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

Analysts

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 ...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/20/2020

...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/03/2020

...

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

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : A reassuring message on Italy in a worsening health environment

>Buy vs Neutral: reassuring stance and a low valuation - The negative impact of the health crisis has sent the share plunging (-30% from the peak of € 8.44 of 21 February), thus recreating clear upside on our target price. Our rating upgrade from Neutral to Buy is motivated, looking beyond the current valuation, by management’s reassuring stance, not only on 2020 with the compliance with the strategic roadmap set out in November 2019, but also on 2021 at this stage. ...

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.

1 director bought

A director at Enel SPA bought 100,000 shares at 4.690EUR and the significance rating of the trade was 74/100. 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 mem...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 03/20/2020

...

Alfred Glaser ...
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Martial Descoutures
  • Matthias Desmarais
  • Michael Foundoukidis
  • Nicolas David
  • Oussema Denguir
  • Philippe Ourpatian
  • Stephane Houri
  • Sven Edelfelt
  • Virginie Rousseau

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 20/03/2020

...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : A reassuring message on Italy in a worsening health environment

>Buy vs Neutral: reassuring stance and a low valuation - The negative impact of the health crisis has sent the share plunging (-30% from the peak of € 8.44 of 21 February), thus recreating clear upside on our target price. Our rating upgrade from Neutral to Buy is motivated, looking beyond the current valuation, by management’s reassuring stance, not only on 2020 with the compliance with the strategic roadmap set out in November 2019, but also on 2021 at this stage. ...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : Un message rassurant d’Italie dans un environnement sanitaire dégradé

>Opinion Achat vs Neutre : discours rassurant et une valorisation basse - L’impact négatif de la crise sanitaire a fait fortement baisser le titre (-30% depuis son plus haut de 8.44 € du 21 février dernier), recréant ainsi un potentiel certain par rapport à notre objectif de cours. Notre changement d’opinion de Neutre à Achat se fonde, au-delà de la valorisation actuelle sur le discours rassurant du management, non seulement sur 2020 avec le respect de la trajectoire...

Louis Boujard, CFA ...
  • Philippe Ourpatian

ODDO : Main consequences of fall in oil prices on traditional utilities

>Immediate spread of contagion to all the markets - There are fewer and fewer gas supply contracts directly linked to oil prices. But the correlation between oil and electricity prices remains relatively strong, particularly in periods of high volatility in oil prices, as is the case today. This correlation stems from the phenomenon of the various forms of energy being substituted for one another, which opens the door to opportunistic arbitrage depending on the relati...

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...

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.

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 27/11/2019 - Aroundtown - En

Aroundtown (O/P): EBITDA of €557m (+26%) In The Nine-Month Period of 2019 Quadient (O/P): Organic Growth of +2.2% In The Nine-Month Period of 2019/20 EDF (U/P): €500m of Hybrid Bonds Issued And Tender Offer on the Hybrid NC22 bond Immofinanz: Discontinues Its Merger Project With S Immo AG Europcar Mobility (U/P): Draws Private Equity Interest Burger King France (O/P) - 9M-19: Pro-Forma EBITDA of €97m (+15%) Enel (O/P): €28.7bn Investment Plan Between 2020-2022 Vivat (U/P): Fitch Affirms BBB Rating With Stable Outlook

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

...

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 – COMMENTAIRES DETAILLES 10/03/2020

...

Alain William ...
  • Alfred Glaser
  • Anis Zgaya
  • Benoit Valleaux
  • Charles Lepetitpas
  • Delphine Brault
  • Emmanuel Matot
  • Georges Dieng
  • Haris Ladouari
  • Jean Sassus
  • Jerôme Bodin
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Philippe Ourpatian
  • Pierre Tegner
  • Roland Pfaender,MBA,CFA,CCRA
  • Steven Gould

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 02/07/2020

The coronavirus epidemic added to an already uncertain economic/geopolitical outlook is prompting us to play late-cycle commodities/stocks. We are upgrading AngloAmerican to Buy (vs Neutral) for its exposure to platinoids, diamonds and thermal coal. We are downgrading BHP to Reduce (vs Neutral) for its exposure to iron ore and oil, which are more sensitive to macroeconomics. We maintain our Buy on Eramet, which will benefit from the upturn in manganese and nickel prices. - ...

ENEL SPA sees an upgrade to Positive due to a better fundamental star rating

The general evaluation of ENEL SPA (IT), a company active in the Conventional Electricity industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as defensive. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Positive. As of the analysis date December 20, 2019, the closing price was EUR 7.18 and its potential was estimated at EUR 7.54.

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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