Enel SpA

ENEL: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€8.30	Mkbsv	Ghlblvfw

Enel's 2022 Net Income Exceeds Guidance; Shares Undervalued

Tancrede Fulop

Mar 17, 2023

We don't expect to materially change our EUR 7.20 fair value estimate after no-moat Enel released final 2022 results including net income, which exceeded guidance. Otherwise, there was no surprise in this print since EBITDA and net debt had been released at preliminary results on Feb. 13. As expected, the dividend on 2022 results will amount to EUR 0.4; this is 4% above the year before and implies a 7.5% yield reflecting undervaluation of the shares.

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