Enel Outperforms on Margins; Long-Term Outlook Intact
We are reaffirming our EUR 3.80 per share fair value estimate, no moat and negative moat trend for Enel after the company reported preliminary fiscal-year 2016 results. We expect the company to report more detailed results on March 16, but the preliminary revenue and EBITDA results suggest performance was slightly ahead of our forecast primarily due to better-than-expected margins.Revenue totaled EUR 70.6 billion, down 7% from 2015 and below our estimate by a similar amount. Yet adjusted EBITDA...
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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