Enel Societa Per Azioni is engaged in the generation and sale of electricity through its Generation, Energy Management and Sales Italy Division. Co. is also engaged in the distribution of electricity (Enel Distribuzione) and public and artistic lighting (Enel Sole) in Italy through its Infrastructure and Networks Division. Co.'s Iberia and Latin America Division coordinates Co.'s operations in the electricity and gas markets in Spain, Portugal and Latin America. Co.'s Engineering and Research Division manages the engineering processes related to the development and construction of power plants. Co.'s other divisions are the International Division as well as the Renewable Energy Division.
  • TickerENEL
  • ISINIT0003128367
  • SectorElectricity
  • CountryItaly

Analysts

Emanuele Oggioni

ENEL - Visible EPS growth deserves higher valuation

Tancrede Fulop

Morningstar | ENEL Updated Forecasts and Estimates from 30 Nov 2018

Enel released its 2019-21 business plan in which it significantly increased its investments while committing to a minimum dividend for the next three years versus one year previously. New free cash flow and net income targets are roughly in line with ours. Accordingly, we reiterate our fair value estimate of EUR 5.70 per share along with our no-moat, stable trend rating. The shares appear significantly undervalued. Improvement of the risk profile and equity story evidenced by the dividend commitment justifies the cancellation of the discount to the sector. A steep increase in investments shou...

1 director bought

A director at Enel SPA bought 100,000 shares at 4.690EUR and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Jean Sassus ...
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Corby
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/21/2018

While Dassault Aviation is capitalising on the upturn in the business jet market, we think that the market does not value this business and may even attribute a negative value to it. The still favourable trend in defence and the stronger dollar are also support factors. Upside is enough to move to a Buy recommendation, with a target price unchanged at € 1,800. Cf company research published yesterday evening. - - ...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Orange, UniCredit and Enel

Orange's (ORAFP) CEO Stephane Richard sees a new opportunity for possible discussions on consolidation in France in 1H19. He voiced his opinion in an interview with the French newspaper Les Echos. The renewed price war in France will “inevitably lead us to raise the question of market consolidation”, according to the CEO, but Orange can't lead the process because of anti-trust issues and he is not aware of any existing plans or talks. We continue to view Orange as one of most defensive names in the sector and don't expect an impact on spreads on the back of this news. (open document to read fu...

ENEL S.p.A.: Semi-annual update to credit analysis

Enel's credit quality is supported by a solid business risk profile, progress on delivery of its strategy and deleveraging.

ENEL S.p.A.: Key Facts and Statistics - FYE December 2017

A summary company profile, detailing Enel SpA ’s business operations and financial highlights.

ENEL S.p.A.: Acquisition of Eletropaulo strengthens group's position in Brazil at a manageable cost

Enel's acquisition of Eletropaulo reinforces its Brazilian distribution operations.

Moody's assigns Ba1 rating to hybrid notes to be issued by ENEL S.p.A.; stable outlook

Moody's Investors Service, ("Moody's") has today assigned a Ba1 long-term rating to the Capital Securities (the junior subordinated "Hybrid"), to be issued in two tranches by Enel S.p.A. ("Enel"). The rating outlook is stable in line with that of Enel. The size and...

ENEL S.p.A., Iberdrola S.A: Iberdrola's improved offer for Eletropaulo underlines appeal of Brazil

Comment on Enel/Iberdrola bids for Eletropaulo

Emanuele Oggioni

ENEL - Visible EPS growth deserves higher valuation

Tancrede Fulop

Morningstar | ENEL Updated Forecasts and Estimates from 30 Nov 2018

Enel released its 2019-21 business plan in which it significantly increased its investments while committing to a minimum dividend for the next three years versus one year previously. New free cash flow and net income targets are roughly in line with ours. Accordingly, we reiterate our fair value estimate of EUR 5.70 per share along with our no-moat, stable trend rating. The shares appear significantly undervalued. Improvement of the risk profile and equity story evidenced by the dividend commitment justifies the cancellation of the discount to the sector. A steep increase in investments shou...

Louis Boujard ...
  • Philippe Ourpatian

Enel : Focus in 2019-2021 on organic growth while keeping net debt stable

>Neutral recommendation and target price of € 5.0 maintained. - Following the publication of the 2019-2021 strategy plan, we maintain our Neutral recommendation and target price of € 5.00, which is still based on the average between a DCF valuation (€ 5.03 with a WACC of 5.04% and growth to infinity of 1.20%, unchanged) and NAV per share (€ 4.97). The new version of the strategy plan out to 2021 leads us to make only marginal changes to our EBITDA estimates and does n...

