Today the company has published annual results for the 2009. Input comment that the Net is somewhat lower than previously estimated, whereas the EBITDA has been quite in line with my estimates. The company has suffered enough in the generation of income, although this fact has been almost offset by a better supply costs, gas prices along with the depressed market in SPAIN (low industrial activity) have been behind.
The figures should be highlighted are:
* Net income of 1,195 mill / Euros.
* EBITDA and EBIT in 3937 and 2448 Mill / Euros respectively.
* Net Debt in the vicinity of 18,000 miles / Euros, net of divestitures already agreed although in some cases have not been carried out.
is interesting to know these figures as a starting point but I think that the analysis can not be carried out under the sole consideration of them. The reason is simple, do not represent a full year since NATURAL GAS has been taking over the UN. FENOSA gradually until the end of April no place overall consideration of both businesses.
From my p. of v. everything indicates that the result can be two hundred and first place in the vicinity of 1,400 miles / Euros and recurring EBITDA after divestitures still to be made, in about 4,300 Mill / Euros.
Taking into account the capitalization at the end of 15 / 2 was 12,245 mill / Euros, PER 2010 would be around of 8.8 while the EV / EBITDA would be 7 times.
Following previous comments posted, I'm estimating that remains an option interesting investment and below 17 Euros should not liquidate the position.
0 comments:
Post a Comment