Enel down in Piazza Affari after the third quarter accounts and the cut in the 2022 profit guidance. In the first nine months of the year, the Enel group reported revenues of 108,177 million euros, up 84.0%, ordinary EBITDA at 12,671 million euros and the Group’s net ordinary income at 2,977 million euros, down 9.5%. According to Equita, the results are in line with expectations.
At Piazza Affari, the stock marks -0.77% approximately in the 4.539 euro area.
In January, deposit of € 0.20 for the coupon
The board led by Francesco Starace resolved a interim dividend 2022 equal to € 0.20 per share, payable from January 25, 2023, up 5.3% compared to the down payment distributed in January of this year. The interim payment amounts to half of the total dividend of € 0.40 expected for the year 2022.
Earnings estimate for 2022 revised downwards
Enel has confirmed the forecast of ordinary EBITDA between 19 and 19.6 billion euros for 2022thanks to the geographical diversification of the Group and has the forecast of the net profit has been revised downwards for 2022 between 5 and 5.3 billion euros, mainly due to a lower contribution from the businesses in Italy compared to those of the other geographies where the Group is present, with a consequent greater incidence of minorities on the Group’s ordinary net profit, as well as due to a tax burden expected at the end of 2022, in particular in Spain, higher than forecast. The analysts of the Milanese SIM expect a 5-6% reduction in the consensus estimates on 2022 profit and believe that the fourth quarter outlook is improving thanks to the repricing of retail contracts and the still stable performance of bad debt. Equita confirms BUY on the share with a target price of 6.6 ps pending the indications of the strategic plan on November 22nd.
Investments also rose, reaching 9,309 million euros (7,901 million euros in the first nine months of 2021, + 17.8%) and the increase is mainly attributable to the growth in investments in Enel Green Power, Enel Grids and Mercati Finali. “We continue our investments in renewables and grids to accelerate the transition to increasingly sustainable energy sources and promote energy independence in the countries in which we operate, helping to reduce price volatility to protect end customers” comments CEO Starace .