Endesa Releases H1 Results in Line With Expectations and Maintains 2019 Guidance; Shares Rich
We reiterate our fair value estimate of EUR 19.5 per share along with our no-moat and stable trend ratings after Endesa released first-half results in line with expectations and reiterated its full-year guidance. Shares appear overvalued. Because of its full exposure to Spain, Endesa lacks organic growth potential and suffers from high regulatory risk.ÂEBITDA grew 5% to EUR 1.87 billion, in line with consensus expectations, implying a slight slowdown from the 5.5% growth seen in the first quart...
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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