Enagás S.A. (ENG) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Enagás S.A. stock €11.16, price €17.80, that is 37.3% below the price, quality 56 out of 100. Rating: strongly overvalued. Calculated from audited financials with 24 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range €10.07 – €17.86 · fair‑value band €8.46 – €13.14 · the €17.80 price screens above the €11.16 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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Enagás, S.A. engages in the transmission, storage, and regasification of natural gas. It operates through Regulated Gas Activities, Regulated Activities " Hydrogen Infrastructure, New Businesses, and International segments.
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The company provides gas transmission services through primary and secondary transmission pipelines; and natural gas regasification services, as well as operates underground storage facilities.
It is also involved hydrogen infrastructure activities; and non-regulated activities related to new energies, such as biomethane, ammonia, and CO2. In addition, the company engages in the technical management of the gas system; financial management; gas transmission; development of industrial projects and activities relating to LNG terminals; development and implementation of facilities for the supply of natural gas; provision of commercial services; designing, constructing, operating, and maintaining hydrogen and other gas production facilities; and maritime transport activities by managing merchant ships.
The company was incorporated in 1972 and is headquartered in Madrid, Spain.
Stock analysis
Enagás S.A. (ENG) currently trades at €17.80, while our model-based Fair Value estimate is €11.16, 37% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €14.08 per share, and 1 of the 24 models we run sit above the €17.80 price.
Bear case: the Growth DCF group reads lowest at €1.41, and 23 of the 24 models stay below the price. Data coverage for this calculation is high.
Scenario range: €8.46 (bear) to €13.14 (bull), the price of €17.80 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 56/100 (solid quality), in the Utilities sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Enagás S.A. reported revenue of €949M in FY2025 versus €976M in FY2021, a compound −0.7%/yr. Reported net income was €268M in FY2025, compounding −9.8%/yr from FY2021.
Key figures
Market cap €4.6B Mid · P/E ratio 13.1 · P/S ratio 3.69 · EPS (TTM) €1.36 · Dividend yield 5.6% · Net margin 28.2% · Return on equity 11.9% · Return on assets (EBIT) 5.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 58 out of 100 (low confidence).
What moves the price
The share trades at its 52-week high and 41% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −21% fair-value upside, at −37%, ENG screens richer than that median.
Fair Value models
Bear€8.46Fair Value €11.16Bull€13.14
Price €17.80 · Downside -37.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (€0.3087 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFn/a€0.3800>€1.5277
Residual Income€8.03€9.02€10.8676
Growth DCFn/a€0.5100>€2.0475
All 24 models by family
DCF Models
FCF DCFn/a€0.3800>€1.5277
Owner Earnings€1.51€4.14€8.8070
5Y Revenue Exitn/a€2.19€6.0869
5Y EBITDA Exit€1.38€5.42€10.7869
5Y P/E Exit€3.11€8.41€14.7267
10Y Revenue Exitn/a€0.9300€3.0064
10Y EBITDA Exit€0.2700€2.87€5.6762
10Y P/E Exit€1.28€4.66€7.9260
Earnings-Based
Graham-Dodd€6.99€8.54€9.6167
EPV€0.4500€1.42€2.2668
Dividend Discount
Gordon GGM€8.69€9.46€10.6269
DDM Multi-Stage€8.69€10.69€13.3967
Multiples
P/E Multiple€13.87€18.50€23.1263
P/S Multiple€6.84€9.12€11.3958
P/B Multiple€10.92€14.56€18.2055
EV/EBIT€2.17€5.58€8.9961
EV/EBITDA€2.45€5.94€9.4463
EV/Revenuen/a€1.06€3.8050
Asset-Based
NCAV (Graham)€4.19€5.61€8.3854
Growth DCF
Growth DCFn/a€0.5100>€2.0475
Rev-Margin DCFn/a€2.30€5.7069
Economic Profit
Residual Income€8.03€9.02€10.8676
ROIC Compounder€0.4500€1.42€2.2667
Growth Earnings
Growth-Adj P/E€9.86€14.08€18.3167
The fair value above starts from this blend and is adjusted for a cyclical trough year.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+4.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.1%
Start year 2020 (pandemic). Over 10 years: −2.3% a year
Revenue growth 22 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.3%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−4.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−9.8%
Dividend (yield on the price)5.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−9.8% vs −5.2%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.58% → 25%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 3.7%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+33.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−0.9%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +31.0% a year for the price and −3.1% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (61 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Very negative
AI conclusion: Steady cash flows from the regulated gas business form the core strength while elevated debt relative to equity and the lack of a clear moat stand out as the main limitations.
