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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.
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We reiterate our fair value estimate of EUR 19.5 per share along with our no-moat and stable trend ratings after Endesa released first-half results in line with expectations and reiterated its full-year guidance. Shares appear overvalued. Because of its full exposure to Spain, Endesa lacks organic growth potential and suffers from high regulatory risk. EBITDA grew 5% to EUR 1.87 billion, in line with consensus expectations, implying a slight slowdown from the 5.5% growth seen in the first quarter, to 4.5% in the second quarter. Net ordinary income increased by 3% to EUR 0.78 billion as EBITDA...
We reiterate our fair value estimate of EUR 19.5 per share along with our no-moat and stable trend ratings after Endesa released first-half results in line with expectations and reiterated its full-year guidance. Shares appear overvalued. Because of its full exposure to Spain, Endesa lacks organic growth potential and suffers from high regulatory risk. EBITDA grew 5% to EUR 1.87 billion, in line with consensus expectations, implying a slight slowdown from the 5.5% growth seen in the first quart...
The general evaluation of ENDESA SA (ES), 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 4 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 May 17, 2019, the closing price was EUR 22.79 and its potential was estimated at EUR 24.34.
Item 3: Approve the Remuneration ReportThe remuneration structure is satisfactory, though accelerated vesting is possible. Potential and actual total variable remuneration exceed guidelines, but not very much. They are moderate in comparison with UK market practice. Overall, the quantum during the year was not excessive. We recommend shareholders vote in favor.
Item 3: Approve the Remuneration Report The structure is weighted more heavily towards short-term performance. One of the performance metrics for the LTI is the payment of sustainable dividends, which is not considered appropriate as executives can potentially influence the payout level. The LTI also includes relative TSR as a performance metric. Nevertheless, the quantum is not excessive and even maximum potential amounts are moderate. On balance, we recommend shareholders vote in favor. Item 4: Approve the Remuneration PolicyThe main concern with the Company's remuneration policy is that pa...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
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