Enel SpA

ENEL: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€5.90	Tnlzn	Vkpnsthf

Enel Lowers 2022 Net Income Target, Continues to Bleed Cash, All Eyes on Capital Markets Day

Tancrede Fulop

Nov 4, 2022

We maintain our EUR 7.20 fair value estimate after no-moat Enel released weak third-quarter earnings, albeit in line with the consensus it polled, and lowered its 2022 net income guidance. Net debt continued to balloon above expectations, but the firm slightly improved its full-year target. Enel will pay a 2022 dividend of EUR 0.40 per share, in line with its guidance and involving an 8.8% yield.

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