Enagas is an ap­pro­priate re­la­tive UW in the sector

Enagás: Spain’s Regulated Assets Lack Protection Against Inflation


Morgan Stanley | Enagás’ re­cent Capital Markets Day (CMD) was a di­sap­point­ment for in­ves­tors. A poor growth outlook, li­mited ca­pital co­mit­ment which de­mons­trates this, and a lack of pro­tec­tion against in­fla­tion in Spanish re­gu­lated as­sets.

Despite its recent poor performance and the temptation to get rid of the shorts, I still believe that Enagas is an appropriate relative UW in the sector.

The Corner The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.

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