Endesa Sets 2020 Financial Targets 5% Above Our Estimates; Shares Are Undervalued
Following the release of parent company Enel's 2018-20 strategic plan on Nov. 21, Endesa disclosed its own on Nov. 22. The group lowered its 2018 and 2019 EBITDA targets and net income targets, which are now in line with our expectations, and set 2020 EBITDA and net income targets 5% above our estimates. We will tweak our 2020 estimates following the release of this new strategic plan. For now, we reiterate our fair value estimate of EUR 20.50 and our no-moat, stable trend ratings.The 2018 divid...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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