Rankings Utilities & power Enagás
Enagás
59
15070100
A view of the same findings, not a new score. How it works
A good business with a real question mark: the price, a crack, or both.
Biggest deductions
- Multiples vs own history−5
- FCF yield−4
- ROIC−3
Strengths
- Regulated monopoly and higher return+2
- Cheap and stable funding+1
How the score is built
From 100 to 59, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 17.78 EUR
- Median analyst target
- 17.15 EUR
- Upside to median
- −3.5%
- Analysts
- 20
- Target range
- 13.00 – 19.80 EUR
- 52-week change
- +29%
- P/E (trailing)
- 16.5
- Forward P/E
- 16.5
- PEG
- 5.23
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−9 of −30
- −3ROICROIC 2.5% vs a WACC of 4.1% – below the cost of capital – and ROCE has been flat at 4.2–4.9% since 2021; net margin has fallen from 41.4% (2021) to 30.5% TTM.
- −3Quality of growthNet income has fallen from €404m (2021) to guidance of €235m recurring earnings in 2026; recurring earnings fell 8.6% and EBITDA 4.7% in H1 2026, and the regulated asset base is shrinking because there is no investment in new grids.
- −3Capital allocationForeign investments ended with a loss of €299m in 2024 (impairment and sale of Tallgrass), and the dividend was cut from €1.74 to €1.00 per share; new businesses give only €24m of €952m in revenue TTM.
Price
Today's multiples against the company's own history and its peers. · 2 findings−9 of −35
- −5Multiples vs own historyTrailing P/E 15.1 vs. 10.1–13.2 in 2021–2025 (excl. the loss year 2024), forward P/E 16.5 vs. 13.1–15.5 and P/B 1.87 vs. 1.26–1.72 – all above the top of own range; only EV/EBITDA 11.0 vs. 9.8–14.9 is at the low end. The share has risen 26% over a year, while EPS is expected to fall 10% in 2026.
- −4FCF yieldFCF of €31m TTM (P/FCF 139, FCF yield 0.7%) vs P/FCF of 6–10 in 2021–2024, and analysts expect FCF of −€177m in 2026.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 2 findings−4 of −35
- −3Debt and distributionsThe dividend of €1.00 (about €260m) exceeds guidance for recurring net profit of €235m; the purchase of 31.5% of French Teréga for €573m lifts net debt/EBITDA from 4.1x to 4.6x in 2026.
- −1Regulation (new period 2027–2032)The entire turnaround in earnings after 2027 rests on the CNMC's proposed circulars of 26/6/2026, which have not yet been finally adopted, while the current asset base is shrinking.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Regulated monopoly and higher returnThe CNMC proposes raising the financial return on gas transmission and regasification from 5.44% to 6.46% for 2027–2032 with inflation protection and better coverage of operating costs; 2026 guidance (EBITDA EUR 620m) is maintained.
- +1Cheap and stable fundingAverage cost of debt about 2% with over 80% fixed-rate; net debt fell from €2,475m to €2,305m in H1 2026.
Caveats
What the score does not capture, or where the data is weak.
Reported net income for H1 2026 was 126.9 m € vs recurring income of 118.6 m €; guidance (235 m €) excludes asset rotation. Operating cash flow has fallen from 726 m € (2022) to 165 m € TTM according to stockanalysis; the cause (regulatory settlements, tax or classification) has not been clarified, so the FCF figure may be distorted – the company's own FFO expectation is about 500 m € for 2026. The new regulatory framework 2027–2032 is only a proposal from CNMC (26/6-2026); the proposed return of 6.46% is counted as a plus, the uncertainty about the final version as a small deduction. Price targets were last updated 23/7-2026. Stockanalysis' +0.6% in share count is immaterial and not used. Hydrogen (H2Med, the Spanish hydrogen backbone) has no earnings yet; investment needs and financing have not been examined in detail. Credit rating and insider trading have not been investigated. Industry set to Utilities & power like Redeia and Terna (regulated grids).
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