ESOCF - Enel Q1: Beats And Raises
2024-05-12 02:29:25 ET
Summary
- Fiscal Year 2024 guidance fully reiterated, supported by renewable-energy growth.
- Balance sheet flexibility with upside on potential buyback and safer network bolt-on acquisition.
- Material earnings growth, which supports a re-rate. Our buy is then confirmed.
On 09/05/2024, after market hours, Enel (ENLAY) reported the January-March results. In a nutshell, the company surprised positively in Q1 with core EBITDA and net profit of 6% and 23% above Wall Street consensus, respectively. Our readers know we are a long-time investor in the Italian-based multinational integrated utility player, and this is supported by lower debt evolution with disinvestments in emerging markets, a tasty remuneration on a DPS basis, and an exciting entry valuation compared to EU peers. Since our last update ( Q4 results analysis ), Enel's stock price has increased by 11.4%....
Enel Q1: Beats And Raises