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Iberdrola, Repsol and Naturgy finalize new strategy with the demand to pay dividend

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Two months remain for the Ibex 35 companies to conclude one of the most complex exercises in recent years. And three of them, from the energy sector (Iberdrola, Repsol Y Naturgy), they have to present in the remainder of 2020 their new roadmaps for the coming years. The first to do so, the company led by Ignacio Sánchez Galán, which will do so this November 5.

Strategic plans that, despite the characteristics of each company, have common links. The main one, that the three companies are focused on maintaining an attractive remuneration for investors, despite the doubts and the situation caused by the coronavirus crisis. Precisely, the economic evolution is another one of the coincidences because energy companies have been hit by the cost of raw materials, oil in the case of Repsol and gas, as for Naturgy.

In addition, the three companies have among their priorities their renewable transformation, which will concentrate a large part of their investments in the future and where, also, the The presence of new companies in Ibex, such as Solaria, has highlighted the change of priorities in the corporate sphere.

DIFFERENT SITUATIONS

As for the dividend itself, the last to present results was Repsol. its CEO, Josu Jon Imaz, did not advance a figure. That remains for the presentation of the strategic plan, next November 24. For now, he has only anticipated that it will be an "attractive" figure. For 2020, the proposed remuneration is one euro per share. It is the same approach that Imaz pointed out in July, when he assured that Repsol's dividend has to be attractive, "compared to our competitors" and "to be attractive compared to the main Ibex.

In Naturgy's case, the premise of the company chaired by Francisco Reynés is to maintain the commitment to shareholder remuneration. The gas company still does not have a date for the presentation of its new roadmap. Looking ahead to 2020, the payment to its shareholder is estimated at 1.44 euros and there are voices that see room for improvement, such as BofA, which sees its dividend take off to 1.59 euros per share in 2022.

On Friday Iberdrola will remove doubts about its plans. The last step in terms of remuneration was taken a few weeks ago, when it approved the delivery of 0.168 euros per share in 2021. And, where appropriate, options may open to a 'scrip dividend'. Is what you think, Citi who considers that the mega-investment in renewables ahead may be the reason to start the payment in shares.

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