olivLaw · European equity research
Enel S.p.A. ENEL.MI
Italy · Euronext Milan · ISIN IT0003128367 · Vertical: Listed companies from Italy
Enel is an integrated energy group active in electricity generation, distribution and sales, currently going through a transition: phasing out coal-based generation and expanding renewable output. This transition is central for the company, as emissions from fossil fuels fell considerably in 2024, and the group sets as its reference scenario limiting global warming below 2 °C.
At the close of 05 Nov 2026, Enel S.p.A. (ENEL.MI) stock was 9.77 EUR (+0.92% on the day), with market capitalisation 102.3 bn EUR, P/E 14.6 on diluted EPS of 0.67 EUR over the last 12 months, dividend yield 4.40%, beta 0.50, 52-week range 8.62–10.28 EUR.
Data as of · AI analysis dated · Source: ESEF annual reports and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 77.0
- overbought (≥ 70)
- Bollinger (20, 2)
- 8.79 – 9.66
- above the upper band · %B 1.13 · band width 9.4%
- SMA 50 / 200
- 9.04 / 9.54
- mixed trend
- MACD (12, 26, 9)
- 0.15 / 0.09
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | EURO STOXX 50 | vs EURO STOXX 50 | Vertical median | |
|---|---|---|---|---|
| 1 month | +10.5% | −0.6% | +11.2 pp | — |
| 3 months | −2.0% | −4.2% | +2.1 pp | — |
| 6 months | +1.2% | +4.3% | −3.1 pp | — |
| Year to date | +10.0% | +7.5% | +2.5 pp | — |
| 1 year | +9.3% | +9.9% | −0.6 pp | −6.1% |
| 3 years | +58.9% | +49.8% | +9.1 pp | +7.7% |
| 5 years | +33.9% | +42.8% | −8.9 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 50 percentile of its own 2-quarter history (min 10.3, median 15.7, max 21.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2023 | 2024 |
|---|---|---|
| Revenue | 92.9 bn | 73.9 bn |
| Revenue YoY | unavailable | −20.4% |
| Net income | 3.4 bn | 7.0 bn |
| Net income YoY | unavailable | +104.1% |
| Diluted EPS | 0.32 | 0.67 |
| Diluted EPS YoY | unavailable | +109.4% |
| net % | 3.7% | 9.5% |
| Free cash flow | 3.2 bn | 4.3 bn |
Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 8.1 bn EUR
- Financial debt
- 63.6 bn EUR
- Net debt
- 55.6 bn EUR
- Equity
- 49.2 bn EUR
- Total assets
- 187.1 bn EUR
- Debt / equity
- 1.29x
- Current ratio
- unavailable
- ROE
- 14.9%
- ROA
- 3.7%
- FCF margin
- 5.8%
Financial statements (source on every figure)
Revenue and net income (EUR)
Margins
Income statement · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Revenue | 92.9 bn | 73.9 bn | esef· 29 Apr 2025verified |
| Operating income | 10.8 bn | 15.5 bn | esef· 29 Apr 2025verified |
| Interest expense | 6.0 bn | 7.8 bn | esef· 29 Apr 2025verified |
| Pre-tax income | 7.4 bn | 11.9 bn | esef· 29 Apr 2025verified |
| Income tax | 2.8 bn | 3.7 bn | esef· 29 Apr 2025verified |
| Net income | 3.4 bn | 7.0 bn | esef· 29 Apr 2025verified |
| Diluted EPS | 0.32 | 0.67 | esef· 29 Apr 2025verified |
| Dividend per share | 0.48 | 0.43 | esef· 29 Apr 2025verified |
Balance sheet · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Cash | 6.8 bn | 8.1 bn | esef· 29 Apr 2025verified |
| Inventories | 4.3 bn | 3.6 bn | esef· 29 Apr 2025verified |
| Property, plant & equipment, net | 89.8 bn | 94.6 bn | esef· 29 Apr 2025verified |
| Goodwill | 13.0 bn | 12.9 bn | esef· 29 Apr 2025verified |
| Intangibles (excl. goodwill) | 17.1 bn | 15.8 bn | esef· 29 Apr 2025verified |
| Total assets | 195.2 bn | 187.1 bn | esef· 29 Apr 2025verified |
| Short-term debt | 4.8 bn | 3.6 bn | esef· 29 Apr 2025verified |
