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

Neoh Jiaman
Neoh Jiaman
Alexandre Iatrides ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2019

We have downgraded our recommendation to Reduce (vs Neutral) with a target price lowered to € 2.30 (vs € 2.40). Intesa Sanpaolo is still a quality stock thanks to its operating efficiency and robust balance sheet. Yet the main driver of its investment case, the dividend, is increasingly under fire due to the deterioration in the operating environment (interest rates, the Italian economy, etc.) in tandem with regulatory constraints (credit risk in particular). The justification of the ...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/11/2019 - Heimstaden Bostad - EN

Heimstaden Bostad (Conserver) : Nouvelle émission hybride ABN Amro (Achat) - 9M-19 : RN de €1,7 md (-14%) Casino (Achat souches courtes, Conserver souches longues) : ~€784m apportés aux offres de rachats Saint-Gobain (Achat) : Accord pour l’acquisition de Continental Building Products pour une valeur d’entreprise de $1,4 md Continental (Achat) - 9M-19 : EBITDA de €4,0 mds (-13,9%) Gestamp (Achat) - 9M-19 : EBITDA de €755m (+10,8%) Prysmian (Vente) - 9M-19 : EBITDA pro-forma de €773m (+18,8%) Enel (Achat) : Relève ses objectifs po...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/11/2019 - Heimstaden Bostad - Fr

Heimstaden Bostad (Conserver) : Nouvelle émission hybride ABN Amro (Achat) - 9M-19 : RN de €1,7 md (-14%) Casino (Achat souches courtes, Conserver souches longues) : ~€784m apportés aux offres de rachats Saint-Gobain (Achat) : Accord pour l’acquisition de Continental Building Products pour une valeur d’entreprise de $1,4 md Continental (Achat) - 9M-19 : EBITDA de €4,0 mds (-13,9%) Gestamp (Achat) - 9M-19 : EBITDA de €755m (+10,8%) Prysmian (Vente) - 9M-19 : EBITDA pro-forma de €773m (+18,8%) Enel (Achat) : Relève ses objectifs po...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/11/2019 - Heimstaden Bostad - EN

Heimstaden Bostad (Conserver) : Nouvelle émission hybride ABN Amro (Achat) - 9M-19 : RN de €1,7 md (-14%) Casino (Achat souches courtes, Conserver souches longues) : ~€784m apportés aux offres de rachats Saint-Gobain (Achat) : Accord pour l’acquisition de Continental Building Products pour une valeur d’entreprise de $1,4 md Continental (Achat) - 9M-19 : EBITDA de €4,0 mds (-13,9%) Gestamp (Achat) - 9M-19 : EBITDA de €755m (+10,8%) Prysmian (Vente) - 9M-19 : EBITDA pro-forma de €773m (+18,8%) Enel (Achat) : Relève ses objectifs po...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/11/2019 - Heimstaden Bostad - Fr

Heimstaden Bostad (Conserver) : Nouvelle émission hybride ABN Amro (Achat) - 9M-19 : RN de €1,7 md (-14%) Casino (Achat souches courtes, Conserver souches longues) : ~€784m apportés aux offres de rachats Saint-Gobain (Achat) : Accord pour l’acquisition de Continental Building Products pour une valeur d’entreprise de $1,4 md Continental (Achat) - 9M-19 : EBITDA de €4,0 mds (-13,9%) Gestamp (Achat) - 9M-19 : EBITDA de €755m (+10,8%) Prysmian (Vente) - 9M-19 : EBITDA pro-forma de €773m (+18,8%) Enel (Achat) : Relève ses objectifs po...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 11/10/2019 - Automotive Parts Suppliers - EN

TP ICAP - Europe - Morning CreditUpdate 11/10/2019 - Automotive Parts Suppliers - EN

ENEL S.p.A.: Update following change in outlook to positive

Our credit view of Enel, reflecting an improving business risk due to continuing investment in networks and renewables, its solid financial profile and increasing non-domestic exposure.

ENEL S.p.A.: Key Facts and Statistics - LTM March 2019

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

Neoh Jiaman
Neoh Jiaman
Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : Recurring 9M earnings in line and substantial impairment on coal-fired plants

>Neutral rating maintained but target price adjusted to € 6.30 vs € 5.45 - On the back of the publication of the group’s performance at end-September 2019, which was in line with our forecasts when adjusted for all of the one-off and non-recurring items, we are sticking with our Neutral recommendation but adjusting our target price to € 6.30 vs € 5.45. This adjustment factors in the update to the operational, financial and market data. Our target price is still based ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : Résultat 9M 2019 récurrent en ligne et dépréciations massives du charbon

>Recommandation Neutre maintenue mais OC ajusté à 6.30 € vs 5.45 € - A l’issue de la publication des performances à fin septembre 2019, qui sont ressorties en ligne avec nos attentes sur une base retraitée de tous les éléments exceptionnels et non récurrents, nous maintenons notre recommandation Neutre mais ajustons notre objectif de cours à 6.30 € vs 5.45 €. Cet ajustement intègre la mise à jour des données opérationnelles, financières et de marché. Notre objectif d...

