Enel SpA

ENEL: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€5.70	Kfxdw	Tlbpvxc

Enel Earnings: Raises 2023 Guidance After Boost From Capital Gains; Shares Undervalued

Tancrede Fulop

Nov 8, 2023

No-moat Enel released 9-month results that were slightly above company-compiled consensus and raised its 2023 guidance, mostly due to capital gains from the ongoing EUR 21 billion asset disposal plan, confirming our view that it is value-accretive. We maintain our EUR 7.50 fair value estimate and see the shares as undervalued. The firm will hold its annual capital markets day on Nov. 22, the first under the tenure of top management appointed in May 2022.

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