| Long-term debt | 61.1 bn | 60.0 bn | esef· 29 Apr 2025verified |
| Total liabilities | 150.1 bn | 138.0 bn | esef· 29 Apr 2025verified |
| Equity | 45.1 bn | 49.2 bn | esef· 29 Apr 2025verified |
| Shares outstanding at year end | 10.7 bn | 10.5 bn | esef· 29 Apr 2025derived |
Cash flow · EUR
| Line | 2023 | 2024 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | 14.6 bn | 13.2 bn | esef· 29 Apr 2025verified |
| Capex | 11.4 bn | 8.9 bn | esef· 29 Apr 2025verified |
| Free cash flow | 3.2 bn ≈ | 4.3 bn ≈ | esef· 29 Apr 2025derived |
| Investing cash flow | -10.6 bn | -4.1 bn | esef· 29 Apr 2025verified |
| Financing cash flow | -8.4 bn | -8.0 bn | esef· 29 Apr 2025verified |
| Dividends paid | 5.1 bn | 5.1 bn | esef· 29 Apr 2025verified |
| Share repurchases | 20.0 m | 27.0 m | esef· 29 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 58.3% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 102.3 bn EUR
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
58% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 4.21 – 20.22 EUR.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (EUR per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)8.12 – 20.22 (Mid 12.19)WACC 6.6% · starting FCFF 9.7 bn EUR · terminal value share of EV 80%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -10.9%
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/E4.21 – 15.31 (Mid 8.88)20 companies used · median multiple 13.3x · quartiles 6.3x – 22.9xAC5.MI, ACE.MI, ADB.MI, AEF.MI, AMP.MI, ARN.MI, ASC.MI, BC.MI, BEC.MI, CAI.MI, CIR.MI, CLF.MI, CMB.MI, COM.MI, CRL.MI, CY4.MI, DEX.MI, DIA.MI, DLG.MI, DNR.MI
- Dividend discount (DDM)5.85 – 7.97 (Mid 6.75)
Assumptions (illustrative, editorial)
- Risk-free rate
- 3.0%
- Equity risk premium
- 5.5%
- Beta (default)
- 1.00
- Cost of equity
- 8.5%
- Terminal growth
- 2.0%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 58.3% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 10.3% | 64 (vs peers) | 18% |
| Net margin · Quality | 9.5% | 67 (vs peers) | 11% |
| FCF conversion · Quality | 61.2% | 45 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | 2.0x | 7 (on a fixed band) | 11% |
| Current ratio · Balance sheet | unavailable | unavailable | — |
| P/E (TTM) · Valuation | 14.6x | 50 (vs peers) | 18% |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 4.2% | 52 (on a fixed band) | 14% |
| Shareholder yield (distributions) · Returns | 5.0% | 72 (on a fixed band) | 11% |
| Payout ratio (FCF) · Returns | 119.4% | 1 (on a fixed band) | 7% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial7/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality60/100 · 3/3 factors with a value
- Returns44/100 · 2/2 factors with a value
- Valuation51/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ENEL - SPA (ENEL.MI). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 73.9 bn EUR in 2024; YoY growth -20.4%; net margin 9.5%; ROE 21.4%.
The estimated value range is 5.85–15.31 EUR per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 8.88 EUR, the price of 9.77 EUR leaves a potential of -9.1% (value / price − 1) and a margin of safety of -10.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 58.3% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Shareholder yield (distributions): 5.0%
What contradicts it
- Interest coverage: 2.0x
- Payout ratio (FCF): 119.4%
Not assessed (insufficient data or a ratio without meaning): Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Current ratio, EV/EBITDA.
