Endesa's 2019-21 Business Plan's Macro Assumptions Are Too Optimistic
We reiterate our fair value estimate of EUR 19 per share along with our no-moat, stable trend ratings after Endesa released 2018 results slightly above expectations and reiterated its short- and medium-term guidance. We view the shares as overvalued. We foresee the dividend to decrease in 2020 and 2021 due to a decline in net income that we forecast and planned reduction in the payout ratio. We prefer parent company Enel, whose dividend floor through 2021 guarantees a 9% annual growth.ÂEBITDA i...
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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