Enel SpA

ENEL: XMIL (ITA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€7.70	Bsws	Vjdxplswb

Enel Earnings: Solid Start to the Year, 2024 Guidance Confirmed, Shares Undervalued

Tancrede Fulop

May 10, 2024

We confirm our EUR 7.5 fair value estimate after Enel released first-quarter results above FactSet consensus at the EBITDA level thanks to strong performance of renewables and supply businesses. It confirmed its 2024 guidance. With current P/E and dividend yield of 9.8 and 5.6%, respectively, the shares are undervalued.

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