Report
Mark Barnett
EUR 147.86 For Business Accounts Only

Challenges in Latin America will stunt Enel's growth despite high renewable energy investment.

We maintain our EUR 3.80 fair value estimate and negative no-moat rating for Enel after it reported a 3% improvement in first-half adjusted EBITDA to EUR 7.9 billion from EUR 7.7 billion and 9% growth in first-half adjusted net income to EUR 1.7 billion from EUR 1.6 billion in the first half of 2015. Management bumped guidance for 2016 EBITDA to EUR 15 billion from EUR 14.7 billion and for adjusted net income to EUR 3.2 billion from EUR 3.1 billion. Our latest forecast for 2016 EBITDA stands at ...
Underlying
Enel SpA

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.

Provider
Morningstar
Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

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.

We have operations in 27 countries.

Analysts
Mark Barnett

Other Reports on these Companies
Other Reports from Morningstar

ResearchPool Subscriptions

Get the most out of your insights

Get in touch