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STOCK COMPARISON

Metrogas vs Naturgy Energy Group: Fair Value & Quality

Both stocks run through our valuation models. Here is how Metrogas (METR) and Naturgy Energy Group (NTGY) compare, as of Oct 4, 2026.

As of Oct 4, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Metrogas trades at ARS 2,287 versus a fair value of ARS 1,298 (−43.2%), while Naturgy Energy Group trades at €29.44 versus €32.79 (+11.4%).
Metrogas
METR.BA · ARS · Utilities
−43.2%
upside to fair value
overvalued
PriceARS 2,287
Fair ValueARS 1,298
Quality49/100
Naturgy Energy Group
NTGY.MC · EUR · Utilities
+11.4%
upside to fair value
undervalued
Price€29.44
Fair Value€32.79
Quality60/100
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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

MetrogasNaturgy Energy Group
Valuation
10.5×P/E (TTM)13.6×
n/aForward P/E (FY2027)14.0×
n/aMedian P/E at FY-end (8 FY, reported earnings)13.7×
1.02×P/S (TTM)1.39×
1.36×P/B2.92×
4.6×EV/EBITDA7.1×
n/aPEG6.40×
−43.2%Fair value upside+11.4%
7.7%Dividend yield6.1%
ARS 176Dividend per share€1.80
Profitability
21.9%Operating margin23.7%
26.57×EBIT margin trend (5Y)1.42×
13.4%Return on equity22.9%
9.8%Return on assets6.0%
Growth
10.7%Revenue growth (YoY)11.5%
124.8%Avg. growth/yr (3Y)n/a
89.6%Avg. growth/yr (5Y)n/a
+14.7%Value creation/yr+15.2%
Balance & size
5.1×Interest coverage (EBIT/interest)7.1×
0.05×Debt / equity1.38×
$854MMarket cap$31B
expensiveGrowth qualitymixed
Naturgy Energy Group, median P/E at fiscal year-end, 8 fiscal years (2016 to 2025), reported earnings: 13.7.
Forward P/E: price divided by the analyst consensus for the first fiscal year that has not started yet. The current year carries special items from quarters already reported.

Metrogas leads: 8 to 5 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.

Metrogasof which business quality 48 · market factors 54 Naturgy Energy Groupof which business quality 55 · market factors 71
ProfitabilityMargins and returns on capital today
57
45
Quality GrowthAre margins and returns improving?
30
37
CashflowEarnings quality: real cash, not paper profit
21
67
Fin. StrengthBalance sheet, leverage, solvency risk
68
30
InvestmentDisciplined investing over empire-building
29
71
Low VolatilityCalm price path (market factor)
50
95
MomentumPrice trend over the last 3–12 months (market factor)
55
56
52W MomentumDistance to the 52-week high (market factor)
55
72
Net IssuanceShare count: buybacks or dilution?
82
98

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 familyMetrogasPrice ARS 2,287Naturgy Energy GroupPrice €29.44
DCF Models+175.9%above the priceARS 6,310+16.9%above the price€34.42
Earnings-Based+251.4%above the priceARS 8,037−9.8%close to the price€26.55
Dividend Discount−99.9%below the priceARS 1.69−20.5%below the price€23.41
Multiples+103.1%above the priceARS 4,646+36.5%above the price€40.20
Asset-Based−50.7%below the priceARS 1,129−77.0%below the price€6.76
Growth DCF+121.9%above the priceARS 5,074+24.8%above the price€36.74
Economic Profit+64.4%above the priceARS 3,761−29.2%below the price€20.83
Growth Earnings+339.2%above the priceARS 10,044+4.1%close to the price€30.66
Minimum−99.9%below the priceARS 1.69−77.0%below the price€6.76
Maximum+339.2%above the priceARS 10,044+36.5%above the price€40.20
Median+112.5%above the priceARS 4,860−2.8%close to the price€28.60
Geometric mean−23.7%below the priceARS 1,745−16.3%below the price€24.65

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%.

Metrogas: 4 of 26 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.

Metrogas
Price ARS 2,287
Fair Value ARS 1,298
Bear ARS 594Bull ARS 1,808
Naturgy Energy Group
Price €29.44
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.

Metrogas · Utilities

Quality score49 · above median
Fair value upside−43.2% · below median

Naturgy Energy Group · Utilities

Quality score60 · Top 25%
Fair value upside+11.4% · above median

Bottom line

As of Oct 4, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Metrogas trades at ARS 2,287 versus a fair value of ARS 1,298 (−43.2%), while Naturgy Energy Group trades at €29.44 versus €32.79 (+11.4%).

Naturgy Energy Group has the higher quality score (60/100).

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.