Main risk: Elevated debt relative to equity could constrain the ability to fund hydrogen projects and other growth initiatives while maintaining the regulated operations.
Enagás has completed the permanent sealing of the 13 wells at its Castor storage facility, wrapping up a long-running infrastructure issue at a cost of around 241 million euros. This one-off outlay arrives while the regulated gas business continues to deliver steady cash flows and hydrogen projects advance. Does closing Castor free resources for the new strategy, or does it underscore how legacy assets can still shape the path ahead?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Regulated Gas · 107 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−37.3% · Below median
Profitability
Return on equity (12 months)11.9% · Above median
Return on assets3.9% · Above median
Net margin (12 months)30.1% · Top 25%
Operating margin (12 months)13.3% · Above median
Growth and dividend
Revenue growth (quarter YoY)−9.1% · Bottom 25%
Dividend yield (12 months)5.6% · Top 25%
Balance sheet
Debt / equity0.97× · Highest 25%
Valuation Multiplesvs Utilities - Regulated Gas median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Enagás S.A. Fair Value". https://www.fairvalue-calculator.com/stock/ENG
Frequently asked questions
Is Enagás S.A. (ENG) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of €11.16 versus a price of €17.80, about 37% lower (overvalued).
What is the fair value of ENG?
Our model-based fair value for Enagás S.A. is €11.16 (as of Nov 9, 2026), built from audited fundamentals. The current price: €17.80.
What is the quality score of ENG?
Enagás S.A. has a Quality Score of 56/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Enagás S.A. (ENG)?
Our model-based price target is the fair value of €11.16 (as of Nov 9, 2026) from 24 valuation models. Cautious scenario €8.46, optimistic scenario €13.14. It is a calculation from audited fundamentals, not an analyst target.
What is the Enagás S.A. stock forecast for 2026?
Our models put fair value at €11.16, about 37% lower versus a price of €17.80 (overvalued). Cautious scenario €8.46, optimistic scenario €13.14. The calculation is refreshed regularly with new filings.
What is the revenue of Enagás S.A. (ENG)?
Enagás S.A. reported trailing-twelve-month revenue of about €930M (latest available figure, as of Nov 9, 2026).
Does Enagás S.A. pay a dividend?
Enagás S.A. currently shows a dividend yield of 5.62% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of Enagás S.A. (ENG) and when is the ex-dividend date?
Enagás S.A. pays a dividend of €1.00 per share a year, a dividend yield of 5.6%. The last ex-dividend date was Jun 30, 2026. A dividend has been paid every year since at least 2003. The payout ratio is 93.8% of earnings (on adjusted earnings, reported 73.5%). Free cash flow covers the dividend 0.36 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Enagás S.A. (ENG)?
For today's price to be fair in a discounted-cash-flow model, Enagás S.A. would have to grow free cash flow by +33.8 % per year for five years (discount rate 9.7 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.1 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of ENG use?
Our models discount Enagás S.A. at 9.7 %: a base by market capitalisation (mid), damped by beta 0.27, country premium for Spain. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Enagás S.A. that is +33.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.7 %) and the same formula as our fair value.
How much growth has Enagás S.A. (ENG) delivered so far?
Over the past 5 years revenue at Enagás S.A. grew -2.1 % a year. The price currently implies free-cash-flow growth of +33.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Enagás S.A. (ENG) growing?
The median revenue growth in the sector is +4.4 % a year. That is the yardstick for the growth priced into Enagás S.A. (+33.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Enagás S.A. (ENG)?
The free-cash-flow yield on the price is 2.04 %: that much free cash flow Enagás S.A. produces per unit of market value. When it exceeds the discount rate of our models (9.7 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Enagás S.A. (ENG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Enagás S.A. it is €11.16 per share (as of Nov 9, 2026), against a price of €17.80. It is the blended result of 24 valuation models in 8 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings).
