Enel : A difficult Q2 but in large part reversible
>Outperform opinion and target price of € 9.60 maintained - Following the release of Q1 2022 results, which fell short of our estimates (on a recurrent basis) and were in line with the consensus on a reported basis, we are maintaining our Outperform recommendation and our target price of € 9.6, still founded on the average of a DCF (€ 9.05, WACC of 5.64% and unchanged perpetual growth rate of 1.2%) and the NAV (€ 10.2). The start of 2022 was difficult for the group be...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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