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...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2019

We have downgraded our recommendation to Reduce (vs Neutral) with a target price lowered to € 2.30 (vs € 2.40). Intesa Sanpaolo is still a quality stock thanks to its operating efficiency and robust balance sheet. Yet the main driver of its investment case, the dividend, is increasingly under fire due to the deterioration in the operating environment (interest rates, the Italian economy, etc.) in tandem with regulatory constraints (credit risk in particular). The justification of the ...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 13/11/2019

Nous dégradons le titre à Alléger (vs Neutre) avec un OC ramené à 2.30 € (vs 2.40 €). Si ISP reste une valeur de qualité au sein du secteur pour son efficience opérationnelle et sa robustesse bilancielle, son principal catalyseur d’investissement, le dividende, semble de plus en plus challengé par la détérioration du contexte opérationnel (taux, macro Italie…) couplé aux contraintes réglementaires (risque crédit notamment). La prime dont il bénéficie face au secteur parait de plus en ...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 08/02/2019

...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Anis Zgaya
  • Baptiste Lebacq
  • Benoit Valleaux
  • Delphine Brault
  • Emira Sagaama
  • Emmanuel Matot
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Khaled Ben Amor
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 02/08/2019

...

Alain William ...
  • Alexandre Iatrides
  • Anis Zgaya
  • Antoine Boivin-Champeaux
  • Charles Lepetitpas
  • Emmanuel Matot
  • Fatma Agnès Hamdani
  • Harald Eggeling
  • Jean Sassus
  • Johanna Jourdain
  • Laurence Hofmann
  • Louis Boujard
  • Matthias Desmarais
  • Nicolas David
  • Olivier Lebrun
  • Philippe Ourpatian
  • Rémi Adam
  • Samantha Jeary
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/09/2019

...

ENEL SPA sees an upgrade to 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 defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date August 16, 2019, the closing price was EUR 6.29 and its potential was estimated at EUR 6.66.

ING
Timothy Rahill

SDG linked bond/SDG-linked bond the new green bond?

Could Enel's SDG-linked 3-part bond change the green bond market? Enel (ENELIM) [e]issued a new form of green bond yesterday, known as Sustainable Development Goals linked (SDG). This new form of green bond has divided the market with opinions on both sides. It could be argued that this could be the future of green bonds, as it implicates an entire business as opposed to just an asset or project. On the other hand, it could be argued that this does not satisfy the requirements of a green bond, largely due to the lack of control of where the money flows, as it is possible to even finance non-gr...

ING
Nadège Tillier

Utilities green bonds/There is more to green bonds than just a marketing tool

With c.€19bn of green bonds issued in the first eight months of 2019, utilities are set to break their record of €21bn issuance for the full year of 2017. A number of utilities celebrated their first green instrument in 2019: A2A, EDP, E.ON and Vattenfall. A number of utilities returned to the green bond market: Duke Energy, Engie, EnBW, Enel, Hera, Iberdrola, MidAmerican Energy and Orsted. Since 2014, utilities across the globe have issued c.€77bn and have been the most active corporate sector. This makes sense when we know that the Energy sector is responsible for the largest part of the gre...

ING
Nadège Tillier

Enel/Positive 1H19; still value in the belly of € and $ senior curves

Enel confirmed its YE19 guidance after the company reported a 13.4% increase in 1H19 ordinary EBITDA to €8.76bn. Activities in Italy generated c.40% of the group's total EBITDA. South America saw the strongest growth with an EBITDA of €2.7bn, reflecting a 32% increase vs 1H18. 1H19 EBIT reached €5.2bn vs €4.87bn a year earlier. Enel reported net debt at €45.4bn, a substantial increase vs YE18 (€41bn) due to higher capital expenditure, dividends and the acquisition of some of Enel Green Power's North American subsidiaries. Our calculations, including adjustments for pensions, hybrids and asset ...

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

Coffee, Croissants & Credit/RBS, Telecom Italia, Verizon and Enel

RBS unlikely to meet its targets, but to pay a special dividend

ING
Nadège Tillier

European utilities/Dry 2019 to be followed by a flood of supply

2019 will be one of the lowest years of bond supply in Euro for the IG utilities sector. As of today, there is almost nothing left to refinance this year. We would expect EUR bond issuance from Utilities to reach c.€29bn in 2019 (excluding potential US names) vs €34bn in 2018 and €44bn in 2017. The coming years offer a different picture though. From 2020 onwards, higher redemptions and capital expenditure should result in an abundance of bond supply. Redemptions will steadily pick up in the next three years. On top of this, a large number of utilities have announced ambitious capital expenditu...

MarketLine Department

Red Electrica Corporacion, S.A. - Strategy, SWOT and Corporate Finance Report

Summary Red Electrica Corporacion, S.A. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Red Electrica Corporacion, S.A. (Red Electrica or “the company”) is the sole transmission agent and operator of the Spanish electricity system. The company is involved in the transmission of high voltage electricity and it builds, maintains and operates the facilities of the t...

MarketLine Department

RWE AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's RWE AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by RWE AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights This repo...

MarketLine Department

CEZ, a. s. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's CEZ, a. s. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by CEZ, a. s. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights T...

Expert Corporate Governance Service (ECGS)

Enel - AGM 16 May 2019

In item 4, the AGM is called to appoint the Board of Statutory Auditors on slates of nominees submitted by shareholders holding, even jointly, at least 0.5% of Enel's share capital. Two slates of nominees have been submitted, by the Italian Ministry of Economy and Finance (largest shareholder with 23.6%) and a group of institutional investors jointly holding 1.7%. 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 consul...

Enel – 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...

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

Medium term view - ENEL : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

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