Louis Boujard ...
  • Philippe Ourpatian

Enel : Un focus 2019/2021 sur la croissance organique à dette nette stable

>Recommandation Neutre et objectif de cours à 5,0 € maintenus - Suite à la publication du plan stratégique 2019/2021, la recommandation Neutre est maintenue, ainsi que notre objectif de cours de 5,00 €, toujours fondé sur la moyenne entre le DCF (5,03 € avec un CPMC à 5,04% et un taux de croissance à l’infini de 1,20% inchangés) et l’ANR (4,97 €). La nouvelle mouture du plan stratégique à l’horizon 2021 ne modifie que marginalement nos estimations d’EBITDA et n’affect...

Tancrede Fulop

Morningstar | Best Idea Enel Pledges Dividend Increase Through 2021; Shares Undervalued

Enel released its 2019-21 business plan in which it significantly increased its investments while committing to a minimum dividend for the next three years versus one year previously. New free cash flow and net income targets are roughly in line with ours. Accordingly, we reiterate our fair value estimate of EUR 5.70 per share along with our no-moat, stable trend rating. The shares appear significantly undervalued. Improvement of the risk profile and equity story evidenced by the dividend commitment justifies the cancellation of the discount to the sector. A steep increase in investments shou...

1 director bought

A director at Enel SPA bought 100,000 shares at 4.690EUR and the significance rating of the trade was 74/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board mem...

Jean Sassus ...
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Corby
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/21/2018

While Dassault Aviation is capitalising on the upturn in the business jet market, we think that the market does not value this business and may even attribute a negative value to it. The still favourable trend in defence and the stronger dollar are also support factors. Upside is enough to move to a Buy recommendation, with a target price unchanged at € 1,800. Cf company research published yesterday evening. - - ...

Jean Sassus ...
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Olfa Taamallah
  • Philippe Ourpatian
  • Pierre Corby
  • Steven Gould
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 21/11/2018

Alors que Dassault Aviation bénéficie de la reprise du marché du jet d’affaires, nous estimons que le marché ne valorise pas cette activité, voire lui donne une valeur négative. La Défense toujours bien orientée et le dollar plus fort sont également des facteurs de soutien. Le potentiel de hausse est suffisant pour passer à l’Achat avec un objectif inchangé à 1 800 €. Cf étude publiée hier soir. - ...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Olivier Lebrun
  • Philippe Ourpatian
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/07/2018

Italy’s economy had slowed down in the first half of the year. It stagnated in Q3. In October, some indicators raise fears of a slide back into recession. Over the past six months, the situation has deteriorated both politically (Rome-Brussels relations) and financially (increase in the risk premium). Rising financing costs may crowd out private demand. Fiscal stimulus is therefore aggravating problems rather than resolving them. To dispel the “wait-and-see” sentiment, it is urgent t...

Baptiste Lebacq ...
  • Benoit Valleaux
  • Bruno Cavalier
  • Emira Sagaama
  • Fatma Agnès Hamdani
  • Jean Sassus
  • Louis Boujard
  • Matthias Desmarais
  • Olivier Lebrun
  • Philippe Ourpatian
  • Samantha Jeary
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Thomas Zlowodzki
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/11/2018

L’économie italienne avait ralenti au premier semestre. Elle a stagné au T3. En octobre, certains indicateurs laissent craindre une rechute en récession. Depuis six mois, la situation se dégrade au plan politique (relations Rome-Bruxelles) et financier (hausse de la prime de risque). Le renchérissement des coûts de financement risque d’évincer la demande privée. La relance budgétaire aggrave donc les problèmes au lieu de les résoudre. Pour lever le climat d’attentisme, il est urgent d...

Ahmed Ben Salem ...
  • Alexandre Iatrides
  • Louis Boujard
  • Philippe Ourpatian
  • Vincent Maulay

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 09/14/2018

...

Enel SPA

Enel SPA

Enel SPA

Enel SPA

ENEL SPA sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of ENEL SPA (IT), a company active in the Conventional Electricity industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 3 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date September 21, 2018, the closing price was EUR 4.63 and its potential was estimated at EUR 4.99.

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/Orange, UniCredit and Enel

Orange's (ORAFP) CEO Stephane Richard sees a new opportunity for possible discussions on consolidation in France in 1H19. He voiced his opinion in an interview with the French newspaper Les Echos. The renewed price war in France will “inevitably lead us to raise the question of market consolidation”, according to the CEO, but Orange can't lead the process because of anti-trust issues and he is not aware of any existing plans or talks. We continue to view Orange as one of most defensive names in the sector and don't expect an impact on spreads on the back of this news. (open document to read fu...

