Enel SpA

ENEL: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Enel Earnings: 2024 Guidance Confirmed; All Eyes on Upcoming Capital Markets Day

Tancrede Fulop

Nov 7, 2024

We confirm our EUR 7.50 fair value estimate after no-moat Enel released nine-month results in line with FactSet consensus and confirmed its 2024 guidance. The firm will hold its annual capital market day on Nov. 18 when it will roll over its three-year business plan to 2027 and update its capital allocation policy. Shares appear slightly undervalued and the current dividend yield of 6.8% is attractive.

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Enel SpA

Enel Earnings: 2024 Guidance Confirmed; All Eyes on Upcoming Capital Markets Day

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