Endesa: 4Q18 preview: expect EBITDA flat vs adj
We expect Endesa to report a 4Q18 EBITDA of Eur826mn, unchanged vs adj. 4Q17, as reported EBITDA included significant positive one-offs (Eur168mn), mostly from previous years’ adjustments. Below EBITDA, D&A and financial costs should be down yoy, with Net Income expect to reach Eur295mn, down 21.9% vs reported 4Q17, but effectively up 17.2% vs adjusted 4Q17. We are making a small positive adjustment to our 18E estimates (EBITDA +2% to Eur3,617mn, Net Income +4% to Eur1,488mn) and revising up slightly our FV to Eur20.65/sh (from Eur20.6/sh before). However, with 5% downside to our revised FV, we maintain our NEUTRAL rating.Endesa is engaged in the production, transmission, distribution, and supply of electricity, through hydroelectric, fossil fuel, and nuclear generation. Co. is also engaged in the mining of coal for use in its fossil-fuel electric plants; mining research; land restoration, and environmental monitoring and control.
Haitong is the first international Chinese investment bank and our goal is to be the primary channel for capital flows into and out of China. During 2015 the Senior Management Team in London was expanded significantly to focus on this objective and to provide a full-service cross-asset markets business coupled with sector-focused investment banking. We work closely with our world-wide network of offices to bring a true depth of understanding to all client situations.
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