Endesa SA

ELE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Acciona Energia: Sells the Bulk of Its Spanish Hydro Assets to Endesa; Shares Undervalued

Tancrede Fulop

Nov 18, 2024

We confirm our fair value estimates for no-moat Acciona Energia and Endesa of EUR 25 and EUR 20, respectively, after the latter agreed to buy the bulk of the remaining Spanish hydro assets of the former for EUR 1 billion. The transaction is expected to close in the first half of 2025 upon antitrust and foreign investment clearances since Endesa is a subsidiary of Enel. Acciona Energia appears undervalued while Endesa looks fairly valued.

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Endesa SA

Acciona Energia: Sells the Bulk of Its Spanish Hydro Assets to Endesa; Shares Undervalued

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