Financials Enel S.p.A. BOERSE MUENCHEN

Equities

ENL

IT0003128367

Electric Utilities

Real-time BOERSE MUENCHEN Other stock markets 07:00:33 03/07/2024 BST			5-day change	1st Jan Change
6.624 ^EUR	+0.18%		+0.11%	-1.97%

07-02	Mib closes in red; down Iveco and Stellantis	AN
07-02	Milan stock market accentuates decline after EU inflation, down Stellantis, banks, jumps Sys-Dat	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	71,884	84,112	71,600	51,104	68,361	66,881	-	-
Enterprise Value (EV) ¹	117,059	129,527	123,552	111,172	128,524	121,037	121,693	120,836
P/E ratio	15 x	31.8 x	22.7 x	33.5 x	21 x	10 x	9.86 x	9.68 x
Yield	4.52%	4.33%	5.39%	7.95%	6.39%	6.85%	7.08%	7.25%
Capitalization / Revenue	0.89 x	1.29 x	0.81 x	0.36 x	0.72 x	0.71 x	0.7 x	0.71 x
EV / Revenue	1.46 x	1.99 x	1.4 x	0.79 x	1.34 x	1.28 x	1.28 x	1.28 x
EV / EBITDA	6.54 x	7.22 x	6.43 x	5.65 x	5.85 x	5.38 x	5.38 x	5.22 x
EV / FCF	68.9 x	98.8 x	-42.2 x	-19.6 x	67.4 x	21.7 x	24.7 x	20.5 x
FCF Yield	1.45%	1.01%	-2.37%	-5.1%	1.48%	4.6%	4.04%	4.87%
Price to Book	2.41 x	2.97 x	2.41 x	1.78 x	2.15 x	1.97 x	1.84 x	1.61 x
Nbr of stocks (in thousands)	10,164,612	10,163,411	10,161,791	10,159,782	10,157,604	10,156,595	-	-
Reference price ²	7.072	8.276	7.046	5.030	6.730	6.585	6.585	6.585
Announcement Date	19/03/20	18/03/21	17/03/22	16/03/23	21/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	80,327	64,985	88,006	140,517	95,565	94,290	95,406	94,730
EBITDA ¹	17,905	17,940	19,210	19,683	21,969	22,508	22,631	23,156
EBIT ¹	6,878	8,368	7,680	11,193	14,042	14,719	14,689	14,920
Operating Margin	8.56%	12.88%	8.73%	7.97%	14.69%	15.61%	15.4%	15.75%
Earnings before Tax (EBT) ¹	4,312	5,463	5,500	8,741	7,416	11,744	11,742	12,116
Net income ¹	2,174	2,610	3,189	1,682	3,438	6,691	6,731	6,857
Net margin	2.71%	4.02%	3.62%	1.2%	3.6%	7.1%	7.06%	7.24%
EPS ²	0.4700	0.2600	0.3100	0.1500	0.3200	0.6585	0.6680	0.6806
Free Cash Flow ¹	1,700	1,311	-2,928	-5,673	1,906	5,567	4,918	5,880
FCF margin	2.12%	2.02%	-3.33%	-4.04%	1.99%	5.9%	5.15%	6.21%
FCF Conversion (EBITDA)	9.49%	7.31%	-	-	8.68%	24.73%	21.73%	25.39%
FCF Conversion (Net income)	78.2%	50.23%	-	-	55.44%	83.21%	73.05%	85.76%
Dividend per Share ²	0.3200	0.3580	0.3800	0.4000	0.4300	0.4511	0.4662	0.4776
Announcement Date	19/03/20	18/03/21	17/03/22	16/03/23	21/03/24	-	-	-

