ENLAY - Enel Performs Industrially Financials Affected By Non-Recurring Elements

• Enel continues to grow its asset base nicely, however it does so at great capital intensity affecting the quality of its medium-term cash flow picture.
• Enel remains well progressed in terms of the renewable transition, and its CAPEX burden now represents a plateau that should decline in later years.
• While the asset base grows, Enel's financials are a little less attractive but mainly due to one-off impacts.
• Enel remains an income play, with its dividend coverage being rather safe and quite high at around 5.5% yield, but investors should be aware that the dividend could use more margin.

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