Enel : 2020, a year to forget, course set for green development
>Recommendation Outperform and target price € 9.60 maintained - Following the preliminary 2020 results publication, which undershot our expectations, we maintain our Outperform recommendation and our price target of € 9.60 still based on the average of the DCF (€ 8.92, WACC of 5.94% and unchanged perpetual growth rate of 1.2%) and the NAV (€ 10.30). Despite an FY 2020 that could be described as atypical, the implementation of the strategic plan presented on 25 Novemb...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.
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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