Enagás' Hold Rating Kept as Berenberg Remains 'Cautious' on Hydrogen Investment Timing, Remuneration

06:42 AM EDT, 09/25/2026 (MT Newswires) -- Berenberg retained its hold rating on Enagás (ENG.MC), saying it remains "cautious" on the company's hydrogen investment until further clarity on the timing and remuneration of the Spanish government's policy for regulated gas activities for 2027 to 2032. "Last week, the Spanish regulator (CNMC) formally confirmed the financial remuneration rate for regulated gas activities for the 2027-32 period. The headline rate of 6.46%, set in Circular 5/2026, is unchanged from previous CNMC circulars and our estimate, while Circular 4/2026 updated the broader remuneration methodology, as outlined in our previous report," according to a Friday note. "Investor focus should now shift to cash-flow allocation, with our priorities being: 1) hydrogen investment, 2) dividend maintenance, and 3) value-accretive M&A." The research firm also said it expects the Spanish energy infrastructure company to deliver its expected 1 euro per share dividend in 2026. Analysts added that selective European mergers and acquisition deals remain possible, although any deals would likely require a return of 8%. Berenberg also revised its forecasts, with the 2026 and 2028 EPS estimates nudged up and the 2027 projection slashed. The stock's price target of 16.20 euros was unchanged.