Enel SpA

ENEL: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€7.30	Wrb	Qqwyzdrb

Enel Earnings: Good Start to the Year as Anticipated, Free Cash Flow Materially Improved

Tancrede Fulop

May 4, 2023

No-moat Enel released good first-quarter results, in line with the consensus it polled, and maintained its 2023 guidance. We should tweak upward our EUR 7.2 fair value estimate on the incorporation of recent disposals at high multiples. This will leave a good upside to the current share price.

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