Versus the vertical median
Listed companies from Italy · same country · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ENEL.MIEnel - Spa | 102.3 bn | 14.6 | 21.4% | 9.5% | −20.4% | +10% / +51% |
| DLG.MIDe' Longhi S.p.a. | 6.8 bn | 21.5 | 15.4% | 8.4% | +8.7% | +24% / +60% |
| ACE.MIAcea S.p.a. | 4.6 bn | 9.6 | 18.2% | 16.6% | +0.2% | −4% / +73% |
| DIA.MIDiasorin S.p.a. | 4.3 bn | 28.3 | 9.2% | 13.0% | +0.8% | +31% / −7% |
| CRL.MICarel Industries S.p.a. | 2.9 bn | 39.5 | 16.1% | 11.7% | +8.7% | +3% / +10% |
| AMP.MIAmplifon S.p.a. | 2.7 bn | 29.9 | 8.5% | 3.8% | −0.6% | −9% / −58% |
| CMB.MICembre S.p.a. | 1.3 bn | 27.0 | 20.6% | 18.9% | +6.7% | +11% / +108% |
| COM.MIComer Industries S.p.a. | 1.3 bn | 18.6 | 12.8% | 7.1% | −23.0% | +8% / +64% |
| DNR.MIIndustrie De Nora S.p.a. | 1.1 bn | 13.4 | 8.6% | 9.4% | +1.4% | −22% / −62% |
| ARN.MIAlerion Clean Power S.p.a. In Forma Abbreviata Alerion S.p.a. | 969.2 m | 10.4 | 23.5% | 41.0% | +1.8% | −5% / −23% |
| AVIO.MIAvio S.p.a. | 883.6 m | 86.8 | 2.1% | 1.8% | +21.5% | +18% / +291% |
| CIR.MICir S.p.a. - Compagnie Industriali Riunite | 783.3 m | 6.0 | 17.1% | 7.3% | +1.6% | +4% / +72% |
| ASC.MIAscopiave S.p.a. | 646.3 m | 18.0 | 4.2% | 17.5% | +13.4% | −8% / +33% |
| AC5.MIAcinque S.p.a. | 412.6 m | 19.6 | 4.1% | 3.6% | +0.2% | −6% / +8% |
| BAN.MIBasic Net S.p.a. | 348.0 m | — | -4.9% | -3.5% | +0.4% | −30% / +5% |
| ADB.MIAeroporto Guglielmo Marconi Di Bologna S.p.a. | 324.7 m | 13.1 | 11.1% | 13.7% | +9.2% | −2% / +12% |
| CAI.MICairo Communication S.p.a. | 289.2 m | 6.4 | 8.1% | 4.4% | −1.3% | −22% / +28% |
| ECNL.MIAquafil S.p.a. | 129.6 m | — | -3.2% | -0.9% | −3.9% | −1% / −52% |
| BEC.MIB&C Speakers S.p.a. | 118.7 m | 11.7 | 18.5% | 10.2% | −1.3% | −26% / −32% |
| ABT.MIAbitare In S.p.a. | 76.0 m | 276.0 | 0.4% | 0.4% | +39.8% | −6% / −47% |
| ELC.MIElica S.p.a. | 64.3 m | — | -7.8% | -2.2% | +1.9% | −34% / −48% |
| DEX.MIDexelance S.p.a. | 50.7 m | 2.8 | 11.0% | 5.4% | +12.6% | −63% / −78% |
| CLE.MIClass Editori S.p.a. | 35.1 m | — | -29.2% | -3.8% | −0.7% | −9% / +106% |
| CLF.MICaleffi - S.p.a. | 11.6 m | 5.2 | 10.9% | 3.8% | −2.5% | −4% / −10% |
| AEF.MIAeffe S.p.a. | 10.1 m | 0.5 | 21.9% | 7.7% | −21.3% | −59% / −86% |
1- and 3-year price returns: for ENEL.MI from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (EUR)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 5.22 Total return -43% · Per year -43% | 9.28 Total return -1% · Per year -1% | 14.04 Total return 49% · Per year 49% |
| 3 years | 4.15 Total return -49% · Per year -20% | 8.37 Total return -2% · Per year -1% | 14.04 Total return 59% · Per year 17% |
| 5 years | 3.29 Total return -54% · Per year -14% | 7.56 Total return -4% · Per year -1% | 14.04 Total return 69% · Per year 11% |
- Exit P/E± 2.09
- Net margin± 1.47
- Annual revenue growth± 1.32
- Annual dilution± 0.12
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Enel is an integrated energy group active in electricity generation, distribution and sales, currently going through a transition: phasing out coal-based generation and expanding renewable output. This transition is central for the company, as emissions from fossil fuels fell considerably in 2024 1, and the group sets as its reference scenario limiting global warming below 2 °C 1.
