Enel Reports 9M Results in line With Expectations and Confirms Its 2017 Targets
Enel published nine-month results in line with consensus expectations while reaffirming its 2017 targets. Ordinary EBITDA came in at EUR 11.3 billion, down by 5%, which is strictly in line with the first-half trend. Ordinary net income increased by 3% to EUR 2.6 billion on an adjusted basis after a 8% growth in the first half due to less favorable financials and minorities. We reaffirm our fair value estimate of EUR 5.30 per share along with our no-moat and stable moat trend ratings. Shares look...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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