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STOCK COMPARISON

Naturgy Energy Group vs Southwest Gas Holdings: Fair Value & Quality

Both stocks run through our valuation models. Here is how Naturgy Energy Group (NTGY) and Southwest Gas Holdings (SWX) compare, as of Sep 5, 2026.

As of Sep 5, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Naturgy Energy Group trades at €29.74 versus a fair value of €31.58 (+6%), while Southwest Gas Holdings trades at $88.69 versus $70.67 (-20%).
Naturgy Energy Group
NTGY.MC · EUR · Utilities
+6%
upside to fair value
fairly valued
Price€29.74
Fair Value€31.58
Quality55/100
Southwest Gas Holdings
SWX · USD · Utilities
-20%
upside to fair value
overvalued
Price$88.69
Fair Value$70.67
Quality47/100
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Head-to-head numbers

Green value = the better side for that row (for valuation multiples: lower = cheaper).

Naturgy Energy GroupSouthwest Gas Holdings
Valuation
13.5×P/E (TTM)28.2×
1.63×P/S (TTM)3.78×
3.32×P/B1.70×
7.9×EV/EBITDA11.5×
6.40×PEG2.23×
+6.2%Fair value upside−20.3%
6.3%Dividend yield2.8%
—Dividend per share$2.48
Profitability
18%Operating margin38%
1.42×EBIT margin trend (5Y)1.91×
22%Return on equity6%
6%Return on assets3%
Growth
-7%Revenue growth (YoY)-22%
-17.0%Avg. growth/yr (3Y)11.6%
4.9%Avg. growth/yr (5Y)10.4%
+15.4%Value creation/yr+1.9%
Balance & size
7.1×Interest coverage (EBIT/interest)2.3×
1.38×Debt / equity0.87×
$31BMarket cap$7B
mixedGrowth qualityexpensive

Naturgy Energy Group leads: 9 to 7 metric wins.

Dash = 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.

Naturgy Energy Groupof which business quality 52 · market factors 72 Southwest Gas Holdingsof which business quality 43 · market factors 65
ProfitabilityMargins and returns on capital today
45
38
Quality GrowthAre margins and returns improving?
37
55
CashflowEarnings quality: real cash, not paper profit
67
37
Fin. StrengthBalance sheet, leverage, solvency risk
30
27
InvestmentDisciplined investing over empire-building
71
55
Low VolatilityCalm price path (market factor)
94
94
MomentumPrice trend over the last 3–12 months (market factor)
55
48
52W MomentumDistance to the 52-week high (market factor)
75
60
Net IssuanceBuybacks instead of dilution
76
62

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 familyNaturgy Energy GroupPrice €29.74Southwest Gas HoldingsPrice $88.69
DCF Models+3%close to the price€30.77n/a
Earnings-Based-11%close to the price€26.55-74%below the price$22.67
Dividend Discount-21%below the price€23.41-63%below the price$33.25
Multiples+35%above the price€40.20-22%below the price$69.37
Asset-Based-77%below the price€6.76-59%below the price$36.67
Growth DCF+10%close to the price€32.80n/a
Economic Profit-30%below the price€20.95-60%below the price$35.28
Growth Earnings+3%close to the price€30.660%close to the price$89.08
Minimum-77%below the price€6.76-74%below the price$22.67
Maximum+35%above the price€40.200%close to the price$89.08
Median-4%close to the price€28.60-59%below the price$35.97
Geometric mean-19%below the price€23.98-52%below the price$42.66

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%.

Naturgy Energy Group: 13 of 24 models see the stock below the current price.

Southwest Gas Holdings: 11 of 15 models see the stock below the current price.

Scenario ranges

From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.

Naturgy Energy Group
Bear €18.13Fair Value €31.58Bull €47.64
€29.74 = current price (white tick)
Southwest Gas Holdings
Bear $50.27Fair Value $70.67Bull $98.46
$88.69 = current price (white tick)

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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.

Naturgy Energy Group · Utilities

Quality score55 · Top 25%
Fair value upside+6% · above median

Southwest Gas Holdings · Utilities

Quality score47 · above median
Fair value upside-20% · below median

Bottom line

As of Sep 5, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Naturgy Energy Group trades at €29.74 versus a fair value of €31.58 (+6%), while Southwest Gas Holdings trades at $88.69 versus $70.67 (-20%).

Naturgy Energy Group has the higher quality score (55/100).

See the full analysis →
Naturgy Energy Group · Southwest Gas Holdings

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