Enel 1H26: Solid execution supports move to top-end EPS guidance

研报英文原文证据摘录

Enel 1H26: Solid execution supports move to top-end EPS guidance

ounts for about 25% of Enel's EBITDA. A 10% depreciation of LatAm currencies would reduce FY27e

EBITDA by 2.5%; 2) Failure to deliver on Enel’s renewables expansion strategy adding 11.8GW of consolidated gross renewable

capacities in FY26e-FY28e on our estimates; 3) Lack of a significant supply margin recovery.

Upside: 1) Attractively valued inorganic growth; 2) More investments in networks; 3) Positive regularity surprises

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EQUITY RATINGS DEFINITIONS

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stocks listed on the U.S. and Canadian exchanges, versus the Bloomberg Europe Developed Markets Large and Mid Cap Price

Return Index EUR (EDME) for stocks listed on the European exchanges and emerging markets exchanges outside of the Asia

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• Outperform: Stock will outpace the market index by more than 15 pp

• Market-Perform: Stock will perform in line with the market index to within +/-15 pp

• Underperform: Stock will trail the performance of the market index by more than 15 pp

Coverage Suspended: Coverage of a company under the Bernstein research brand has been suspended. Ratings and price targets

are suspended temporarily, are no longer current, and should therefore not be relied upon.

EUROPEAN UTILITIES & CLEAN ENERGY 7