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

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.

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...

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...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/05/2020

...

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 : 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...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : La trajectoire 2020 demeure avec un T1 2020 globalement en ligne

>Recommandation Achat et OC à 7.8 € maintenus - Le groupe a publié des performances du T1 2020 globalement un peu supérieures à nos attentes pour ce qui est de l’EBITDA et de l’EBIT récurrent. Le RNpg récurrent est ressorti un peu en dessous de nos attentes. Le groupe confirme sa trajectoire 2020, même si à ce stade de l’année et au regard des conditions actuelles d’exploitation, il anticipe de possibles impacts négatifs mais qui devraient être compensés par les mesur...

Baptiste Lebacq ...
  • Philippe Ourpatian

ODDO : Are we headed for value convergence in offshore wind?

Increased competitiveness in onshore wind and photovoltaic projects will prompt integrated electricity firms to transition to offshore wind where installed capacity expansion is forecast at 20.7% per year out to 2030 and value creation is still significant. Enhanced renewable energy multiples will also benefit other players in the offshore industry (machine suppliers, cable makers, oil services providers, etc.). Among our Top Picks to play this theme, we would highlight EDF, Engi...

Baptiste Lebacq ...
  • Philippe Ourpatian

ODDO : Va-t-on vers un Yalta de la valeur dans l’éolien maritime ?

La compétitivité accrue sur les projets éoliens terrestres et photovoltaïques va pousser les électriciens intégrés vers l’éolien maritime dont l'accroissement des capacités installées est attendu à 20.7% par an d’ici à 2030 et la création de valeur reste significative. La revalorisation des multiples du renouvelable, va aussi bénéficier aux autres acteurs de la filière maritime (fournisseurs de machines, câbliers, prestataires de services parapétroliers, ...). Parmi nos tops pick...

Anis Zgaya ...
  • Louis Boujard, CFA
  • Philippe Ourpatian

ODDO : Although it is of great utility, the sector is not immune

Utilities meet fundamental needs, but are not immune to the public health crisis. Several groups (Encavis, Verbund, Neoen, Suez, Engie and Veolia) have already factored the crisis into or suspended their guidance. Others (Fortum and Naturgy) have not communicated at this stage. Finally, the remaining companies (E.ON, EDF, Iberdrola, Enel, RWE, Nordex and Voltalia) have confirmed their trajectory for 2020. The revisions to our estimates impact a limited number of stocks (EDF, Fort...

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

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...

ING
Nadège Tillier

Enel/2019 in line with guidance, management wants to reassure on Covid-19

Enel released a set of 2019 financial results in line with expectations. Ordinary EBITDA was up 11% vs 2018 to €17.9bn. Reported EBITDA points to an 8.5% increase to €17.7bn. However, EBIT fell on higher deprecation, partially explained by new IFRS16 rules as well as impairment on coal-fired plants. Enel tried to reassure investors and does not see any major impact on its 2020 objectives. According to management, 80% of activities are derived from regulated or semi-regulated activities. Also, 80% of its power generation for 2020 is already hedged in Europe (100% in Latin America). The company ...

ING
Alyssa Gammoudy ...
  • Hendrik Wiersma
  • Jeroen van den Broek
  • Nadège Tillier
  • Suvi Platerink Kosonen
  • Timothy Rahill

Coffee, Croissants & Credit/Mutual fund outflows, Swedbank, Deutsche Bank, bank stress tests, AT&T, TOTAL & Enel

Strategy: Substantially large outflows from mutual funds, Euro IG will be supported by ECB

ING
Nadège Tillier

EDF/Robust 2019 results do not eclipse challenges

EDF YE19 results met estimates, with unadjusted EBITDA at €16.7bn (the high end of the latest guidance). This financial indictor is €1.8bn (+8.4%) higher than at YE18 with €0.5bn coming from IFRS 16 impact, c.€0.3bn from EDF Renouvables and a significant €1bn increase in French power generation and supply activities. The company also exceeded its operating expenses reduction programme, with €1.2bn saved since 2016 (the target was €1.1bn). We estimate funds from operations at €13.5bn and net adjusted debt at €77bn (vs. €75bn at YE18), with FFO/net debt at c.18% and net adjusted debt/EBITDA at s...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 05/07/2020

...

Alain William ...
  • Alexandre Iatrides
  • Alfred Glaser
  • Benoit Valleaux
  • Delphine Brault
  • Emmanuel Matot
  • Geoffroy Michalet
  • Harald Eggeling
  • Jean Sassus
  • Laurence Hofmann
  • Louis Boujard, CFA
  • Martial Descoutures
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Roland Pfaender,MBA,CFA,CCRA
  • Sebastien Malafosse
  • Steven Gould
  • Sven Edelfelt
  • Virginie Rousseau
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 07/05/2020

...

Ahmed Ben Salem ...
  • Alfred Glaser
  • Delphine Brault
  • Florent Laroche-Joubert
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Philippe Ourpatian
  • Stephane Houri
  • Team Pharma

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/10/2020

...

Ahmed Ben Salem ...
  • Antoine Boivin-Champeaux
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Jean-François Granjon
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Team Pharma
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 03/10/2020

...

Antoine Boivin-Champeaux ...
  • Aurelien Sivignon
  • Charles Lepetitpas
  • Jean-François Granjon
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Team Pharma
  • Yan Derocles

ODDO BHF Small & MIDCAP MORNING NEWS - 10/03/2020

...

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 week...

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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