Enel : A slightly disappointing H1 2018, but 2018 guidance reiterated
>Neutral recommendation and target price maintained - We are maintaining our Neutral recommendation following the publication of H1 2018 results. Our target price remains at € 5.50 still based on the average between DCF (€ 5.02 with WACC of 5.94% and a perpetual growth rate of 1.20% unchanged) and NAV (€ 5.98). At the current price, Enel is trading at a discount of 27.0% vs our universe of European utilities in terms of 2018-2020e P/E and EV, above its historic level ...Enel Americas is a Chilean electric utility company engaged in developing, distributing, generating, transmitting and selling electricity in Chile, Argentina, Brazil, Colombia and Peru. Co.'s principal customers include industrial companies, commercial businesses, and private residents. Additionally, through its subsidiaries, Co. provides engineering consultation services in Chile and is involved in the telecommunications activities.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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