Endesa S.A.

Endesa is engaged in the production, transmission, distribution, and supply of electricity, through hydroelectric, fossil fuel, and nuclear generation. Co. is also engaged in the mining of coal for use in its fossil-fuel electric plants; mining research; land restoration, and environmental monitoring and control.
  • TickerELE
  • ISINES0130670112
  • ExchangeMadrid Stock Exchange
  • SectorElectricity
  • CountrySpain

Analysts

Jorge Guimarães

Iberian Energy Monthly: February: mild weather impacts demand

The month of February was characterized by a generally mild weather pattern in Iberia, which impacted electricity demand, down 4.8% yoy to 24.3TWh (YTD -0.7% yoy). February was also weak in terms of hydro (3.6TWh, up yoy but 35% below the 5Y avg) and especially wind production, where the output of 4.5TWh was down 22% yoy and 34% below the 5Y avg (and the lowest February wind production of the last 8 years). However, the low wind/water impact on prices was cushioned by the low demand, with the thermal gap down yoy (-19% to 5.9TWh), while commodity prices were also marginally down vs Feb-18 (Bre...

Tancrede Fulop

Morningstar | Endesa Releases 2018 Earnings and Dividend Above Expectations; Shares Overvalued

We reiterate our fair value estimate of EUR 19 per share along with our no-moat, stable trend ratings after Endesa released 2018 results slightly above expectations and reiterated its short- and medium-term guidance. We view the shares as overvalued. We foresee the dividend to decrease in 2020 and 2021 due to a decline in net income that we forecast and planned reduction in the payout ratio. We prefer parent company Enel, whose dividend floor through 2021 guarantees a 9% annual growth. EBITDA increased by 3% to EUR 3.63 billion, above our and consensus EUR 3.52 billion. The main positive driv...

Tancrede Fulop

Endesa Releases 2018 Earnings and Dividend Above Expectations; Shares Overvalued

We reiterate our fair value estimate of EUR 19 per share along with our no-moat, stable trend ratings after Endesa released 2018 results slightly above expectations and reiterated its short- and medium-term guidance. We view the shares as overvalued. We foresee the dividend to decrease in 2020 and 2021 due to a decline in net income that we forecast and planned reduction in the payout ratio. We prefer parent company Enel, whose dividend floor through 2021 guarantees a 9% annual growth.  EBITDA i...

Jorge Guimarães

Endesa: 4Q18 preview: expect EBITDA flat vs adj

We expect Endesa to report a 4Q18 EBITDA of Eur826mn, unchanged vs adj. 4Q17, as reported EBITDA included significant positive one-offs (Eur168mn), mostly from previous years’ adjustments. Below EBITDA, D&A and financial costs should be down yoy, with Net Income expect to reach Eur295mn, down 21.9% vs reported 4Q17, but effectively up 17.2% vs adjusted 4Q17. We are making a small positive adjustment to our 18E estimates (EBITDA +2% to Eur3,617mn, Net Income +4% to Eur1,488mn) and revising up slightly our FV to Eur20.65/sh (from Eur20.6/sh before). However, with 5% downside to our revised FV, w...

Endesa – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jorge Guimarães

Iberian Energy Monthly: February: mild weather impacts demand

The month of February was characterized by a generally mild weather pattern in Iberia, which impacted electricity demand, down 4.8% yoy to 24.3TWh (YTD -0.7% yoy). February was also weak in terms of hydro (3.6TWh, up yoy but 35% below the 5Y avg) and especially wind production, where the output of 4.5TWh was down 22% yoy and 34% below the 5Y avg (and the lowest February wind production of the last 8 years). However, the low wind/water impact on prices was cushioned by the low demand, with the thermal gap down yoy (-19% to 5.9TWh), while commodity prices were also marginally down vs Feb-18 (Bre...

Tancrede Fulop

Morningstar | Endesa Releases 2018 Earnings and Dividend Above Expectations; Shares Overvalued

We reiterate our fair value estimate of EUR 19 per share along with our no-moat, stable trend ratings after Endesa released 2018 results slightly above expectations and reiterated its short- and medium-term guidance. We view the shares as overvalued. We foresee the dividend to decrease in 2020 and 2021 due to a decline in net income that we forecast and planned reduction in the payout ratio. We prefer parent company Enel, whose dividend floor through 2021 guarantees a 9% annual growth. EBITDA increased by 3% to EUR 3.63 billion, above our and consensus EUR 3.52 billion. The main positive driv...

Tancrede Fulop

Endesa Releases 2018 Earnings and Dividend Above Expectations; Shares Overvalued

We reiterate our fair value estimate of EUR 19 per share along with our no-moat, stable trend ratings after Endesa released 2018 results slightly above expectations and reiterated its short- and medium-term guidance. We view the shares as overvalued. We foresee the dividend to decrease in 2020 and 2021 due to a decline in net income that we forecast and planned reduction in the payout ratio. We prefer parent company Enel, whose dividend floor through 2021 guarantees a 9% annual growth.  EBITDA i...

