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STOCK COMPARISON

Shin Hai Gas vs Naturgy Energy Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how Shin Hai Gas (9926) and Naturgy Energy Group (NTGY) compare, as of Sep 25, 2026.

As of Sep 25, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Shin Hai Gas trades at TWD 48.90 versus a fair value of TWD 32.10 (-34%), while Naturgy Energy Group trades at €29.50 versus €32.79 (+11%).
Shin Hai Gas
9926.TW · TWD · Utilities
-34%
upside to fair value
overvalued
PriceTWD 48.90
Fair ValueTWD 32.10
Quality57/100
Naturgy Energy Group
NTGY.MC · EUR · Utilities
+11%
upside to fair value
undervalued
Price€29.50
Fair Value€32.79
Quality55/100
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Head-to-head numbers

Green is the better side of a row, red the weaker one (for valuation multiples: lower = cheaper). Grey rows are for reference only and are not scored.

betterweakerfor reference, not scored

Shin Hai GasNaturgy Energy Group
Valuation
18.2×P/E (TTM)13.3×
3.58×P/S (TTM)1.71×
2.08×P/B3.48×
9.9×EV/EBITDA8.2×
n/aPEG6.40×
−34.4%Fair value upside+11.2%
4.3%Dividend yield6.3%
TWD 2.10Dividend per sharen/a
Profitability
19%Operating margin18%
0.80×EBIT margin trend (5Y)1.42×
11%Return on equity22%
3%Return on assets6%
Growth
-1%Revenue growth (YoY)-7%
3.4%Avg. growth/yr (3Y)n/a
2.4%Avg. growth/yr (5Y)n/a
+7.1%Value creation/yr+15.4%
Balance & size
1,120.1×Interest coverage (EBIT/interest)7.1×
n/aDebt / equity1.38×
$277MMarket cap$33B
expensiveGrowth qualitymixed

Naturgy Energy Group leads: 3 to 9 metric wins.

n/a = not meaningfully computable, for example with negative equity.

Quality in detail

The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.

Shin Hai Gasof which business quality 57 · market factors 51 Naturgy Energy Groupof which business quality 52 · market factors 71
ProfitabilityMargins and returns on capital today
39
45
Quality GrowthAre margins and returns improving?
36
37
CashflowEarnings quality: real cash, not paper profit
67
67
Fin. StrengthBalance sheet, leverage, solvency risk
66
30
InvestmentDisciplined investing over empire-building
48
71
Low VolatilityCalm price path (market factor)
97
94
MomentumPrice trend over the last 3–12 months (market factor)
39
55
52W MomentumDistance to the 52-week high (market factor)
20
71
Net IssuanceShare count: buybacks or dilution?
82
76

What the models say

How far the median fair value (base case) per model family sits from the current price, in percent. The amount in the currency of the trading venue is shown underneath.

above the price, more than 15% above close to the price, 85% to 115% of the price below the price, more than 15% below

Model familyShin Hai GasPrice TWD 48.90Naturgy Energy GroupPrice €29.50
DCF Models-38%below the priceTWD 30.18+17%above the price€34.42
Earnings-Based-47%below the priceTWD 26.06-10%close to the price€26.55
Dividend Discount-64%below the priceTWD 17.56-21%below the price€23.41
Multiples-16%below the priceTWD 41.20+36%above the price€40.20
Asset-Based-68%below the priceTWD 15.78-77%below the price€6.76
Growth DCF-47%below the priceTWD 26.04+25%above the price€36.74
Economic Profit-60%below the priceTWD 19.62-29%below the price€20.95
Growth Earnings-24%below the priceTWD 37.20+4%close to the price€30.66
Minimum-68%below the priceTWD 15.78-77%below the price€6.76
Maximum-16%below the priceTWD 41.20+36%above the price€40.20
Median-47%below the priceTWD 26.05-3%close to the price€28.60
Geometric mean-48%below the priceTWD 25.35-16%below the price€24.67

Minimum, maximum, median and geometric mean refer to the family values in this table. Geometric because deviations are ratios: half the price and twice the price average to 100%, not 125%.

Shin Hai Gas: 23 of 24 models see the stock below the current price.

Naturgy Energy Group: 9 of 24 models see the stock below the current price.

Scenario ranges

From our cautious bear scenario to the optimistic bull scenario. The white tick is the current price (value above it), the green tick the fair value (value below it): if the price sits left of the fair value, there is room to rise.

Shin Hai Gas
Price TWD 48.90
Fair Value TWD 32.10
Bear TWD 23.14Bull TWD 42.50
Naturgy Energy Group
Price €29.50
Fair Value €32.79
Bear €20.92Bull €48.33

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Ranked within their sector

Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.

Shin Hai Gas · Utilities

Quality score57 · Top 25%
Fair value upside-34% · below median

Naturgy Energy Group · Utilities

Quality score55 · Top 25%
Fair value upside+11% · above median

Bottom line

As of Sep 25, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Shin Hai Gas trades at TWD 48.90 versus a fair value of TWD 32.10 (-34%), while Naturgy Energy Group trades at €29.50 versus €32.79 (+11%).

Shin Hai Gas has the higher quality score (57/100).

Open Naturgy Energy Group live analysis →

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A model-based valuation snapshot from 26 models. Values change with price and fundamentals; the date shown above applies.