b

Sep 30 2022n/an/a

€2b

Jun 30 2022n/an/a

€1b

Mar 31 2022n/an/a

€1b

Dec 31 2021€1mn/a

€1b

Sep 30 2021n/an/a

-€231m

Jun 30 2021n/an/a

-€304m

Mar 31 2021n/an/a

-€225m

Dec 31 2020€1mn/a

-€371m

Sep 30 2020n/an/a

€896m

Jun 30 2020n/an/a

€1b

Mar 31 2020n/an/a

€1b

Dec 31 2019€1mn/a

€1b

Compensation vs Market: Francisco's total compensation ($USD6.00M) is above average for companies of similar size in the Spanish market ($USD3.77M).

Compensation vs Earnings: Francisco's compensation has increased by more than 20% in the past year.

CEO

Francisco Reynes Massanet (63 yo)

8.4yrs
Tenure
€5,241,000
Compensation

Mr. Francisco Miguel Reynés Massanet served as Independent Director at Veolia Environnement SA since April 27, 2023 until April 24, 2025. He has been Chief Executive Officer and Chairman of Gas Natural SDG...

Board Members

NamePositionTenureCompensationOwnership
Francisco Reynes Massanet
CEO & Executive Chairman8.4yrs€5.24m0.0084%
€ 2.2m
Maria Gabarro Miquel
Proprietary Director1.3yrs€181.72kno data
D. Claudio Ponsa
Independent Director8.1yrs€330.00kno data
Isabel Estape Tous
Proprietary Director6.3yrs€245.00kno data
Lars Bespolka
Proprietary Directorless than a yearno datano data
Pedro de Baranda Riva
Independent Director8.1yrs€330.00k0.0021%
€ 558.4k
Ramon Ramon
Proprietary Director16.1yrs€245.00k0.0021%
€ 558.4k
Anke Groth
Independent Non-Executive Directorless than a yearno datano data
Enrico Letta
Independent Directorless than a yearno datano data
Helena Herrero Starkie
Independent Lead Director10.2yrs€360.00kno data
Jaime Fernandez-Palacios
Proprietary Director4.4yrs€245.00kno data
6.3yrs
Average Tenure
63yo
Average Age

Experienced Board: NTGY's board of directors are considered experienced (6.3 years average tenure).

Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2026/07/19 22:01
End of Day Share Price 2026/07/17 00:00
Earnings2026/03/31
Annual Earnings2025/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* Example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.

Analysis Model and Snowflake

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Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.

Analyst Sources

Naturgy Energy Group, S.A. is covered by 33 analysts. 15 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
null nullBanco de Sabadell. S.A.
Bosco Muguiro EulateBanco Santander
Peter CramptonBarclays