Enagás (ENG). Análisis de la situación de la compañía

Las acciones del sr. Ortega no cobran dividendo. Puede ser que haya minoritarios que piensen que el precio actual esta muy cercano al que han colocaso la ampliacion. 

Enagas en verde!! Y eso con el descuento de dividendo. Pinta bien

Tenía munición para el caso de caída significativa, pero otra vez será.

Salu2

Yo pensaba igual que tú. Entiendo que la entrada de Ortega ha dado un fuerte impulso a la acción (lo típico: si ha entrado este hombre, por algo será...)

Un saludo, 

golpe de timon de enagas en estados unidos y ahora amancio ortega como socio cual sera el siguiente golpe , 2021 puede ser otro gran año .

Despues de un verano dificil, las cosas empiezan a mejorar.
El lunes cobramos dividendo (la cotizacion ya lo ha recuperado). 
Parece que la sociedad, garantiza el incremento de dividendo hasta 1,74 en 2023, tal como estaba previsto.
Se refuerza el nucleo de accionistas con la Sepi y la entrada del Sr. Amancio Ortega.
A disfrutar del valor.... que ademas (si hay crisis) es defensivo.
Saludos. 

Key takeaways 

€500m cap raise via accel. bookbuild; no pre-emption rights; proceeds to finance already-announced 2nd-round Tallgrass inv. 

Raise is worth 9% of prev. close market cap, implying high single-dig EPS dilution. 

Should cut ND/EBITDA by 0.5x to c.4.3x, well below peer average of c.5.5x 

Raise will be structured as accelerated bookbuild 

Enagas round investment is raising €0.5bn in US pipeline of new equity operator without Tallgrass pre-emption which it announced rights, equivalent on 17 th 

to December. 9% of market We had cap, not to finance been anticipating the second  a raise as our estimates pointed to net debt/EBITDA below the regulated peer average and falling by 0.2-0.3x per year, even aster accounting for the new Tallgrass investment (already in our estimates, albeit for a lower cash commitment) and proposed cuts to regulated revenues between 2021-26. 

Depending on the results of the bookbuild, we estimate the raise could result in high single digit EPS dilution. In our previous analysis of Enagas' investments in Tallgrass, we found it difficult to assess value creation, and we continue to believe investors will likely favour capital deployment into domestic capex over international M&A for regulated utilities, driving our preference for peers Red Electrica and Terna. Key details from the announcement 

Enagas has announced that it is to launch a €500m capital raise. There will be no pre-emption rights; the raise will be carried out issued via at an zero accelerated discount bookbuild to the 18 (ABB). 
 

The raise close, represents we estimate close the to 10% raise of would Enagas' imply €5.4bn 22m market cap. If new shares were new shares (vs. previous 239m share count), equivalent to 7.5% EPS dilution (ignoring accretion from Tallgrass) and from that base, each 5% of discount would imply an additional 50bp EPS dilution. From a base estimate of 4.8x net debt/EBITDA in December 2020 (including the latest €750m Tallgrass investment round; see page 2 for detail), we estimate the raise should reduce net debt/EBITDA by 0.5x. For comparison, European pure-regulated peer group average net debt/EBITDA currently stands at c.5.5x.

Our estimates already included a second-round investment in Tallgrass but we had assumed a commitment of €400m, lower than the €750m announced yesterday. Our base case estimates for a €400m investment implied net debt/EBITDA of 4.5x in December 2020, but adjusting for the actual €750m implies net debt/EBITDA of 4.8x.

We note that this is still somewhatlower than the regulated utility peer group average of c.5.5x. We also note that our estimates imply 0.2-0.3x ND/EBITDA
reduction every year from 2020, despite including the latest cuts proposed by the regulator, due to the high cash generation of the domestic transmission business.

Resumiendo?