Rankings Utilities & power Enel
Enel
75
15070100
A view of the same findings, not a new score. How it works
A strong score: the model found few serious problems, but analysts see limited upside from here.
Biggest deductions
- FCF yield−4
- Capital allocation−3
- Multiples vs own history and peers−3
Strengths
- Regulated earnings+2
- Guidance at the top end+1
How the score is built
From 100 to 75, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 3 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 9.30 EUR
- Median analyst target
- 10.25 EUR
- Upside to median
- +10.2%
- Analysts
- 23
- Target range
- 8.50 – 12.00 EUR
- 52-week change
- +6%
- P/E (trailing)
- 22.5
- Forward P/E
- 12.6
- PEG
- 2.98
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 3 findings−6 of −30
- −1ROICROIC 7.6% vs a WACC of 6.2% – only slightly above the cost of capital; ROCE has, however, improved from 7.2% (2021) to 10.8% TTM. Net margin is 5.3% TTM after write-downs of 2.2 bn €.
- −2Quality of growthOrdinary EBITDA rose only 3% in H1 2026 to €11.8bn and net income 3%, while EPS rose 5% – the difference is buybacks. Brazil dragged due to curtailment, and Italy due to weak hydropower.
- −3Capital allocationDividend €6.1bn + buybacks €3.3bn TTM vs. FCF of €4.3bn; net borrowing was +€4.9bn TTM. The €3.5bn buyback programme is effectively financed with debt while net debt rises.
Price
Today's multiples against the company's own history and its peers. · 2 findings−7 of −35
- −3Multiples vs own history and peersForward P/E 11.8 vs 8.8–12.7 in 2021–2025 (upper half) and P/B 1.74 vs 1.21–1.90 (upper part), while EV/EBITDA 8.0 vs 7.3–10.5 is low. P/TBV 163. In line with Engie (forward P/E 11.2) and below E.ON (14.7).
- −4FCF yieldFCF of €4.3bn TTM (about 5.0% of the market cap of €86.5bn), but analysts expect FCF of −€1.2bn in 2026 as investments increase to €13–14bn; EV/FCF 39.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 3 findings−7 of −35
- −3Italian energy decreeThe Italian energy decree costs Enel an accelerated payment of system charges of EUR 1.2bn in 2026, about EUR 0.1bn in IRAP tax in 2026–2027 and about EUR 400m in recurring measures from 2027; total debt effect EUR 1.6–1.8bn.
- −2Regulation (WACC and concessions)Management's central scenario is a cut to the regulated WACC of about 30 bp at year-end, and the renewal of the concession in São Paulo (Brazil) is described as a politically sensitive process.
- −2Debt and liquidityNet debt €60bn at the half-year, expected at €64–65bn at year-end; current ratio 0.72, quick ratio 0.37 and interest cover 4.8x. The share fell about 10% in a month in September on rising interest rate expectations, which make refinancing more expensive.
Plus
Only documented strengths. · 2 findings+3 of +15
- +2Regulated earningsDistribution (power grids) delivered EUR 4.8bn in EBITDA in H1 (+10%, 41% of the group), and net RAB has grown by EUR 4.4bn to about 50bn.
- +1Guidance at the top endManagement expects 2026 EPS of about €0.74 at the top of the guidance range (+7% vs 2025).
Caveats
What the score does not capture, or where the data is weak.
Stockanalysis' EPS (€0.41 TTM, trailing P/E 20.9) is reported and weighed down by impairments of €2.2bn; the company's ordinary EPS guidance is about €0.74 for 2026, and forward P/E is based on adjusted figures. Stockanalysis shows −7.4% in share count over a quarter, but the company has only bought back 2.25% of the capital (229m shares) – the change in share count is not used for points. 'Issuance of Common Stock' of about €2bn is probably hybrid bonds. The price fall in September (about −10% in a month) appears to be due to rate expectations and technicals, not new company news. Credit rating, insider trading and details on the Latin American currencies have not been investigated.
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