Is Enagás S.A. stock overvalued or undervalued in 2026?
As of Nov 9, 2026, ENG trades above its calculated fair value: price €17.80, fair value €11.16, a gap of about −37% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENG?
No. The price is what the market pays today (€17.80); the fair value is what the company's own numbers justify (€11.16). For Enagás S.A. the two are €6.64 per share apart. That gap is exactly why we show both numbers side by side.
How much is Enagás S.A. worth?
The market values Enagás S.A. at about €4.6B (market capitalisation, as of Nov 9, 2026). Per share that is €17.80; our models calculate a fair value of €11.16 per share.
What do the bullish and bearish scenarios say about ENG?
Our models span a range for Enagás S.A.: cautious scenario €8.46, base €11.16, optimistic €13.14 per share (as of Nov 9, 2026, price €17.80). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENG?
Enagás S.A. trades at a price-to-earnings ratio of 13.1 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €11.16 is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 17.6 (reported for FY2025: 13.8). Median P/E at fiscal year-end, 9 fiscal years (2016 to 2025), reported earnings, FY2025 ex one-offs: 12.7. Other multiples: PEG 16.6, P/B 2.0, P/S 5.0, EV/EBITDA 14.4.
What is the PEG ratio of ENG?
The PEG ratio of Enagás S.A. is 16.55 (P/E divided by earnings growth, as of Nov 9, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Enagás S.A. (ENG)?
Balance-sheet figures for Enagás S.A. (as of Nov 9, 2026): return on equity 11.9%, debt of 0.97 per unit of equity. They feed the Quality Score of 56/100, which measures business quality independently of the share price.
How far is ENG from its 52-week high?
Enagás S.A. trades at €17.80, at its 52-week high of €17.86 and 41% above the low of €12.58 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of €11.16 is for.
Which stocks are comparable to Enagás S.A.?
From the same area (Utilities) we also value Naturgy Energy Group, Atmos Energy Corporation, Snam S.p.A, NiSource Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Enagás S.A. stock attractive at the current price?
The data as of Nov 9, 2026: price €17.80, calculated fair value €11.16 (−37%), Quality Score 56/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENG calculated?
We run Enagás S.A. through 24 models from 8 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of €11.16 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Enagás S.A. itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Enagás S.A. (ENG)?
The closing price on Nov 6, 2026 was €17.80. Our model-based fair value is €11.16, about 37% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Enagás S.A. right now?
The price sits above even our optimistic bull case (€13.14). The favourable scenario is already priced in. Solid but not exceptional quality (56/100) and above fair value, neither a clear bargain nor a standout compounder.
Where does the earnings growth of Enagás S.A. (ENG) come from?
Earnings per share at Enagás S.A. grew −4.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share −3.8 %, EBIT margin −2.6 %, tax rate +0.6 %, residual (interest, one-offs) +1.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Enagás S.A.
How large is the market capitalisation of Enagás S.A. (ENG)?
The market capitalisation of Enagás S.A. is €4.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Enagás S.A. (ENG)?
The price-to-sales ratio of Enagás S.A. is 3.69 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Enagás S.A. (ENG)?
Earnings per share at Enagás S.A. are €1.36 (price ÷ EPS = P/E 13.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Enagás S.A. (ENG)?
The dividend yield of Enagás S.A. is 5.6% (payout 93.8%, on adjusted earnings, reported 73.5%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Enagás S.A. (ENG)?
The net margin of Enagás S.A. is 28.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Enagás S.A. (ENG)?
The return on equity (ROE) of Enagás S.A. is 11.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Enagás S.A. (ENG)?
On an EBIT basis the return on assets of Enagás S.A. is 5.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Enagás S.A. (ENG)?
The operating margin of Enagás S.A. is 13.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Enagás S.A. (ENG)?
Revenue at Enagás S.A. is growing −9.1% versus a year earlier (3y avg −0.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Enagás S.A. (ENG)?
Earnings per share at Enagás S.A. are growing −36.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Enagás S.A. (ENG) carry?
The net debt of Enagás S.A. is €2.1B (fiscal year 2025, ≈ 22.2 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Broad data
Nov 9, 2026