Enel : On the right path, even if H1 2022 results are lower than expected
>Outperform recommendation and target price of € 9.60 maintained - Following the publication of H1 2022 results, which came out below our forecasts and overall in line with the consensus, on a recurrent basis, we are maintaining our Outperform recommendation and our target price of € 9.60, still based on the average of a DCF (€ 9.05, WACC of 5.64% and perpetual growth rate unchanged at 1.2%) and NAV (€ 10.20) valuation. The first half of 2022 was difficult for the gro...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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