Endesa's 2017 Results and Dividend Are Above Expectations; Shares Undervalued
We reiterate our fair value estimate of EUR 20.50 and our no-moat, stable trend ratings after Endesa released 2017 results and dividend above our and market expectations. Reported net income grew 4% to EUR 1.46 billion, 4% above our estimates. Accordingly, the payout-based dividend is set at EUR 1.382 per share, 4% above expectations, implying a high 7.8% yield at the current share price. The 2018 dividend floor of EUR 1.33 implies a 7.5% dividend yield, covered by free cash flow yield of 7.9% o...
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