SWOT
Strengths
- The group has a geographically diversified portfolio and a solid system for managing financial and market risks 1.
- The reduction of direct emissions from fossil-fuel generation shows real progress in decarbonization 1.
- The company qualifies for European indices aligned with the Paris Agreement, reflecting compliance with exclusion criteria 1.
Weaknesses
- An important share of direct emissions still comes from fossil-fuel generation until its full phase-out 1.
- The timetable for closing plants depends on external approvals, limiting the company's control over the steps 1.
- Exposure to regulated markets and imposed price mechanisms limits tariff flexibility 1.
Opportunities
- Electrification of consumption and rising renewables could expand the group's customer base and asset base 1.
- Liberalization of markets in some regions could open new business opportunities 1.
- New climate-adaptation products and services could create additional revenue for communities and customers 1.
Risks
- Physical climate riskhigh
Extreme events can affect assets and cause interruptions, while chronic changes can modify plant output 1.
- Country riskhigh
International activity exposes the group to macroeconomic, institutional and social risks that can influence profitability 1.
- Regulatory riskmedium
Changes to distribution rules, capacity mechanisms and price measures can affect operating results 1.
- Energy market price riskmedium
Volatility in energy and fuel prices can affect margins, although the group uses contracts and diversification to stabilize them 1.
- Cyber and digital riskmedium
Increased digitalization exposes IT and OT systems to attacks and service interruptions 1.
Investment thesis
What would need to be true (bull case)
- If the shift toward electrification and renewables accelerates, the group's portfolio could benefit from higher demand and a stronger decarbonization position 1.
- Lower direct emissions and eligibility for Paris-aligned European indices could attract investors focused on sustainability criteria 1.
- Geographic diversification and financial risk management could cushion shocks in particular markets 1.
What would break the thesis
- If coal plant closures are delayed by approvals or missing grid links, costs and emissions could stay higher than expected 1.
- Country risk and regulatory instability in emerging markets could reduce returns on international activities 1.
- Extreme climate events could generate repair costs and interruptions that weigh on revenue 1.
What to watch
- Status of approvals for decommissioning coal plants2027
- Development of the renewables share in the generation mixnext annual report
- Regulatory changes in distribution and capacity mechanisms2026
- Evolution of Scope 1 emissions versus the 2024 levelnext annual report
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Enel is an integrated energy group with activities in generation, distribution and sale of electricity, operating in regulated and liberalized markets. The company's annual report describes a decarbonization strategy in which coal generation is to be phased out by 2027 and the remaining thermoelectric sources by 2040 1. Scope 1 emissions from fossil-fuel generation make up most of the group's direct emissions, so the transition is a key driver of its risk profile 1. The group aims to align its business model with the Paris Agreement, being certified by the Science Based Targets initiative (SBTi) for a 1.5 °C level 1.
The group is internationalized, with operations in several countries, exposing it to country risk, assessed through a quantitative model that includes economic, institutional, social and energy factors 1. Enel operates in regulated markets, so regulatory changes in distribution, capacity payment mechanisms and price-containment measures can influence results 1. Managing financial, energy-market and cyber risks is part of the group's governance model 1.