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier
  • Suvi Platerink Kosonen

Coffee, Croissants & Credit/ABN AMRO, Credit Agricole, Ahold Delhaize, Veolia and Enel

ABN AMRO (ABNANV) reported higher earnings and improved CET1 ratio. The bank indicated to increase its dividend payout ratio as a consequence. ABN AMRO meets its MREL ratio currently also with preferred debt, something that is unlikely to change in 2019, but we expect it to issue NPS next year. ABN AMRO reported a net profit of €725m for 3Q18, up by 8% YoY. Higher revenues fully offset the somewhat higher cost base. The cost-to-income ratio improved to 52.9% 3Q18 from 56.9% in 3Q17. (For full story, please download report)

ING
Hendrik Wiersma ...
  • Jeroen van den Broek
  • Job Veenendaal
  • Nadège Tillier

Coffee, Croissants & Credit/EDP could benefit from China Three Gorges' renewables

China Three Gorges (YANTZE) announced it would transfer to EDP (EDPPL) its own wind and hydro assets based overseas. EDP would gain c.€1bn in EBITDA and boost the company's power generation capacity by 30%. The move is expected to support China Three Gorges' initial €9.1bn offer which has been considered too low by the Portuguese board of directors. Credit positive. After winning the battle against Iberdrola (IBESM) over the 73% acquisition of Eletropaulo Brazil's capital for c.€1.3bn, Enel (ENELIM) announced Eletropaulo will spend about €900m in capex between 2019 and 2021. The Italian utili...

GlobalData Department

Enel SpA (ENEL) - Oil & Gas - Deals and Alliances Profile

Summary Enel SpA (Enel) is an integrated electricity and gas company that produces, distributes and trades electricity and natural gas. The group generates electricity using diverse sources of energy such as nuclear, renewables, oil and gas turbine, coal and gas combined cycle. It also focuses on digitizing electricity grids in emerging markets. In partnership with research centers, scientific institutions and universities, Enel develops technologies and solutions. It serves both residential and industrial customers. The company has operational presence in Europe, North America, Latin America...

GlobalData Department

Enel SpA (ENEL) - Power - Deals and Alliances Profile

Summary Enel SpA (Enel) is an integrated electricity and gas company that produces, distributes and trades electricity and natural gas. The group generates electricity using diverse sources of energy such as nuclear, renewables, oil and gas turbine, coal and gas combined cycle. It also focuses on digitizing electricity grids in emerging markets. In partnership with research centers, scientific institutions and universities, Enel develops technologies and solutions. It serves both residential and industrial customers. The company has operational presence in Europe, North America, Latin America...

Enel SpA (ENEL) - Power - Deals and Alliances Profile

Summary Enel S.p.A. (Enel) is an energy group that produces, distributes and trades electricity and natural gas. The group generates electricity using diverse sources of energy such as nuclear, renewables, oil and gas turbine, coal and gas combined cycle. It also focuses on digitizing electricity grids in emerging markets. In partnership with research centers, scientific institutions and universities, Enel develops technologies and solutions. It serves both residential and industrial customers. The company has operational presence in Europe, North America, Latin America, Africa and Asia. Enel...

Enel SpA (ENEL) - Oil & Gas - Deals and Alliances Profile

Summary Enel S.p.A. (Enel) is an energy group that produces, distributes and trades electricity and natural gas. The group generates electricity using diverse sources of energy such as nuclear, renewables, oil and gas turbine, coal and gas combined cycle. It also focuses on digitizing electricity grids in emerging markets. In partnership with research centers, scientific institutions and universities, Enel develops technologies and solutions. It serves both residential and industrial customers. The company has operational presence in Europe, North America, Latin America, Africa and Asia. Enel...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 04/05/2017

In item 6, the AGM is called to appoint the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 0.5% of the share capital. Two slates of nominees have been submitted, respectively by the Ministry of Economy (23.6% of the share capital) and a group of institutional investors (1.9%). One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services to Generali. Voting advi...

Jérôme VINERIER

Short term view - ENEL : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €4.230. The background trend would be questioned should prices rise above €4.600.

Jérôme VINERIER

Analyse court terme - ENEL : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4,230 €. La tendance de fond serait remise en cause en cas de franchissement de 4,600 €.

Jérôme VINERIER

Analyse court terme - ENEL : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4,230 €. La tendance de fond serait remise en cause en cas de franchissement de 4,600 €.

Jérôme VINERIER

Short term view - ENEL : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €4.230. The background trend would be questioned should prices rise above €4.600.

Jérôme VINERIER

Analyse moyen terme - ENEL : La tendance est incertaine.

La tendance est incertaine. Les cours baissent, et il y a une possibilité d'accélération baissière. Une nouvelle tendance baissière tente de démarrer.

ResearchPool Subscriptions

Get the most out of your insights

Get in touch