Endesa: Oddo raises target price
(CercleFinance.com) - Oddo BHF maintains its "outperform" rating on the Spanish energy group Endesa's shares, having increased its target price for them from 22 euros to 25.
3 euros (current price about 20.1 euros, -2%), following the 2021/2024 strategy update, which it says emphasises profitability, with a slightly lower capex envelope.
The broker points out that this update confirmed trends over the first two years that are in line with its expectations, although it highlights significant growth in guidance from 2023 to 2026 (average EPS revision of +23%).
The analyst notes that the current valuation represents a 16.1% discount to its peers, based on average 2021/2023 EV and P/E multiples.
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