Jorge Guimarães

Endesa: 4Q18 preview: expect EBITDA flat vs adj

We expect Endesa to report a 4Q18 EBITDA of Eur826mn, unchanged vs adj. 4Q17, as reported EBITDA included significant positive one-offs (Eur168mn), mostly from previous years’ adjustments. Below EBITDA, D&A and financial costs should be down yoy, with Net Income expect to reach Eur295mn, down 21.9% vs reported 4Q17, but effectively up 17.2% vs adjusted 4Q17. We are making a small positive adjustment to our 18E estimates (EBITDA +2% to Eur3,617mn, Net Income +4% to Eur1,488mn) and revising up slightly our FV to Eur20.65/sh (from Eur20.6/sh before). However, with 5% downside to our revised FV, w...

Jorge Guimarães

Iberian Energy Monthly: January: strong demand, little water

The first month of 2019 was characterized by strong levels of electricity demand, with Iberian demand up 3.1% yoy to 28.2TWh (highest value for Jan in 8 years), also due to weather effects. Wholesale electricity prices also started the year on the rise, with an avg pool price of Eur62.0/MWh in January, +22.9% vs Jan-18, 27.3% above the 2014/18 avg. Although the month was favourable in terms of wind production (7.4TWh, +11.1% yoy and 9.3% above the 5Y avg), it was dry, which had an impact on hydro production (@ 3.2TWh, was marginally up (+3.8%) vs a weak Jan-18 but 31.7% below 5Y avg levels. Th...

ENDESA SA loses on its star level and is downgraded to Slightly Positive

The independent financial analyst theScreener just slightly lowered the general evaluation of ENDESA SA (ES), active in the Conventional Electricity industry. The title has lost a star(s) at the fundamental level and now shows 2 out of 4 stars. Its exposure to market risk remains nonetheless the same and can be still described as defensive. theScreener slightly downgrades the general evaluation to Slightly Positive for the title on account of the lost star(s). As of the analysis date February 15, 2019, the closing price was EUR 21.51 and its potential was estimated at EUR 23.10.

Endesa

Endesa

Endesa

Endesa

GlobalData Department

Endesa SA (ELE) - Power - Deals and Alliances Profile

Summary Endesa SA (Endesa), a subsidiary of Enel SpA, is an electric utility. It generates, distributes, and sells electricity. The company produces electricity in hydro, thermal, nuclear, combined cycle, and renewable and cogeneration plants. Endesa also supplies electricity and gas, and provides other value-added products and services to wind farms, mini hydraulic, biomass, and waste treatment plants. It serves customers in Spain, Portugal, France, Germany, the Netherlands, the UK, and other countries. Endesa is headquartered in Madrid, Spain. Endesa SA (ELE) - Power - Deals and Alliances ...

Endesa SA (ELE) - Power - Deals and Alliances Profile

Summary Endesa, S.A. (Endesa), a subsidiary of Enel S.p.A., is an energy utility. It generates, supplies and distributes electricity; transports and supplies gas; and offers related services. It generates electricity using various fuel sources such as coal, liquid fuels, water, nuclear and natural gas. The company also offers products and services to the renewable energies and cogeneration sector, including wind farms, mini hydraulic, biomass and waste treatment plants. The company generates, distributes and supplies electricity in Spain and Portugal. It also supplies electricity and gas in o...

MarketLine Department

Endesa, S.A. – Mergers & Acquisitions (M&A), Partnerships & Alliances and Investment Report

Summary Energy and Utilities Key Findings Energy and Utilities Energy and Utilities Reasons To Buys MarketLine Key Highlights Spain

Endesa – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Jérôme VINERIER

Analyse court terme - ENDESA : Stochastiques en zone de surachat.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 17,032 €.

Jérôme VINERIER

Short term view - ENDESA : Overbought stochastics

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. Stochastics are at the overbought level. prices could fall again to €17.032.

Jérôme VINERIER

Analyse court terme - ENDESA : Les cours se sont repris.

La tendance est incertaine. Les cours se sont repris, mais la tendance manque de puissance pour le moment. Les Stochastiques sont en zone de surachat. Les cours pourraient se replier jusqu'à 17,032 €.

Jérôme VINERIER

Short term view - ENDESA : Prices recovered.

The trend is uncertain. Prices have recovered but the trend lacks power for the time being. Stochastics are at the overbought level. prices could fall again to €17.032.

Jérôme VINERIER

Analyse moyen terme - ENDESA : La tendance de fond est clairement orientée à la hausse.

La tendance de fond est clairement orientée à la hausse. La correction en cours gagne en vigueur. Il est trop tôt pour parler de retournement baissier. La tendance serait invalidée sous le support à 15,766 €.

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