Endesa SA

ELE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€64.00	Fhg	Kzvccpjn

Endesa Earnings: Falling From a Very High Comparison Basis; 2024 Guidance Confirmed

Tancrede Fulop

May 8, 2024

We confirm our EUR 20 fair value estimate after no-moat Endesa released first-quarter results in line with FactSet consensus at the EBITDA level and confirmed its 2024 guidance. The current dividend yield of 5.7% reflects the undervaluation of the shares.

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