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

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.

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...

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

Rating Action: Moody's assigns Ba1 rating to hybrid notes issued by ENEL S.p.A.; stable outlook. Global Credit Research- 15 May 2019. Paris, May 15, 2019-- Moody's Investors Service has today assigned a Ba1 long-term rating to the Capital Security to be issued by ENEL S.p.A..

Tancrede Fulop

Morningstar | Enel Confirms Its Full-Year Targets After a Good Start to the Year; Shares Are Undervalued

We reiterate our fair value estimate of EUR 6.2 per share along with our no-moat, stable trend ratings after Enel released first-quarter results largely in line with consensus expectations and reiterated its 2019 guidance. Shares appear undervalued. Ordinary EBITDA increased by 14% to EUR 4.45 billion, 4% above consensus expectations. Unusually, thermal generation was the main positive driver and its EBITDA jumped by 80%, well above the full-year target, on higher output and prices in Europe and Latin America and efficiencies. Renewables' EBITDA increased by 21% on the commissioning of new ca...

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.

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

Rating Action: Moody's assigns Ba1 rating to hybrid notes issued by ENEL S.p.A.; stable outlook. Global Credit Research- 15 May 2019. Paris, May 15, 2019-- Moody's Investors Service has today assigned a Ba1 long-term rating to the Capital Security to be issued by ENEL S.p.A..

Enel Americas S.A., Enel S.p.A.: Proposed capital increase is credit positive for Enel Americas

Proceeds of the announced up to U$3.5 billion capital increase will be directed to pay down debt.

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.

Tancrede Fulop

Morningstar | Enel Confirms Its Full-Year Targets After a Good Start to the Year; Shares Are Undervalued

We reiterate our fair value estimate of EUR 6.2 per share along with our no-moat, stable trend ratings after Enel released first-quarter results largely in line with consensus expectations and reiterated its 2019 guidance. Shares appear undervalued. Ordinary EBITDA increased by 14% to EUR 4.45 billion, 4% above consensus expectations. Unusually, thermal generation was the main positive driver and its EBITDA jumped by 80%, well above the full-year target, on higher output and prices in Europe and Latin America and efficiencies. Renewables' EBITDA increased by 21% on the commissioning of new ca...

Emanuele Oggioni

ENEL - Q1 2019 results slightly better than our estimates

Louis Boujard ...
  • Philippe Ourpatian

Enel : Recurring Q1 2019 a shade higher than forecast thanks to one-off items

>Recommendation and target price of € 5.45 maintained - Neutral recommendation maintained following the Q1 2019 earnings release. The numbers were a shade higher than our forecast but the non-recurring aggregates include € 160m in one-off items. After updating market data, our target price remains at € 5.45, based on the average between DCF (€ 5.35, WACC of 4.78% and a perpetual growth rate unchanged at 1.2%) and NAV (€ 5.65). At the current price, Enel is trading at ...

Louis Boujard ...
  • Philippe Ourpatian

Enel : Un T1 19 « récurrent » un peu supérieur aux attentes grâce à l’exceptionnel

>Recommandation et OC à 5.45 € maintenus - Suite à la publication des résultats du T1 19, qui sont ressortis un peu supérieurs à nos estimations, mais qui intègrent dans la définition des agrégats non récurrents du groupe 160 M€ d’éléments exceptionnels, la recommandation Neutre est maintenue. Après mise à jour des données de marché, notre objectif de cours demeure à 5.45 €, fondé sur la moyenne entre le DCF (5.35 €, CPMC de 4.78% et taux de croissance à l’infini inch...

Tancrede Fulop

Enel Confirms Its Fiscal-Year Targets After a Good Start to the Year; Shares Are Undervalued

We reiterate our fair value estimate of EUR 6.2 per share along with our no-moat, stable trend ratings after Enel released first-quarter results largely in line with consensus expectations and reiterated its 2019 guidance. Shares appear undervalued.  Ordinary EBITDA increased by 14% to EUR 4.45 billion, 4% above consensus expectations. Unusually, thermal generation was the main positive driver and its EBITDA jumped by 80%, well above the full-year target, on higher output and prices in Europe an...

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...

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

...

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 – COMMENTAIRES DETAILLES 09/05/2019

...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/22/2019

The 2011-2012 crisis threatened the PSA group’s very existence, forcing it to adopt a frugal approach to investment that is now part of its DNA. This keeps the organisation under pressure and forces all projects to prove their profitability. This discipline leads the group to be selective in its choices, use partnerships and the integration of Opel as levers, and focus on flexibility, without sacrificing its future prospects. The group’s renewed financial health gives it considerable ...

Fatma Agnès Hamdani ...
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Louis Boujard
  • Michael Foundoukidis
  • Olivier Lebrun
  • Philippe Ourpatian
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 22/03/2019

Imposée par la crise existentielle subie en 2011/12, la frugalité en termes d’investissement fait désormais partie de l’ADN du groupe PSA. Elle garde ainsi l’organisation sous tension et force tous les projets à démontrer leur rentabilité. Cette discipline conduit le groupe à rester sélectif dans ses choix, utiliser le levier des partenariats et de l’intégration d’Opel et privilégier la flexibilité, sans faire d’impasse préjudiciable à son avenir. Sa santé financière retrouvée lui don...

Ahmed Ben Salem ...
  • Alain William
  • Alfred Glaser
  • Benoit Valleaux
  • Charles Lepetitpas
  • Christophe-Raphaël Ganet
  • Delphine Brault
  • Florent Laroche-Joubert
  • François Maury
  • Georges Dieng
  • Jean Sassus
  • Jerôme Bodin
  • Johanna Jourdain
  • Louis Boujard
  • Martial Descoutures
  • Matthias Desmarais
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Corby
  • Stephane Houri
  • Steven Gould
  • Sven Edelfelt
  • Sylvain Goyon
  • Virginie Rousseau
  • Yassine Batini

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/07/2019

The stabilisation of eurozone PMI indices in January contributes, albeit still modestly, to the abating of the excessive risk aversion end-2018. This is in addition to the welcome change in the Fed’s tone with the announced pause in monetary normalisation, pushing back the spectre of recession. Against this backdrop, the decent nature of results publications is contributing to the improvement in sentiment. However, questions about growth, or rather its rate of deceleration, persist. I...

With a more favourable environment, ENEL SPA improves to Positive

ENEL SPA (IT), a company active in the Conventional Electricity industry, is favoured by a more supportive environment. The independent financial analyst theScreener has confirmed the fundamental rating of the title, which shows 3 out of 4 stars, as well as its unchanged, defensive market behaviour. The title leverages a more favourable environment and raises its general evaluation to Positive. As of the analysis date May 10, 2019, the closing price was EUR 5.55 and its potential was estimated at EUR 6.04.

Enel SPA

Enel SPA

Enel SPA

Enel SPA

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...

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

Coffee, Croissants & Credit/Kering and Enel

Kering (KERFP) published its FY18 report card this morning, which showed consolidated revenue jump to €13,665m, which equates to 26.3% reported growth or 29.4% growth on a comparable basis. All regions contributed positively to growth, led by North America. Growth was driven by Gucci (61% of FY18 revenue), which posted comparable growth of +36.9%. This in turn was underpinned by strong momentum in Asia-Pacific (+45%) and North America (+43.6%). Yves Saint Laurent increased 18.7% on a comparable basis, while Other Houses recorded comparable growth of 32.1%, driven by Balenciaga and Alexander Mc...

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...

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...

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...

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)

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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