Enel : Recurring Q1 2019 a shade higher than forecast thanks to one-off items
>Recommendation and target price of € 5.45 maintained - Neutral recommendation maintained following the Q1 2019 earnings release. The numbers were a shade higher than our forecast but the non-recurring aggregates include € 160m in one-off items. After updating market data, our target price remains at € 5.45, based on the average between DCF (€ 5.35, WACC of 4.78% and a perpetual growth rate unchanged at 1.2%) and NAV (€ 5.65). At the current price, Enel is trading at ...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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