Enel Reassures on Net Debt; Shares Undervalued
We reiterate our 5.70 fair value estimate and no-moat, stable trend rating after Enel published a good set of 2017 preliminary results. For 2017, ordinary EBITDA grew 2.6% to EUR 15.6 billion. This is line with our and consensus expectations and reflects high growth in the fourth quarter. Net debt came in at EUR 37.4 billion, flattish versus 2016 and well below consensus expectations of EUR 38.9 billion. This is positive, as Enel's share price has recently suffered from concerns about the impact...
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