Financials National Fuel Gas Company

Equities

NFG

US6361801011

Natural Gas Utilities

Market Closed - Nyse Other stock markets 04:00:02 2024-05-10 pm EDT			5-day change	1st Jan Change
57.11 ^USD	+1.22%		+4.29%	+13.83%

May. 02	Transcript : National Fuel Gas Company, Q2 2024 Earnings Call, May 02, 2024
May. 01	Earnings Flash (NFG) NATIONAL FUEL GAS COMPANY Posts Q2 Revenue $629.9	MT

Valuation

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,050	3,692	4,789	5,630	4,766	5,186	-	-
Enterprise Value (EV) ¹	6,218	6,331	7,544	8,277	7,383	7,913	7,741	7,522
P/E ratio	13.4 x	-28.8 x	13.2 x	10 x	10 x	12.2 x	9.93 x	7.83 x
Yield	3.67%	4.34%	3.43%	3.02%	3.81%	3.44%	3.42%	3.33%
Capitalization / Revenue	2.39 x	2.39 x	2.75 x	2.58 x	2.19 x	2.32 x	1.95 x	1.85 x
EV / Revenue	3.67 x	4.09 x	4.33 x	3.79 x	3.4 x	3.53 x	2.91 x	2.68 x
EV / EBITDA	7.92 x	8.06 x	7.54 x	6.75 x	6.34 x	6.74 x	5.61 x	5.05 x
EV / FCF	-65.8 x	257 x	189 x	33.3 x	26.9 x	52.8 x	28.1 x	67.2 x
FCF Yield	-1.52%	0.39%	0.53%	3%	3.72%	1.9%	3.55%	1.49%
Price to Book	-	-	2.68 x	2.71 x	-	-	-	-
Nbr of stocks (in thousands)	86,315	90,954	91,181	91,476	91,819	91,918	-	-
Reference price ²	46.92	40.59	52.52	61.55	51.91	56.42	56.42	56.42
Announcement Date	10/31/19	11/5/20	11/4/21	11/3/22	11/1/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,693	1,546	1,743	2,186	2,174	2,240	2,658	2,804
EBITDA ¹	785.4	785.5	1,000	1,226	1,165	1,174	1,379	1,491
EBIT ¹	511.8	479.3	665	856.1	755.1	711.2	883	1,005
Operating Margin	30.22%	31%	38.16%	39.16%	34.74%	31.75%	33.22%	35.85%
Earnings before Tax (EBT) ¹	389.5	-105	478.3	682.6	641.4	584.7	750.8	880.5
Net income ¹	304.3	-123.8	363.6	566	476.9	428.3	519.2	640.5
Net margin	17.97%	-8%	20.87%	25.89%	21.94%	19.12%	19.53%	22.85%
EPS ²	3.510	-1.410	3.970	6.150	5.170	4.635	5.682	7.206
Free Cash Flow ¹	-94.46	24.66	39.82	248.6	274.5	150	275	112
FCF margin	-5.58%	1.59%	2.28%	11.37%	12.63%	6.7%	10.35%	4%
FCF Conversion (EBITDA)	-	3.14%	3.98%	20.28%	23.57%	12.78%	19.94%	7.51%
FCF Conversion (Net income)	-	-	10.95%	43.92%	57.57%	35.02%	52.97%	17.49%
Dividend per Share ²	1.720	1.760	1.800	1.860	1.980	1.940	1.930	1.880
Announcement Date	10/31/19	11/5/20	11/4/21	11/3/22	11/1/23	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: September	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3
Net sales ¹	546.6	701.7	502.6	435.1	658.9	717.3	428.7	368.9	525.4	629.9	516	488.2	688.7	870.4	579.2
EBITDA ¹	298.2	337.6	318.1	271.9	351	322.3	256.5	234.9	322.9	369.6	250.4	253.3	312.1	365.8	303.3
EBIT ¹	209.7	246.4	222.3	177.8	254.4	221.4	154.1	125.3	207.1	250.6	133.4	136.6	198.5	248.6	185.8
Operating Margin	38.36%	35.11%	44.23%	40.86%	38.61%	30.86%	35.94%	33.96%	39.42%	39.79%	25.86%	27.98%	28.82%	28.56%	32.08%
Earnings before Tax (EBT) ¹	177.3	224.8	141.1	139.5	227.2	190.8	125.6	97.78	176.1	221.6	100.9	104	160.4	214	151.1
Net income ¹	132.4	167.3	108.2	158.1	169.7	140.9	92.62	73.68	133	166.3	77.25	78.99	123.2	160	114.6
Net margin	24.22%	23.85%	21.52%	36.34%	25.75%	19.64%	21.6%	19.97%	25.32%	26.39%	14.97%	16.18%	17.89%	18.38%	19.79%
EPS ²	1.440	1.820	1.170	1.710	1.840	1.530	1.000	0.8000	1.440	1.800	0.8333	0.8570	1.425	1.820	1.210
Dividend per Share ²	0.4550	0.4550	0.4750	0.4750	0.4750	0.4750	0.4950	0.5350	-	-	0.5000	0.5000	0.5000	0.5000	0.5000
Announcement Date	2/3/22	5/5/22	8/4/22	11/3/22	2/2/23	5/3/23	8/2/23	11/1/23	2/7/24	5/1/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: September	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	2,168	2,639	2,756	2,646	2,617	2,727	2,555	2,336
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.761 x	3.36 x	2.755 x	2.159 x	2.246 x	2.323 x	1.853 x	1.567 x
Free Cash Flow ¹	-94.5	24.7	39.8	249	275	150	275	112
ROE (net income / shareholders' equity)	14.9%	12.5%	20.9%	28%	16.2%	-	-	-
ROA (Net income/ Total Assets)	-	-	5.45%	7.05%	5.82%	-	-	-
Assets ¹	-	-	6,675	8,028	8,195	-	-	-
Book Value Per Share	-	-	19.60	22.70	-	-	-	-
Cash Flow per Share ²	8.000	8.140	8.630	8.820	13.40	10.90	12.90	-
Capex ¹	789	716	752	812	829	980	963	-
Capex / Sales	46.59%	46.31%	43.14%	37.14%	38.15%	43.77%	36.25%	-
Announcement Date	10/31/19	11/5/20	11/4/21	11/3/22	11/1/23	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for National Fuel Gas Company

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

56.42 USD

Average target price

63.67 USD

Spread / Average Target

+12.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Natural Gas Utilities

	1st Jan change	Capi.
NATIONAL FUEL GAS COMPANY	+12.46%	5.19B
NATURGY ENERGY GROUP, S.A.	-8.52%	25.24B
ATMOS ENERGY CORPORATION	+3.27%	18.06B
GAIL INDIA LIMITED	+18.78%	15.23B
ADANI TOTAL GAS LIMITED	-12.24%	11.58B
OSAKA GAS COMPANY., LTD.	+21.36%	9.26B
TOKYO GAS CO., LTD.	+8.43%	8.96B
PETRONAS GAS	+3.79%	7.62B
APA GROUP	+2.81%	7.37B
ALTAGAS LTD.	+9.27%	6.57B

Other Natural Gas Utilities