Enel : A ramp-up to maximise performance
>Outperform recommendation and € 9.60 target price maintained - In the wake of the announcement of a new 2021-2024 strategic plan, we are maintaining our Outperform recommendation and our target price of € 9.60, still based on an average of DCF (€ 9.05, WACC of 5.64% and perpetual growth rate of 1.2%) and NAV (€ 10.20). As expected, this annual revision of the strategic plan reflects a marked investment effort of € 45bn over 2022-2024 vs € 40bn for 2021-2023 and € 28....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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