Financials Enel S.p.A.

Equities

ENEL

IT0003128367

Electric Utilities

Market Closed - Borsa Italiana Other stock markets 11:44:59 2024-05-21 am EDT			After market 03:35:32 pm
6.735 ^EUR	-0.38%		6.743	+0.12%

May. 16	Honeywell, Enel Collaborate to Improve Building Automation, Demand Response Solutions	MT
May. 14	Lists expected unchanged ahead of opening	AN

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	71,884	84,112	71,600	51,104	68,361	68,669	-	-
Enterprise Value (EV) ¹	117,059	129,527	123,552	111,172	128,524	122,800	123,463	122,523
P/E ratio	15 x	31.8 x	22.7 x	33.5 x	21 x	10.3 x	10.1 x	9.97 x
Yield	4.52%	4.33%	5.39%	7.95%	6.39%	6.68%	6.9%	7.07%
Capitalization / Revenue	0.89 x	1.29 x	0.81 x	0.36 x	0.72 x	0.73 x	0.73 x	0.73 x
EV / Revenue	1.46 x	1.99 x	1.4 x	0.79 x	1.34 x	1.31 x	1.3 x	1.31 x
EV / EBITDA	6.54 x	7.22 x	6.43 x	5.65 x	5.85 x	5.45 x	5.46 x	5.3 x
EV / FCF	68.9 x	98.8 x	-42.2 x	-19.6 x	67.4 x	12.4 x	22.7 x	17.1 x
FCF Yield	1.45%	1.01%	-2.37%	-5.1%	1.48%	8.06%	4.4%	5.85%
Price to Book	2.41 x	2.97 x	2.41 x	1.78 x	2.15 x	2.02 x	1.89 x	1.65 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	6.761	6.761	6.761
Announcement Date	3/19/20	3/18/21	3/17/22	3/16/23	3/21/24	-	-	-

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	93,668	94,680	93,522
EBITDA ¹	17,905	17,940	19,210	19,683	21,969	22,515	22,607	23,118
EBIT ¹	6,878	8,368	7,680	11,193	14,042	14,722	14,610	14,775
Operating Margin	8.56%	12.88%	8.73%	7.97%	14.69%	15.72%	15.43%	15.8%
Earnings before Tax (EBT) ¹	4,312	5,463	5,500	8,741	7,416	11,745	11,709	12,055
Net income ¹	2,174	2,610	3,189	1,682	3,438	6,813	6,735	6,841
Net margin	2.71%	4.02%	3.62%	1.2%	3.6%	7.27%	7.11%	7.31%
EPS ²	0.4700	0.2600	0.3100	0.1500	0.3200	0.6590	0.6667	0.6782
Free Cash Flow ¹	1,700	1,311	-2,928	-5,673	1,906	9,894	5,436	7,162
FCF margin	2.12%	2.02%	-3.33%	-4.04%	1.99%	10.56%	5.74%	7.66%
FCF Conversion (EBITDA)	9.49%	7.31%	-	-	8.68%	43.94%	24.05%	30.98%
FCF Conversion (Net income)	78.2%	50.23%	-	-	55.44%	145.23%	80.72%	104.7%
Dividend per Share ²	0.3200	0.3580	0.3800	0.4000	0.4300	0.4516	0.4667	0.4782
Announcement Date	3/19/20	3/18/21	3/17/22	3/16/23	3/21/24	-	-	-

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	23,739	21,632	34,692	-	-
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	7/29/20	7/29/21	3/17/22	5/4/22	7/28/22	7/28/22	11/3/22	3/16/23	5/3/23	7/27/23	7/27/23	11/7/23	3/21/24	5/9/24	-	-	-	-	-

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	54,131	54,794	53,854
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.523 x	2.531 x	2.704 x	3.052 x	2.739 x	2.404 x	2.424 x	2.33 x
Free Cash Flow ¹	1,700	1,311	-2,928	-5,673	1,906	9,894	5,436	7,162
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	200,370	194,310	200,100
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	11,103	11,279	11,506
Capex / Sales	12.45%	15.69%	14.77%	10.21%	13.3%	11.85%	11.91%	12.3%
Announcement Date	3/19/20	3/18/21	3/17/22	3/16/23	3/21/24	-	-	-

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

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

6.761 EUR

Average target price

7.541 EUR

Spread / Average Target

+11.54%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
ENEL S.P.A.	+0.46%	74.58B
NEXTERA ENERGY	+24.91%	156B
SOUTHERN COMPANY	+12.93%	86.59B
IBERDROLA, S.A.	+3.50%	83.95B
CONSTELLATION ENERGY CORPORATION	+83.99%	67.8B
AMERICAN ELECTRIC POWER COMPANY, INC.	+14.00%	48.81B
DOMINION ENERGY, INC.	+14.43%	45.08B
GE VERNOVA INC.	0.00%	44.11B
PG&E CORPORATION	+3.44%	39.86B
EXELON CORPORATION	+7.13%	38.46B

Other Electric Utilities