Endesa Released a Good Set of 1Q Results; Shares Overvalued
We reiterate our fair value estimate of EUR 18.30 per share, along with our no-moat and stable trend ratings, after Endesa reported a good set of first-quarter results while reaffirming its full-year targets. Its 2017 dividend of EUR 1.382 per share implies a high dividend yield of 7%, reflecting the strategy of parent company Enel to maximise the cash it receives from its subsidiary. We prefer Enel, owing to the higher organic growth potential provided by its international footprint. Shares of ...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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