ESOCF - Enel: Impressive Results. This Is A Clear Strong Buy (Rating Upgrade)
2024-03-23 07:33:56 ET
Summary
- Including the latest transactions, Enel has almost completed its disposal plan. These exits were performed at favorable multiple.
- Enel confirmed its capital allocation priorities. In 2025, we forecast a dividend yield of 7.5%.
- A solid balance sheet and a CAPEX trajectory towards higher and safer investments (grids and networks) should provide a supportive re-rating. Therefore, we increased our target price.
Our readers know we are a long-time investor in Enel (ENLAY). The company is an Italian-based multinational integrated utility player with arms in renewable energy, electric mobility, battery solutions, and smart lighting. As a reminder, Enel has installed capacity for approximately 86 gigawatts and supplies energy for almost 74 million clients. On March 21, after market hours, the company reported its Q4 and FY 2023 results. In a nutshell, these were impressive performances. The company hit all the targets that were set (and already increased) in November 2023 ( Strong 9M Results With Outlook Improved )....
Enel: Impressive Results. This Is A Clear Strong Buy (Rating Upgrade)