DB upgrades Enagas to 'hold' on 'much better' regulatory framework draft

Enagas SA

30/03/2026 08:10

** Deutsche Bank upgrades Spanish gas grid operator Enagas ENAG.MC to "hold" from "sell" as the regulatory framework draft from the national energy regulator setting its 2027-32 revenues is "much better" than expected

** It says the framework should lead to an average annual revenue increase of around 80 million euros ($92.02 million)versus 2026 despite very limited investment

** It notes a key cost allowance was raised to 225 million euros from 170 million euros, above market expectations of up to 200 million

** DB adds the draft includes stronger incentives for asset life extension, recovery of prior cost underperformance of around 44 million euros annually and new incentives of around 5 million euros per year

** It raises its target price by nearly 36% to 16.30 euros/share

** Out of 23 analysts that cover Enagas, eight rate the stock "strong buy" or "buy,"​ eight rate "hold" and seven rate the stock "strong sell" or "sell" - LSEG data

($1 = 0.8693 euros)

 (Reporting by Marta Serafinko in Gdansk)

 ((Marta.serafinko@thomsonreuters.com; +48 58 769 66 00;))