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

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 ...
  • 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. - ...

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 – COMMENTAIRES DETAILLES 07/02/2020

L'épidémie de coronavirus ajoutée à des perspectives économiques/géopolitiques déjà incertaines nous incitent à jouer les commodités/valeurs "late cycle". Nous relevons AngloAmerican à Achat (vs Neutre) pour son exposition aux platinoïdes, diamants et charbon thermique. Nous dégradons BHP à Alléger (vs Neutre) très exposé au minerai de fer et au pétrole, plus sensibles à la macroéconomie. Nous demeurons à l’Achat sur Eramet qui profitera de la remontée des prix du manganèse et du nick...

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

Marnik Hinnekens

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

Aroundtown (Achat) : EBITDA de €557m (+26%) sur les 9M-19 Quadient (Achat) : Croissance organique de +2,2% sur les 9M-2019/20 EDF (Vente) :  Emission de €500m d'obligations hybrides et rachat d’une hybride NC22 Immofinanz : Abandonne son projet de fusion avec S Immo AG Europcar Mobility (Vente) : Des fonds pourraient faire leur entrée au capital du groupe Burger King France (Achat) : EBITDA pro-forma de €97m (+15%) Enel (Achat) : Plan d’investissement de €28,7 mds entre 2020-2022 Vivat (Vente) : Fitch confirme la note BBB avec pe...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/11/2019 - Heimstaden Bostad - EN

Heimstaden Bostad (Conserver) : Nouvelle émission hybride ABN Amro (Achat) - 9M-19 : RN de €1,7 md (-14%) Casino (Achat souches courtes, Conserver souches longues) : ~€784m apportés aux offres de rachats Saint-Gobain (Achat) : Accord pour l’acquisition de Continental Building Products pour une valeur d’entreprise de $1,4 md Continental (Achat) - 9M-19 : EBITDA de €4,0 mds (-13,9%) Gestamp (Achat) - 9M-19 : EBITDA de €755m (+10,8%) Prysmian (Vente) - 9M-19 : EBITDA pro-forma de €773m (+18,8%) Enel (Achat) : Relève ses objectifs po...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 13/11/2019 - Heimstaden Bostad - Fr

Heimstaden Bostad (Conserver) : Nouvelle émission hybride ABN Amro (Achat) - 9M-19 : RN de €1,7 md (-14%) Casino (Achat souches courtes, Conserver souches longues) : ~€784m apportés aux offres de rachats Saint-Gobain (Achat) : Accord pour l’acquisition de Continental Building Products pour une valeur d’entreprise de $1,4 md Continental (Achat) - 9M-19 : EBITDA de €4,0 mds (-13,9%) Gestamp (Achat) - 9M-19 : EBITDA de €755m (+10,8%) Prysmian (Vente) - 9M-19 : EBITDA pro-forma de €773m (+18,8%) Enel (Achat) : Relève ses objectifs po...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : 2019 preliminary data in line with our forecasts

>Rating maintained and target price adjusted to € 7.00 vs € 6.30 - Following Enel’s preliminary 2019 figures, which were in line with our estimates, we are maintaining our Neutral rating but have adjusted our target price to € 7.0 vs € 6.30. This adjustment factors in our updated operational, financial and market data. Our target price is still based on the average of a DCF, which benefits from a 40bp lower WACC since September (€ 6.95, WACC of 4.29% and unchanged per...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : Des données préliminaires 2019 en ligne avec nos attentes

>Recommandation maintenue et OC ajusté à 7.00 € vs 6.30 € - A l’issue de la publication préliminaire de 2019, qui est ressortie en ligne avec nos attentes, nous maintenons notre recommandation Neutre mais ajustons notre objectif de cours à 7.0 € vs 6.30 €. Cet ajustement intègre la mise à jour des données opérationnelles, financières et de marché. Notre OC est toujours fondé sur la moyenne entre le DCF qui bénéficie d’une baisse de son CPMC de 40 pb depuis septembre (...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : 2022 strategic plan, in line with our estimates

>Neutral rating and target price of € 6.30 maintained - Following the publication of the 2019-2021 strategy plan, we maintain our Neutral recommendation and target price of € 6.30, which is still based on the average of a DCF (€ 6.38 with a WACC of 4.83% and growth to infinity of 1.20%, unchanged) and NAV per share (€ 6.30) valuation. The new version of the strategy plan out to 2022 does not affect our EBITDA or our earnings estimates. The plan also records a decarbon...

Louis Boujard, CFA ...
  • Philippe Ourpatian

Enel : Plan stratégique 2022, en ligne avec nos estimations

>Recommandation Neutre OC à 6.30 € maintenus - Suite à la publication du nouvel opus stratégique 2019/2022, notre recommandation Neutre est maintenue, ainsi que notre objectif de cours de 6,30 €, toujours fondé sur la moyenne du DCF (6.38 €, CPMC de 4.83% et taux de croissance à l’infini inchangé de 1.2%) et de l’ANR (6.30 €). Cette nouvelle mouture du plan stratégique à l’horizon 2022 ne modifie pas nos estimations d’EBITDA et n’affecte pas nos attentes de résultats....

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...

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. - ...

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 – COMMENTAIRES DETAILLES 07/02/2020

L'épidémie de coronavirus ajoutée à des perspectives économiques/géopolitiques déjà incertaines nous incitent à jouer les commodités/valeurs "late cycle". Nous relevons AngloAmerican à Achat (vs Neutre) pour son exposition aux platinoïdes, diamants et charbon thermique. Nous dégradons BHP à Alléger (vs Neutre) très exposé au minerai de fer et au pétrole, plus sensibles à la macroéconomie. Nous demeurons à l’Achat sur Eramet qui profitera de la remontée des prix du manganèse et du nick...

