Enel : H1 2019 in line, but still not easy to read
>Neutral rating and € 5.45 target price maintained - Based on Enel’s H1 2019 results, which were in line with our estimates, but which include under non-recurring aggregates € 558m of exceptional items, we are maintaining our Neutral recommendation. After updating market data, our target price is still € 5.45, based on the average between a DCF model (€ 5.35, WACC of 5.26% and an unchanged perpetual growth rate of 1.2%) and the NAV (€ 5.56). At the current price, Ene...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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