Best Idea Enel Confirms 2018 Earnings Targets Though Warning on Debt; Shares Undervalued
We reiterate our fair value estimate of EUR 5.70 per share and our no-moat, stable trend ratings after Enel published nine-month results in line with our full-year expectations, confirmed its 2018 earnings targets, and warned on full-year net debt. The increase in net debt will have a limited impact on our valuation. However, it dents management's credibility. All in all, we see potential share price weakness following this publication as a good entry point.ÂNet debt increased by EUR 5.8 billio...
Enel Societa Per Azioni is engaged in the generation and sale of electricity through its Generation, Energy Management and Sales Italy Division. Co. is also engaged in the distribution of electricity (Enel Distribuzione) and public and artistic lighting (Enel Sole) in Italy through its Infrastructure and Networks Division. Co.'s Iberia and Latin America Division coordinates Co.'s operations in the electricity and gas markets in Spain, Portugal and Latin America. Co.'s Engineering and Research Division manages the engineering processes related to the development and construction of power plants. Co.'s other divisions are the International Division as well as the Renewable Energy Division.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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