Enel Societa Per Azioni is engaged in the generation and sale of electricity through its Generation, Energy Management and Sales Italy Division. Co. is also engaged in the distribution of electricity (Enel Distribuzione) and public and artistic lighting (Enel Sole) in Italy through its Infrastructure and Networks Division. Co.'s Iberia and Latin America Division coordinates Co.'s operations in the electricity and gas markets in Spain, Portugal and Latin America. Co.'s Engineering and Research Division manages the engineering processes related to the development and construction of power plants. Co.'s other divisions are the International Division as well as the Renewable Energy Division.
  • TickerENEL
  • ISINIT0003128367
  • SectorElectricity
  • CountryItaly

Moody's assigns Ba1 rating to ENEL S.p.A.'s hybrid notes; positive outlook

Rating Action: Moody's assigns Ba1 rating to ENEL S.p.A.' s hybrid notes; positive outlook. Global Credit Research- 01 Sep 2020. Paris, September 01, 2020-- Moody's Investors Service has today assigned a Ba1 long-term rating to the junior subordinated Capital Security to be issued by ENEL S.p.A..

ENEL with less fundamental stars is reduced to Neutral

ENEL (IT), a company active in the Conventional Electricity industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date August 28, 2020, the closing price was EUR 7.64 and its expected value was estimated at EUR 7.80.

ENEL S.p.A.: Key Facts and Statistics - FYE December 2019

A summary company profile, detailing Enel SpA ’s business operations and financial highlights.

Jérôme VINERIER

Short term view - ENEL : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €4.230. The background trend would be questioned should prices rise above €4.600.

Jérôme VINERIER

Analyse court terme - ENEL : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4,230 €. La tendance de fond serait remise en cause en cas de franchissement de 4,600 €.

Jérôme VINERIER

Analyse court terme - ENEL : La tendance de fond est clairement orientée à la baisse.

La tendance de fond est clairement orientée à la baisse. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 4,230 €. La tendance de fond serait remise en cause en cas de franchissement de 4,600 €.

Jérôme VINERIER

Short term view - ENEL : The background trend is clearly bearish.

The background trend is clearly bearish. Prices are falling again, but the movement has become hesitant. The next support is at €4.230. The background trend would be questioned should prices rise above €4.600.

Jérôme VINERIER

Medium term view - ENEL : The trend is uncertain.

The trend is uncertain. Prices are falling and they may accelerate to the downside. A new bearish trend is attempting to emerge.

Enel SPA: 1 director bought

A director at Enel SPA bought 73,150 shares at 6.861EUR and the significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing rules. The names of board memb...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : H1 2020 slightly below forecasts, 2020 risks materialised

>Buy recommendation with a TP lifted to € 8.6 from € 7.8 - Enel reported H1 2020 ‘ordinary’ results slightly below our estimates for EBITDA, recurring EBIT and attributable net profit. Management lowered its 2020 guidance, trimming its expectations for EBITDA from € 18.6bn to € 18.0bn and ordinary attributable net profit to between € 5.0bn and € 5.2bn vs € 5.4bn previously. Consequently, we have reduced our 2020 estimates by 5%. We maintain our Buy recommendation and ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : Un S1 20 un peu inférieur aux attentes et la matérialisation des risques 2020

>Recommandation Achat et OC ajusté à 8.6 € vs 7.8 € - Le groupe a publié des performances récurrentes du S1 2020 globalement un peu inférieures à nos attentes pour ce qui est de l’EBITDA, de l’EBIT récurrent et du RNpg. Le groupe a révisé à la baisse sa trajectoire 2020, avec une guidance d’EBITDA de 18.6 Md€ à 18.0 Md€ et un RNpg ordinaire compris entre 5.0 Md€ et 5.2 Md€ vs 5.4 Md€ antérieurement. Dès lors, nous avons ajusté nos estimations de 2020 de -5%. Nous cons...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : Centrica cède Direct Energy à NRG Energy : quel read-X sur l’Europe ?

>Centrica cède sa commercialisation américaine d’énergies à NRG Energy - Centrica a annoncé la cession de sa filiale Direct Energy qui commercialise de l’énergie (électricité et gaz) aux Etats-Unis au groupe américain NRG Energy. La valeur d’entreprise de la transaction ressort à 3 625 M$. Direct Energy est l’un des plus importants fournisseurs de détail d’électricité, de gaz naturel en Amérique du Nord. Direct Energy a son siège social à Houston, au Texas, et des bur...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : Centrica sells Direct Energy to NRG Energy: what read-across for Europe?

