Enel : 2021 clearly marks the return to growth
>Outperform recommendation and target price of € 9.60 maintained - Following the preliminary 2021 release, which was broadly in line with our forecasts (essentially EBITDA and net debt), we are sticking with our Outperform recommendation and target price of € 9.60, still based on the average of DCF (€ 9.05, WACC 5.64% and perpetual growth of 1.2%) and NAV (€ 10.20). Once again 2021 was marked by an unusual profile, buoyed by renewables and network activities, but pena...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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