First Read: Enel "Best of Europe Virtual Conference 2026 - Feedback" (Buy)

研报英文原文证据摘录

First Read: Enel "Best of Europe Virtual Conference 2026 - Feedback" (Buy)

Global Research

13 May 2026ab

First Read

EquitiesEnel

Best of Europe Virtual Conference 2026 - Italy

Feedback Electric Utilities

12-month rating Buy

12m price target €10.65

Enel at the Best of Europe Virtual Conference 2026

We hosted Stefano De Angelis, Chief Financial Officer, and Omar Al Bayaty, Head of

Group IR, today for group meetings. Price (13 May 2026) €9.74

RIC: ENEI.MI BBG: ENEL IM

Key takeaways

Trading data and key metrics

Enel CFO passed a confident message regarding the delivery of the recently presented

52-wk range €10.19-7.66

2026-28E business plan. Integrated margins in Italy will be driven up in Italy by new

Market cap. €99.0b/US$116b

renewables and end of subsidised tariffs for former regulated customers, partly offset by

ETS-impact removal from power prices (if approved); in Spain, prices should recover and Shares o/s 10,167m (ORD)

churn rate materially reduced, supporting market normalisation and margin expansion. Free float 69%

Brownfield growth in renewables remains a key component of the expected growth in Avg. daily volume ('000) 29,341

coming years, and management remains confident it will be able to deliver the 6GW Avg. daily value (m) €281.2

target by 2028: 1GW or c15% was already executed during 1Q26; an additional 3GW Common s/h equity (12/26E) €34.1b

are under execution; focus is on the US, with c15GW pipeline of opportunities. Finally, P/BV (12/26E) 2.9x

the company sees a good opportunity for data centres in Italy, particularly in some Net debt to EBITDA (12/26E) 2.7x

industrial hubs where they have large connection points; currently in talks for long term

EPS (UBS, diluted) (EUR)

PPAs and agreements for use of their energy infrastructure.

UBS Cons.