Table of Contents
Southern Europe: Recovery Uncertain and Too Much Gas........................................................................................ 3
Italian Market: Revolution Starting From Gas.............................................................................................................. 4
2010: Another Very Tough Year for Spanish Utilities.................................................................................................. 7
Southern European Utilities: Still Downside Risk to Consensus ............................................................................ 10
Contango Collapse Coming — Moving to a Cautious Stance.................................................................................. 14
A2A, the Exception: Short of Gas in a Long Market – Our Top Pick ....................................................................... 15
Edison: Gas Margins Under Pressure, Downgraded to EW ..................................................................................... 22
EDP – Visible Earnings Priced In. Better Growth and Value in Regulated Names – Stay EW............................. 30
Endesa – Latin America Restructuring Discounted – Stay EW................................................................................ 35
ENEL – Lacking Growth, High Debts: Sector Premium Too Generous................................................................... 42
Gas Natural – Leverage and Open Gas Position Fuel Risk – UW ............................................................................ 48
Iberdrola – Adverse Market conditions to Curb Growth Downgraded to Equal-Weight........................................ 54