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

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...

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)

Louis Boujard ...
  • Philippe Ourpatian

Enel : In line for 9M 2018 but major disappointment on 2018 debt outlook

>Neutral recommendation maintained, but target price adjusted to € 5.0 (vs € 5.50) - We are maintaining our Neutral recommendation based on these 9M 2018 results. We have adjusted our target price to € 5.00 vs € 5.50 previously, still based on the average between a DCF (€ 4.73 with WACC of 4.81% and a perpetual growth rate of 1.20%, unchanged) and a NAV (€ 5.21). The trajectories for capex and debt have been adjusted upwards to reflect the group’s pace of growth (incl...

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...

Louis Boujard ...
  • Philippe Ourpatian

Enel : En ligne sur 9M 18 mais forte déception sur la trajectoire de la dette

>Recommandation Neutre maintenue, mais OC ajusté à 5,0 € (vs 5,50 €) - Suite à la publication des résultats 9M 2018, la recommandation Neutre est maintenue. Notre objectif de cours est ajusté à 5,00 € contre 5,50 € précédemment, toujours fondé sur la moyenne entre le DCF (4,73 € avec un CPMC à 4,81% et un taux de croissance à l’infini de 1,20% inchangés) et l’ANR (5,21 €). Les trajectoires des investissements et de la dette ont été ajustées à la hausse pour tenir comp...

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

Louis Boujard ...
  • Philippe Ourpatian

Enel : In line for 9M 2018 but major disappointment on 2018 debt outlook

>Neutral recommendation maintained, but target price adjusted to € 5.0 (vs € 5.50) - We are maintaining our Neutral recommendation based on these 9M 2018 results. We have adjusted our target price to € 5.00 vs € 5.50 previously, still based on the average between a DCF (€ 4.73 with WACC of 4.81% and a perpetual growth rate of 1.20%, unchanged) and a NAV (€ 5.21). The trajectories for capex and debt have been adjusted upwards to reflect the group’s pace of growth (incl...

Louis Boujard ...
  • Philippe Ourpatian

Enel : En ligne sur 9M 18 mais forte déception sur la trajectoire de la dette

>Recommandation Neutre maintenue, mais OC ajusté à 5,0 € (vs 5,50 €) - Suite à la publication des résultats 9M 2018, la recommandation Neutre est maintenue. Notre objectif de cours est ajusté à 5,00 € contre 5,50 € précédemment, toujours fondé sur la moyenne entre le DCF (4,73 € avec un CPMC à 4,81% et un taux de croissance à l’infini de 1,20% inchangés) et l’ANR (5,21 €). Les trajectoires des investissements et de la dette ont été ajustées à la hausse pour tenir comp...

Tancrede Fulop

Morningstar | Best Idea Enel Confirms 2018 Earnings Targets Though Warning on Debt; Shares Undervalued

We reiterate our fair value estimate of EUR 5.70 per share and our no-moat, stable trend ratings after Enel published nine-month results in line with our full-year expectations, confirmed its 2018 earnings targets, and warned on full-year net debt. The increase in net debt will have a limited impact on our valuation. However, it dents management's credibility. All in all, we see potential share price weakness following this publication as a good entry point. Net debt increased by EUR 5.8 billion to EUR 43.1 billion during the first nine months. Consequently, the management now guides for a ne...

Tancrede Fulop

Best Idea Enel Confirms 2018 Earnings Targets Though Warning on Debt; Shares Undervalued

We reiterate our fair value estimate of EUR 5.70 per share and our no-moat, stable trend ratings after Enel published nine-month results in line with our full-year expectations, confirmed its 2018 earnings targets, and warned on full-year net debt. The increase in net debt will have a limited impact on our valuation. However, it dents management's credibility. All in all, we see potential share price weakness following this publication as a good entry point.  Net debt increased by EUR 5.8 billio...

Ahmed Ben Salem ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Fatma Agnès Hamdani
  • Hana Maalej
  • Harold De Decker
  • Jean-François Granjon
  • Louis Boujard
  • Nicolas David
  • Olivier Lebrun
  • Oussema Denguir
  • Philippe Ourpatian
  • Pierre Corby

ODDO BHF Small & MIDCAP MORNING NEWS - 09/14/2018

...

1 director bought

A director at Enel SPA bought 26,000 shares at 4.550EUR and the significance rating of the trade was 62/100. 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 memb...

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

...

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

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 14/09/2018

...

Alfred Glaser ...
  • Bruno Cavalier
  • Delphine Brault
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Philippe Ourpatian

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/09/2018

...

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.

Enel SPA

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Enel SPA

Enel SPA

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Enel SPA

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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.

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