Despite several regulatory and FX headwinds, Enel met expectations with EBITDA 1.7% above consensus. However, a substantially higher net debt raises concerns on the mid-term outlook and 2030 roadmap, for which we expect un update during the CMD on 24 November.
FY21 guidance remains unchanged, even if we stand slightly below, and the same applies for consensus.
Positive view confirmed as headwinds seem already priced in and the CMD should provide short-term catalysts.
05 Nov 2021
9M 21: concerns on indebtedness two weeks before CMD update
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9M 21: concerns on indebtedness two weeks before CMD update
Enel (ENEL:BIT), 0 | Enel SpA (ENEL:MIL), 0
- Published:
05 Nov 2021 -
Author:
Nicolas Bouthors -
Pages:
3
Despite several regulatory and FX headwinds, Enel met expectations with EBITDA 1.7% above consensus. However, a substantially higher net debt raises concerns on the mid-term outlook and 2030 roadmap, for which we expect un update during the CMD on 24 November.
FY21 guidance remains unchanged, even if we stand slightly below, and the same applies for consensus.
Positive view confirmed as headwinds seem already priced in and the CMD should provide short-term catalysts.