Enel: Oddo BHF still a buyer

(CercleFinance.com) - Oddo BHF maintains its 'outperform' rating on Enel shares, with an unchanged target price of E9.
2.

The analyst says that the new management's second strategic opus came out in line with [its] expectations, and that the new guidance for 2024-2026 therefore does not lead it to revise its estimates.

The investment envelope amounts to E43bn (up 19%) for 2025-2027, mainly oriented towards networks (E26bn or 60%), with E12bn dedicated to renewables (27%) to add 12 GW of capacity and E2.7bn for customers.

Enel has confirmed its intention to retain options on possible acquisitions, mainly of existing assets, which could take place in 2025. Consequently, the decision to increase shareholder returns will not be taken before 2025, the broker concludes.


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