Alfred Glaser ...
  • Delphine Brault
  • Emira Sagaama
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/27/2019

...

Alfred Glaser ...
  • Delphine Brault
  • Emira Sagaama
  • Johanna Jourdain
  • Louis Boujard, CFA
  • Matthias Desmarais
  • Michael Foundoukidis
  • Olfa Taamallah
  • Philippe Ourpatian
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/11/2019

...

Alexandre Iatrides ...
  • Charles Lepetitpas
  • François Maury
  • Georges Dieng
  • Louis Boujard, CFA
  • Michael Foundoukidis
  • Nicolas David
  • Olfa Taamallah
  • Philippe Ourpatian
  • Stephane Houri
  • Yan Derocles

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 11/13/2019

We have downgraded our recommendation to Reduce (vs Neutral) with a target price lowered to € 2.30 (vs € 2.40). Intesa Sanpaolo is still a quality stock thanks to its operating efficiency and robust balance sheet. Yet the main driver of its investment case, the dividend, is increasingly under fire due to the deterioration in the operating environment (interest rates, the Italian economy, etc.) in tandem with regulatory constraints (credit risk in particular). The justification of the ...

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.

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...

ING
Nadège Tillier

Enel/2020-22 strategic plan aims higher; still plenty of value in both EUR and USD bonds

Enel[e] held its capital market day 2019 today. Management presented its 2020-22 strategic plan. Enel will continue to develop its renewable base and reduce its power generated with coal (from 40TWh in 2019 to 17TWh in 2022). The company expects to phase-out coal by 2030. Capital expenditure for the full year 2019 will reach €10bn, a level that will be maintained in the coming three years (a total of c.€29bn in the period 2020-22). This compares with a capex plan of c.€26bn in the previous plan 2019-21. Management believes in organic growth and said it was not considering major M&A, although s...

ING
Timothy Rahill

SDG linked bond/SDG-linked bond the new green bond?

Could Enel's SDG-linked 3-part bond change the green bond market? Enel (ENELIM) [e]issued a new form of green bond yesterday, known as Sustainable Development Goals linked (SDG). This new form of green bond has divided the market with opinions on both sides. It could be argued that this could be the future of green bonds, as it implicates an entire business as opposed to just an asset or project. On the other hand, it could be argued that this does not satisfy the requirements of a green bond, largely due to the lack of control of where the money flows, as it is possible to even finance non-gr...

ING
Nadège Tillier

Utilities green bonds/There is more to green bonds than just a marketing tool

With c.€19bn of green bonds issued in the first eight months of 2019, utilities are set to break their record of €21bn issuance for the full year of 2017. A number of utilities celebrated their first green instrument in 2019: A2A, EDP, E.ON and Vattenfall. A number of utilities returned to the green bond market: Duke Energy, Engie, EnBW, Enel, Hera, Iberdrola, MidAmerican Energy and Orsted. Since 2014, utilities across the globe have issued c.€77bn and have been the most active corporate sector. This makes sense when we know that the Energy sector is responsible for the largest part of the gre...

ING
Nadège Tillier

Enel/Positive 1H19; still value in the belly of € and $ senior curves

Enel confirmed its YE19 guidance after the company reported a 13.4% increase in 1H19 ordinary EBITDA to €8.76bn. Activities in Italy generated c.40% of the group's total EBITDA. South America saw the strongest growth with an EBITDA of €2.7bn, reflecting a 32% increase vs 1H18. 1H19 EBIT reached €5.2bn vs €4.87bn a year earlier. Enel reported net debt at €45.4bn, a substantial increase vs YE18 (€41bn) due to higher capital expenditure, dividends and the acquisition of some of Enel Green Power's North American subsidiaries. Our calculations, including adjustments for pensions, hybrids and asset ...

MarketLine Department

Energias de Portugal S.A - Strategy, SWOT and Corporate Finance Report

Summary Energias de Portugal S.A - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. Key Highlights Energias de Portugal S.A (EDP or 'the company') carries out generation, distribution, and supply of electricity. The company is also involved in distribution and supply of gas, electricity and energy. EDP generates power through nuclear, hydro, coal, wind, biomass, solar based sourc...

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Red Electrica Corporacion, S.A. - Strategy, SWOT and Corporate Finance Report

Summary Red Electrica Corporacion, S.A. - Strategy, SWOT and Corporate Finance Report, is a source of comprehensive company data and information. The report covers the company's structure, operation, SWOT analysis, product and service offerings and corporate actions, providing a 360˚ view of the company. KeyHighlights Red Electrica Corporacion, S.A. (Red Electrica or “the company”) is the sole transmission agent and operator of the Spanish electricity system. The company is involved in the transmission of high voltage electricity and it builds, maintains and operates the facilities of the t...

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RWE AG - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's RWE AG Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by RWE AG since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights This repo...

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CEZ, a. s. - Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments

Summary Marketline's CEZ, a. s. Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments report includes business description, detailed reports on mergers and acquisitions (M&A), divestments, capital raisings, venture capital investments, ownership and partnership transactions undertaken by CEZ, a. s. since January2007. Marketline's Company Mergers & Acquisitions (M&A), Partnerships & Alliances and Investments reports offer a comprehensive breakdown of the organic and inorganic growth activity undertaken by an organization to sustain its competitive advantage. Key Highlights T...

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...

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.

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