Independent equity research
Is Enagas, S.A. (ENG) a Buy, Hold or Sell?
Enagas, S.A. — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
€15.86
To fair value
−5%
By · report dated 2026-09-14 · fair value derived independently of the market price.
The thesis, in brief
The CNMC's 6.46% allowed return for 2027-2032 sits c.92bp below Enagás's 7.38% pre-tax cost of capital and cuts regulated revenue 7%, so the RAB is worth 1.0x and the equity is worth its committed EUR 1.00 dividend and no more - fair value EUR 15.86 against EUR 16.15
How we value it
We value Enagas, S.A. using SOTP on a derived EUR 4.6bn regulated asset base at 1.0x, cross-checked by DDM, FCFF and peers.. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalization
- ROTCE vs cost of equity
- Balance-sheet safety & capital (CET1)
- P/TBV + excess-return / residual-income
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Enagas, S.A. report
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