Enel SpA

ENEL: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	Y.z	LOCK\|@lW	LOCK\|WlMd$KL

Enel: Grid Investments Materially Increased; Dividend Raised

Tancrede Fulop

Nov 18, 2024

We confirm our EUR 7.50 fair value estimate after no-moat Enel released 2025-27 financial targets, including a material increase in grid investments, for the second year in a row and in line with peers. 2025 and 2027 earnings targets are set slightly above our estimates, but the valuation impact is offset by the increase in investments. The firm will pay a 2024 dividend of EUR 0.46, 7% above 2023 and implying a juicy 6.8% yield. The dividend floor is set at EUR 0.46 through 2027, up from EUR 0.43 in the 2024-26 plan. Enel maintains potential dividend upside up to a 70% payout, but removes the attached condition of cash flow neutrality.

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Enel SpA

Enel: Grid Investments Materially Increased; Dividend Raised

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