European Event-Driven Analyst

Jesus Rodriguez Aguilar

Jesús is an Insight Provider (Event-driven) on the Smartkarma network, where he looks across sectors at opportunities arising from securities mispricing (both credit and equity), share classes, bid announcements, prospective bids, and special situations. He has served as Economic and Business Advisor at the Spanish Congress in Madrid. Prior to that, he has worked in the City of London: as a Credit Analyst at Bloomberg; Event-driven associate at former boutique European Research; and doubled as Special Situations and Equity-linked VP (convertible bonds) at Merrill Lynch. Jesús has an MBA from the London Business School, a BA (Hons.) degree in Economics from the Complutense University in Madrid, and a BA (Hons.) in Law from U.N.E.D., also in Madrid.

Naturgy: Criteria Raises Stake to 28.5% as Float Expands

Naturgy: CVC Exit Completes Float Reset as Index Weight Upside Accelerates

IBEX Review: Naturgy Emerges as the Main Beneficiary

Naturgy Index Re-Entry Confirmed – €250M Passive Flows Incoming

Naturgy Float Surges to 25.8% – Index Weight and Passive Flows Set to Rise

Naturgy Ownership Reshuffle Deepens – Index Weight and Flows Poised to Rise Further

Index Rebalance

Naturgy Energy Group SA / Index Rebalance

<ul>
<li>BlackRock’s full exit removes the most visible overhang, while structurally higher free float (potentially ~35–40%) repositions Naturgy from index eligibility repair to sustained weight expansion across MSCI and Ibex benchmarks.</li>
<li>Three-Month ADTV of €31.55m confirms a durable liquidity reset, materially improving block absorption capacity and supporting potential €250–350m passive inflows under higher float-adjusted index weight scenarios.</li>
<li>At €24.78, Naturgy trades on ~12x forward earnings with 7.2–7.8% dividend yields, providing downside protection as index-driven reweighting and shareholder normalisation underpin a €27.50 target.</li>
</ul>


BlackRock’s full exit removes the most visible overhang, while structurally higher free float (potentially ~35–40%) repositions Naturgy from index eligibility repair to sustained weight expansion across MSCI and Ibex benchmarks.
Three-Month ADTV of €31.55m confirms a durable liquidity reset, materially improving block absorption capacity and supporting potential €250–350m passive inflows under higher float-adjusted index weight scenarios.
At €24.78, Naturgy trades on ~12x forward earnings with 7.2–7.8% dividend yields, providing downside protection as index-driven reweighting and shareholder normalisation underpin a €27.50 target.


Naturgy: From Overhang to Index Weight Expansion