The decommissioning of coal plants requires approvals from competent authorities, including an opinion from grid operator Terna, so the timing does not depend solely on the company 1. For some plants, closure depends on ensuring security of supply or completing transmission links, and the company could adjust the timetable depending on these conditions 1.
Segments
Thermoelectric generation
Fossil-fuel generation is the segment being reduced. The group confirms the phase-out of coal generation by 2027, while gas and oil plants are treated separately with different timelines and conditions 1. Electricity from fossil gaseous fuels makes up a small share of group revenue, and coal almost none, indicating limited revenue exposure to fossil fuels 1.
Renewables and electrification
According to the scenarios the company analyzes, growing renewable generation and electrification of consumption are the main drivers of climate objectives 1. This segment is positioned as a long-term growth engine, but its development depends on authorization processes and economic support mechanisms 1.
Distribution and retail sales
Distribution is a regulated segment in which tariffs and operating rules are periodically reviewed by authorities. Retail sales are exposed to price and counterparty risks, which the group manages through contracts and operating limits 1.
Market context
The energy scenarios cited by the company show analyst consensus: electrification of final consumption and rising renewable generation are the main directions to 2050 1. Fuel and carbon prices are part of the company's scenarios, with a gradual rise in the EU CO2 price to 2030 and a decline in coal demand 1. The energy market remains sensitive to geopolitical developments and gas price pressures 1.
Regional markets where the group operates differ in their degree of liberalization, and its competitive analysis tracks peers' industrial and financial performance 1. Regulatory framework changes, such as market liberalization in South America, can reshape competition 1.
Trends
- Electrification of consumptiontailwind
The company's scenarios foresee a rising share of electricity in final consumption, which could increase demand for the group's networks and generation 1.
- Renewables expansiontailwind
Rising renewable generation is considered the main engine of the energy transition, which could favor the group's portfolio if development continues 1.
- Gradual coal phase-outmixed
Closing coal plants cuts emissions but brings decommissioning costs and supply-security risks that could delay the timetable 1.
- Regulatory pressure and physical climate riskheadwind
Changing regulatory frameworks and extreme weather events can affect assets and operations, and the group invests in adaptation and local climate scenarios 1.
Competitive position
The group systematically monitors the competitors it benchmarks against, analyzing their industrial and financial strategies to identify risks from changes in the competitive landscape 1. Competition varies by country and segment, from integrated European generators to network operators and retail suppliers.
Comparable companies include European and American energy operators, and comparison is based on performance indicators, strategic positioning and decarbonization plans 1. The specific content of the comparison is not detailed in the analyzed source.
- Integrated European energy operators
Competitors in generation and retail sales in Europe, benchmarked by the group on industrial and financial plans 1.
- Renewable energy producers
Competitors in wind and solar capacity development, relevant to the growth strategy for renewables 1.
- Distribution operators in South America
Competitors and partners in a context of market liberalization in the region, mentioned in the regulatory risk analysis 1.
- Retail energy suppliers
Competitors for end customers, where price and services determine market share 1.
News & filings
In the press
- PwC, 35 de ani. Anda Rojanschi, clients & markets leader, PwC CEE: Cea mai mare tranzacţie la care am luat parte a fost cea prin care PPC a achiziţionat activele de distribuţie şi furnizare ale Enel. Pentru un avocat, este o responsabilitate foarte mare. Firma de audit şi consultanţă marchează 35 de ani de la intrarea pe piaţa din RomâniaZiarul Financiar · 12 Oct 2026 · RO
- Surpriză: Compania greacă PPC, care a preluat activele Enel, vrea să cumpere retailerul FlancoEconomedia · 17 Sept 2026 · RO
Annual reports (ESEF)
- Annual report 202429 Apr 2025
- Annual report 202429 Apr 2025
Sources
- [1] Annual report, fiscal year ended 2024-12-31 (ESEF) · SEC / Enel S.p.A. · 31 Dec 2024
Figures computed by olivLaw from ESEF annual reports and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.