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M

Update

July 31, 2026 03:45 PM GMT

ENEL | Europe

Morgan Stanley & Co. International plc+

Robert Pulleyn

Equity Analyst and Commodity Strategist

Risk Reward Update

ENEL (ENEI.MI, ENEL IM)

What’s Changed

Utilities | Italy

Updated Components

Stock Rating

Industry View

Price target

Shr price, close (Jul 30, 2026)

52-Week Range

EPS

Investment Thesis

Bull Base Bear Scenarios

Fiscal Year Ending

Risk Reward for ENEL (ENEI.MI) has been updated

Reason for change

We update forecasts following 2Q26 results & reflect management guidance. MS

EPS (€)**

Prior EPS (€)**

Underweight

Attractive

€9.20

€9.84

€10.31-7.58

12/25 12/26e 12/27e 12/28e

0.67

0.71

0.70

0.78

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

2026 EPS (on company definition) is unchanged at €0.75 vs revised company

guidance for €0.74. We reflect CFO comments on capex, FFO & End 2026 Net Debt

of €64-65bn (MSe €64bn). EPS Changes are marginal across forecast period net of

modelling changes. Given 1H26 run rates we moderate FY forecasts for N America

Renewables & Italy Gen/ Trading. We increase Italy Renewables & reflect Endesa 2Q

model update . PT stays €9.20 with higher subsidiary share prices offsetting higher

Italy RFR.

We see Enel trading at 14x 2027 P/E, a ~4% discount to peers after a 9% rally YTD

(vs sector 11.5% & FTSE MIB 9.7%). We note EPS growth is improving, with MSe ~5%

2025-28 & 2025-30 EPS CAGR. However, we also see a large range of quality

compound earnings growth stories in the New Growth Era for European Utilities

with several stocks offering higher growth, or more secure/visible growth, and at

lower multiples for that growth.

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investors should be aware that the firm may have a conflict of

interest that could affect the objectivity of Morgan Stanley

Research. Investors should consider Morgan Stanley

Research as only a single factor in making their investment

decision.