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STOCK COMPARISON

Naturgy Energy Group vs Societatea Nationala de Transport Gaze Naturale Transgaz: Fair Value & Quality

Both stocks run through our valuation models. Here is how Naturgy Energy Group (NTGY) and Societatea Nationala de Transport Gaze Naturale Transgaz (TGN) compare, as of Oct 5, 2026.

As of Oct 5, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Naturgy Energy Group trades at €29.44 versus a fair value of €32.79 (+11.4%), while Societatea Nationala de Transport Gaze Naturale Transgaz trades at 77.60 versus 35.65 (−54.1%).
Naturgy Energy Group
NTGY.MC · EUR · Utilities
+11.4%
upside to fair value
undervalued
Price€29.44
Fair Value€32.79
Quality60/100
Societatea Nationala de Transport Gaze Naturale Transgaz
TGN.RO · Utilities
−54.1%
upside to fair value
overvalued
Price77.60
Fair Value35.65
Quality50/100
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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

Naturgy Energy GroupSocietatea Nationala de Transport Gaze Naturale Transgaz
Valuation
13.6×P/E (TTM)19.8×
14.0×Forward P/E (FY2027)n/a
13.7×Median P/E at FY-end (8 FY, reported earnings)n/a
1.39×P/S (TTM)3.74×
2.92×P/B3.25× · book value is mostly goodwill
7.1×EV/EBITDA14.6×
6.40×PEGn/a
+11.4%Fair value upside−54.1%
6.1%Dividend yieldn/a
€1.80Dividend per sharen/a
Profitability
23.7%Operating margin-13.7%
1.42×EBIT margin trend (5Y)0.62×
22.9%Return on equity13.7%
6.0%Return on assets3.2%
Growth
11.5%Revenue growth (YoY)-27.1%
+15.2%Value creation/yr+5.8%
Balance & size
7.1×Interest coverage (EBIT/interest)4.3×
1.38×Debt / equity0.76×
$31BMarket cap$3B
mixedGrowth 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.

Naturgy Energy Group leads: 9 to 1 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.

Naturgy Energy Groupof which business quality 55 · market factors 71 Societatea Nationala de Transport Gaze Naturale Transgazof which business quality 48 · market factors 66
ProfitabilityMargins and returns on capital today
45
34
Quality GrowthAre margins and returns improving?
37
66
CashflowEarnings quality: real cash, not paper profit
67
36
Fin. StrengthBalance sheet, leverage, solvency risk
30
44
InvestmentDisciplined investing over empire-building
71
40
Low VolatilityCalm price path (market factor)
95
84
MomentumPrice trend over the last 3–12 months (market factor)
56
51
52W MomentumDistance to the 52-week high (market factor)
72
72
Net IssuanceShare count: buybacks or dilution?
98
82

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 €29.44Societatea Nationala de Transport Gaze Naturale TransgazPrice 77.60
DCF Models+16.9%above the price€34.42n/a
Earnings-Based−9.8%close to the price€26.55−47.3%below the price40.87
Dividend Discount−20.5%below the price€23.41−92.6%below the price5.73
Multiples+36.5%above the price€40.20−53.0%below the price36.47
Asset-Based−77.0%below the price€6.76−79.4%below the price15.98
Growth DCF+24.8%above the price€36.74n/a
Economic Profit−29.2%below the price€20.83−82.1%below the price13.91
Growth Earnings+4.1%close to the price€30.66−31.4%below the price53.21
Minimum−77.0%below the price€6.76−92.6%below the price5.73
Maximum+36.5%above the price€40.20−31.4%below the price53.21
Median−2.8%close to the price€28.60−66.2%below the price26.23
Geometric mean−16.3%below the price€24.65−72.2%below the price21.58

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

Societatea Nationala de Transport Gaze Naturale Transgaz: 15 of 16 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.

Naturgy Energy Group
Price €29.44
Fair Value €32.79
Bear €20.92Bull €48.33
Societatea Nationala de Transport Gaze Naturale Transgaz
Price 77.60
Fair Value 35.65
Bear 23.16Bull 45.59

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

Societatea Nationala de Transport Gaze Naturale Transgaz · Utilities

Quality score50 · above median
Fair value upside−54.1% · bottom 25%

Bottom line

As of Oct 5, 2026, Fair Value Calculator sees Naturgy Energy Group as the more attractively valued of the two: Naturgy Energy Group trades at €29.44 versus a fair value of €32.79 (+11.4%), while Societatea Nationala de Transport Gaze Naturale Transgaz trades at 77.60 versus 35.65 (−54.1%).

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

Open Naturgy Energy Group live analysis →
Naturgy Energy Group · Societatea Nationala de Transport Gaze Naturale Transgaz

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