Endesa Reiterates Its 2017 Targets; Shares Slightly Undervalued
We maintain our fair value estimate of EUR 20.50 per share and our no-moat, stable trend ratings for Endesa. The group released nine-month results in line with the consensus expectations. We continue to think that the equity story of parent company Enel is more appealing given an international footprint supporting higher earnings growth and control over Endesa’s cash flow. Still, Endesa shares look slightly undervalued after the share price decline of the last months.EBITDA decreased organical...
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.
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