Enel SpA

ENEL: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€1.70	Tqhd	Kzjxwjd

Enel Slashes Renewables Investments and Trims 2024 Guidance, Shared Undervalued

Tancrede Fulop

Nov 22, 2023

We confirm our EUR 7.50 fair value estimate after no-moat Enel released its 2024-26 financial targets based on cost of debt assumptions that remain too upbeat, in our view. Enel also slashed its renewables investments while upping grid ones, emulating Iberdrola’s shift announced in November 2022. The shares look undervalued with an attractive dividend yield of nearly 7%.

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