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Enel SpA ENEL

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Stock XMIL Rating as of
€6.67 +0.01 (0.15%)
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Company Report

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Enel Earnings: Top End of 2024 Guidance To Be Reached; Shares Undervalued

Tancrede Fulop

We confirm our EUR 7.5 fair value estimate after no-moat Enel released first-half results in line with the FactSet consensus and said it will reach the top end of its 2024 guidance. The firm also announced the sale of 49% of its Spanish portfolio of solar PV assets to Abu Dabi's Masdar. The disposal plan that drove a material deleveraging of the firm is now terminated. Further, management is confident to reach free cash flow neutrality this year that would enable it to pay a dividend based on a 70% payout involving a dividend of EUR 0.47 per share--above the EUR 0.43 floor and FactSet consensus' 0.45 and pointing to an attractive 7% yield that reflects the undervaluation of the shares.

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Price vs Fair Value

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ENEL is trading within a range we consider fairly valued.
Price
€6.66
Fair Value
€2.50
Uncertainty
Medium
1-Star Price
€46.96
5-Star Price
€9.84
Economic Moat
Zpjc
Capital Allocation
Psmjptsd

Bulls Say, Bears Say

Bulls

The disposal plan and exit of noncore countries could help to reduce the holding discount.

Bears

Regulation in Spain is very hostile to utilities.

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Trading Information

Previous Close Price
€6.66
Day Range
€6.62–6.73
52-Week Range
€5.47–6.93
Bid/Ask
€6.65 / €6.69
Market Cap
€67.74 Bil
Volume/Avg
20.7 Mil / 24.3 Mil

Key Statistics

Price/Earnings (Normalized)
9.60
Price/Sales
0.77
Dividend Yield (Trailing)
6.46%
Dividend Yield (Forward)
6.46%
Total Yield
6.49%

Company Profile

Enel is a diversified energy company domiciled in Italy. Operations are concentrated in Italy, Spain, and Latin America. The firm's primary activities are electric generation, electric networks, and gas and electricity marketing. Around 35% of the company's EBITDA is derived from its regulated networks, the rest is from generation and supply. Enel is a giant in global power generation with 81 gigawatts of capacity, of which 55 GW is renewables, including a large share of hydro.
Sector
Utilities
Industry
Utilities - Diversified
Stock Style Box
Large Value
Total Number of Employees
60,905
Website
https://www.enel.com

Competitors

Valuation

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Metric
ENEL
IBE
EOAN
Price/Earnings (Normalized)
 9.6013.138.94
Price/Book Value
 2.471.442.25
Price/Sales
 0.771.690.41
Price/Cash Flow
 4.447.699.36
Price/Earnings
ENEL
IBE
EOAN

Financial Strength

Metric
ENEL
IBE
EOAN
Quick Ratio
 0.600.600.84
Current Ratio
 0.880.770.90
Interest Coverage
 3.504.981.17
Quick Ratio
ENEL
IBE
EOAN

Profitability

Metric
ENEL
IBE
EOAN
Return on Assets (Normalized)
 3.49%4.79%2.65%
Return on Equity (Normalized)
 26.69%14.40%20.30%
Return on Invested Capital (Normalized)
 7.14%7.51%7.77%
Return on Assets
ENEL
IBE
EOAN
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Utilities - Diversified Industry Comparables

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1-Day Chart
Name
Price
Morningstar Rating for Stocks
Capital Allocation
Economic Moat
Market Cap
Iberdrola SA
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—Ydtxsh$83.7 Bil
 Iberdrola SA ADR
IBDRY
JXmgyq$83.7 Bil
 Enel SpA
ESOCF
FfvhqzmtKtnd$73.3 Bil
 Enel SpA ADR
ENLAY
PtkgttxwkQpkw$73.3 Bil
 Sempra
SRE
JmnlqdgTkbtqg$49.7 Bil
 Engie SA ADR
ENGIY
—Qdrm$37.5 Bil
 Engie SA
ENGQF
—Zflvt$37.5 Bil
 E.ON SE ADR
EONGY
ZhjyqbdCyhr$36.3 Bil
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ENAKF
—Flhc$36.3 Bil
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