Enel: Jefferies reiterates its recommendation and TP

(CercleFinance.com) - The boker reiterates its 'Hold' recommendation on the stock, with an unchanged target price of E6.
50.

Jefferies is confident about the outlook and disposal plan for FY24-26.

"Enel reported FY23 ordinary EBITDA/net income of E22.0bn/E6.5bn (+12%/+21% yoy), in line with company consensus/JEFe. FY23 net debt of E60.2bn is also in line with company consensus/JEFe" the broker said.

"Management sees good progress on disposals, and shared that of the E11.5bn of expected disposals highlighted in their 2023 CMD" Jefferies adds.

"Management reiterated confidence in their FY24-26 business plan and see visible growth drivers for networks/integrated business. In networks, they see supportive regulatory measures coming through for Italy grids" it summarises.


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