Enel : 9M 2021 tough due to headwinds but growth is returning
>Outperform recommendation and € 9.60 target price maintained - Following the 9M 2021 results publication which were a little below our estimates, we maintain our Outperform rating and our target price of € 9.60, still based on the average of a DCF (€ 8.60, WACC of 5.09% and unchanged perpetual growth of 1.2%) and NAV (€ 10.70). The operating performance was negatively affected by economic factors, unfavourable base effects and forex. Note that reported EBITDA was dow...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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