LatAm to Boost Enel's Earnings Growth; Endesa's Earnings Growth Potential in Iberia Is Limited
We raise our fair value estimate for Enel to EUR 5.30 per share from EUR 3.80 due to higher EBITDA estimates, chiefly owing to the regulatory upturn in Latin America. We raise our fair value estimate for Endesa to EUR 20 per share from EUR 18 due to lower capital expenditure estimates. We see 10% upside for Enel and think Endesa shares are overvalued by 9%.ÂWe raise our moat trend rating for Enel from negative to stable. Key to this are the stabilisation of the regulatory backdrop in Spain and ...
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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