Morgan Stanley lifts Enagas to 'equal-weight' on new Spanish favourable regulation draft

Enagas SA

31/03/2026 09:28

** Morgan Stanley upgrades Enagas ENAG.MC to "equal-weight" from "underweight" as Spain's Competition Watchdog CNMC favourable regulatory review limits downside risks

** CNMC's draft for the new gas transport & regasification regulatory cycle has more generous rules for 2027-32, allowing higher operating costs to be recovered and introduce new revenue streams, while replacing an old one that was being phased out

** "We see the CNMC draft for  Spanish gas transport remuneration as a game changer for Enagas", the broker adds

** Morgan Stanley increased Enagas' 2026-32e EPS estimates by 17% on average

** The broker also says the 1 euro dividend now appears secure, with earnings expected to cover it through to 2032 and a balance sheet strong enough to support it

** Out of 24 analysts that cover Enagas SA, eight rate the stock "strong buy" or "buy", nine rate "hold" and six rate the stock "strong sell" or "sell," according to LSEG data

 (Reporting by Gemma Guasch)

 ((Gemma.guasch@thomsonreuters.com))