Enel SpA

ENEL: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€4.80	Cqgrh	Rybcnwrn

Enel Confirms 2022-24 Targets on Upbeat Assumptions, Maintains Dividend; Shares Undervalued

Tancrede Fulop

Nov 22, 2022

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.

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