Endesa SA

ELE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€35.00	Lgkr	Wrntnyw

Endesa Posts Strong Q3 Results; Implicitly Raises 2022 Guidance; Shares Undervalued

Tancrede Fulop

Nov 8, 2022

We maintain our EUR 22.30 fair value estimate after no-moat Endesa released strong nine-month results and confirmed its 2022 guidance despite the booking of a high provision related to the 1.2% tax on energy companies' turnover being mulled by the Spanish government. Shares are materially undervalued.

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