Enel : 2022 strategic plan, in line with our estimates
>Neutral rating and target price of € 6.30 maintained - Following the publication of the 2019-2021 strategy plan, we maintain our Neutral recommendation and target price of € 6.30, which is still based on the average of a DCF (€ 6.38 with a WACC of 4.83% and growth to infinity of 1.20%, unchanged) and NAV per share (€ 6.30) valuation. The new version of the strategy plan out to 2022 does not affect our EBITDA or our earnings estimates. The plan also records a decarbon...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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