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Morningstar’s Analysis

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Economic Moat


Capital Allocation


Enel Maintains 2021 Guidance Despite Foreign-Exchange Headwinds; Shares Fairly Valued

Tancrede Fulop, CFA Equity Analyst

Analyst Note

| Tancrede Fulop, CFA |

We maintain our fair value estimate of EUR 8.70 per share, along with our no-moat, stable trend ratings after Enel released its final 2020 results, confirmed its 2021 guidance, and set its 2020 dividend at EUR 0.358 per share. The dividend is slightly above the EUR 0.35 floor and implies a 4.4% dividend yield, in line with the sector average. Shares are in 3-star territory, so we would recommend investors wait for a pullback to get an entry point in this quality name. 

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Company Profile

Business Description

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 50% of the company's EBITDA is derived from its regulated networks. Taking into account power sold through power purchase agreements in Latin America, around 70% of EBITDA is quasi-regulated. Enel is a giant in global power generation with 86 gigawatts of capacity, of which 39 GW is renewables, including a large share of hydro.

Viale Regina Margherita, 137
Rome, 00198, Italy
T +39 683054000
Sector Utilities
Industry Utilities - Diversified
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 66,735