Enel SpA
ENEL: XMIL (ITA)
Morningstar Rating for Stocks | Fair Value | Economic Moat | Capital Allocation |
---|---|---|---|
€7.30 | Cfhp | Kzqkkyjg |
Enel Confirms 2022-24 Targets on Upbeat Assumptions, Maintains Dividend; Shares Undervalued
We confirm our EUR 7.20 fair value estimate after no-moat Enel confirmed its 2022-24 financial targets based on cost of debt assumptions that we see as too upbeat. Whereas we expected a cut, Enel maintained its dividend thanks to a massive disposal plan. The shares look undervalued in line with most European utilities we cover, but we see more appealing earnings momentum in undervalued RWE and Engie.