>Centrica sells its US energy marketing business to NRG Energy - Centrica announced the sale of its subsidiary Direct Energy, which markets energy (electricity and gas) in the US, to American group NRG Energy. The enterprise value in the deal works out at $ 3,625m. Direct Energy is one of the biggest retail electricity and natural gas suppliers in North America. Direct Energy has its head offices in Houston, Texas, and regional offices in the US and Canada. The group ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : 2020 trajectory is holding with Q1 2020 broadly in line

>Buy recommendation and target price of € 7.8 maintained - The group has reported its Q1 2020 results with recurring EBITDA and EBIT a shade higher than our forecasts. Recurring attributable net profit slightly undershot our expectations. The group confirmed its trajectory for 2020 even though at this stage of the year and given the current operating conditions, it is expecting possible negative impacts, but these should be offset by the measures taken and the speed a...

Moody's assigns Ba1 rating to ENEL S.p.A.'s hybrid notes; positive outlook

Rating Action: Moody's assigns Ba1 rating to ENEL S.p.A.' s hybrid notes; positive outlook. Global Credit Research- 01 Sep 2020. Paris, September 01, 2020-- Moody's Investors Service has today assigned a Ba1 long-term rating to the junior subordinated Capital Security to be issued by ENEL S.p.A..

ENEL S.p.A.: Key Facts and Statistics - FYE December 2019

A summary company profile, detailing Enel SpA ’s business operations and financial highlights.

ENEL S.p.A.: Update to credit analysis

Our credit view of Enel, reflecting its improving business risk because of continuing investments in networks and renewables, solid financial profile and increasing non-domestic exposure.

ING
Nadège Tillier

IG European Utilities/A mixed bag of indicators

The Covid-19 virus and the measures taken to control the pandemic have led to the sharpest drop in energy demand since the Great Depression. The first five months of 2020 saw electricity demand declining by 6% across Europe with Italy (-10%), France (-9%) and Spain (-7%) the hardest hit. April and May reached the record of -12% on a European aggregate level. The Energy Institute Agency (EIA) forecasted an average 8% electricity demand slump for Europe in 2020. Gas and power prices plunged significantly on very weak demand due to both mild temperatures and the pandemic measures. By the end of M...

ING
Nadège Tillier

Italian Utilities/Downplaying the downturn?

Italian utilities reported satisfactory to strong 1Q20 results and while some do not foresee any specific impact from the Covid-19 pandemic, others are more cautious in their communication. The biggest Italian utility, Enel, remains optimistic and maintains its strategic and financial targets for the full year 2020. The company benefits from a robust geographical and business portfolio diversification. Electricity demand and power prices will take a hit in the first half of 2020 but hedging strategies will help for now. Nevertheless, some Italian multi-utilities are already seeing the financia...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Louis Boujard, CFA ...
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

ENEL with less fundamental stars is reduced to Neutral

ENEL (IT), a company active in the Conventional Electricity industry, loses a star(s) at the fundamental level and sees its general evaluation downgraded. The independent financial analyst theScreener just removed a fundamental star(s) for a 2 over 4-star rating. As such, market behaviour remains unchanged and is evaluated as moderately risky. theScreener believes that the loss of a star(s) merits downgrade to the general evaluation of the title, which passes to Neutral. As of the analysis date August 28, 2020, the closing price was EUR 7.64 and its expected value was estimated at EUR 7.80.

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

Expert Corporate Governance Service (ECGS)

Enel – AGM 14 May 2020

In item 2, the Board proposes to distribute a total dividend of €0.328 per share on 2019 results. Total dividend distribution amounts to €3'334 million, and it is not fully covered by consolidated net earnings or free cash flow. In view of the recent events relating to Covid-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. Furthermore, we note that dividend distributions were not fully covered by generation of cash in the last 4 years. Also considering that the p...

Expert Corporate Governance Service (ECGS)

Enel - AGM 16 May 2019

In item 4, the AGM is called to appoint the Board of Statutory Auditors on slates of nominees submitted by shareholders holding, even jointly, at least 0.5% of Enel's share capital. Two slates of nominees have been submitted, by the Italian Ministry of Economy and Finance (largest shareholder with 23.6%) and a group of institutional investors jointly holding 1.7%. One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consul...

Enel – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Expert Corporate Governance Service (ECGS)

Etude de l'AG du 04/05/2017

In item 6, the AGM is called to appoint the Board of Directors on slates of nominees submitted by shareholders holding, even jointly, at least 0.5% of the share capital. Two slates of nominees have been submitted, respectively by the Ministry of Economy (23.6% of the share capital) and a group of institutional investors (1.9%). One of the institutional investors that submitted the slate of nominees is Generali Investments, which is a client of ECGS partners Proxinvest and Frontis Governance. It is important to note that these partners do not provide consulting services to Generali. Voting advi...

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