¹EUR in Million²EUR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2020 S1	2021 S1	2021 Q4	2022 Q1	2022 Q2	2022 S1	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 S1	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	33,375	29,853	30,092	34,958	32,300	-	40,919	32,340	26,414	20,681	47,095	22,439	26,031	19,432	25,964	21,632	32,467	-	-
EBITDA	8,794	8,360	6,579	4,486	3,812	8,298	4,373	7,012	5,463	5,276	10,739	5,647	5,583	6,094	-	-	-	-	-
EBIT	4,543	4,371	1,426	2,679	1,223	3,902	1,619	5,672	2,951	3,174	6,125	3,710	4,207	4,001	-	-	-	-	-
Operating Margin	13.61%	14.64%	4.74%	7.66%	3.79%	-	3.96%	17.54%	11.17%	15.35%	13.01%	16.53%	16.16%	20.59%	-	-	-	-	-
Earnings before Tax (EBT)	3,437	3,448	570	2,311	633	2,944	909	4,888	-	2,433	4,531	-	-	3,268	-	-	-	-	-
Net income	1,947	1,778	684	1,430	263	1,693	66	-77	-	1,479	2,513	1,740	-	1,931	-	-	-	-	-
Net margin	5.83%	5.96%	2.27%	4.09%	0.81%	-	0.16%	-0.24%	-	7.15%	5.34%	7.75%	-	9.94%	-	-	-	-	-
EPS ²	0.1900	0.1700	0.0600	0.1400	0.0200	-	0.0100	-0.0200	0.1000	0.1400	-	0.1700	-0.0900	0.1900	0.2070	0.2220	0.0364	-	-
Dividend per Share ²	-	-	0.1900	-	0.2000	-	0.1000	0.1000	-	-	-	-	0.2150	-	0.1151	0.1151	0.1151	0.1203	0.1203
Announcement Date	29/07/20	29/07/21	17/03/22	04/05/22	28/07/22	28/07/22	03/11/22	16/03/23	03/05/23	27/07/23	27/07/23	07/11/23	21/03/24	09/05/24	-	-	-	-	-

¹EUR in Million²EUR

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	45,175	45,415	51,952	60,068	60,163	54,156	54,812	53,955
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.523 x	2.531 x	2.704 x	3.052 x	2.739 x	2.406 x	2.422 x	2.33 x
Free Cash Flow ¹	1,700	1,311	-2,928	-5,673	1,906	5,567	4,918	5,880
ROE (net income / shareholders' equity)	15.4%	17.7%	19.3%	18.5%	21.5%	20.1%	19.3%	18.2%
ROA (Net income/ Total Assets)	2.83%	3.1%	3.02%	2.53%	3.14%	3.4%	3.47%	3.42%
Assets ¹	76,811	84,090	105,595	66,543	109,644	196,797	194,210	200,559
Book Value Per Share ²	2.930	2.790	2.920	2.820	3.130	3.350	3.570	4.090
Cash Flow per Share ²	1.090	1.150	0.9800	0.8500	1.360	1.490	1.530	1.510
Capex ¹	10,000	10,197	12,997	14,347	12,714	11,211	11,366	11,581
Capex / Sales	12.45%	15.69%	14.77%	10.21%	13.3%	11.89%	11.91%	12.22%
Announcement Date	19/03/20	18/03/21	17/03/22	16/03/23	21/03/24	-	-	-

¹EUR in Million²EUR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Enel S.p.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

6.585 EUR

Average target price

7.491 EUR

Spread / Average Target

+13.76%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
SOUTHERN COMPANY	+10.60%	84.8B
IBERDROLA, S.A.	+2.65%	82.31B
DUKE ENERGY CORPORATION	+2.85%	77.03B
CONSTELLATION ENERGY CORPORATION	+76.36%	64.99B
AMERICAN ELECTRIC POWER COMPANY, INC.	+7.88%	46.19B
GE VERNOVA INC.	0.00%	46.54B
DOMINION ENERGY, INC.	+3.28%	40.69B
POWER GRID CORPORATION OF INDIA LIMITED	+40.56%	36.86B
PG&E CORPORATION	-5.27%	36.5B

Other Electric Utilities