Enagas (ENAG.MC): Data update: Updating estimates post H1 2026 results

研报英文原文证据摘录

Enagas (ENAG.MC): Data update: Updating estimates post H1 2026 results

Equity Research

23 July 2026 | 3:55PM CEST

Enagas (ENAG.MC): Data update: Updating estimates post H1 2026

results

Estimate changes. Our 2026-30 EPS estimates increase by c.3% pa on average, Alberto Gandolfi

+39(02)8022-0157 |

mainly reflecting a slightly higher incentives contribution in the core domestic alberto.gandolfi@gs.com

Goldman Sachs Bank Europe SE - Milan

business in the new regulatory period starting in 2027 and a higher contribution branch

from other businesses — partly offset by slower hydrogen contribution. Mafalda Pombeiro

+44(20)7552-9425 |

mafalda.pombeiro@gs.com

We note our estimates do not include the announced Terega acquisition or Saggas Goldman Sachs International

stake increase, as both transactions are currently pending approval. Dhwani Khenwar

+1(332)245-7724 |

dhwani.khenwar@gs.com

Exhibit 1: Enagas estimate changes Goldman Sachs India SPL

(€ mn, € per share)

2026E 2027E 2028E 2029E 2030E

EBITDA Old 623 688 697 714 727

EBITDA New 628 707 711 722 736

Change 0.8% 2.7% 2.0% 1.2% 1.2%

EPS Old 0.90 1.10 1.12 1.17 1.21

EPS New 0.92 1.15 1.16 1.19 1.24

Change 2.1% 4.6% 3.6% 2.1% 2.2%

Source: Goldman Sachs Global Investment Research

Valuation methodology. Our 12-month price target increases marginally to €16

from €15.5 previously. It remains based: (1) 50% on our SOTP of €16.5/share (was

€16/share); and (2) 50% on a P/E-based valuation of €15.2/share (was €14.6/share).

For the P/E multiple, we use c.13x (unchanged), a discount to the sector multiple of

16x, reflecting the lower growth prospects vs peers. Our P/E multiple is applied to

the average of 2027E-28E EPS to reflect normalised levels.

Key risks. Key upside risks to our thesis and price target include: (1)