Endesa Releases 1Q Results in Line With Expectations, Maintains 2019 Guidance; Shares Overvalued
We reiterate our EUR 19.50Â fair value estimate along with our no-moat, stable trend ratings after Endesa released first-quarter results that were broadly in line with consensus expectations and maintained its 2019 guidance. The shares look overvalued to us; we prefer undervalued parent Enel, which has a more favorable dividend policy and higher earnings growth provided by its large international footprint.EBITDA increased 5.5% to EUR 928 million, in line with expectations. On the positive side,...
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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