Enel: Oddo still a buyer after Q1 results
(CercleFinance.com) - Oddo BHF is maintaining its "outperform" rating on Enel shares, along with its target price of 9.
60 euros, after the group's quarterly results which fell short of its expectations (on a recurring basis), although which were in line with the consensus on a published basis.
While it acknowledges that the Italian group had a difficult start to 2022, the broker believes that the confirmation of 2022 guidance highlights the reversibility of some of the negative items and the respect of the 2024 strategic trajectory.
At the share's current price, Enel is trading at a 31.1% discount to the broker's universe of European energy companies in terms of P/E and EV for 2022/24, above its historical level (14% on average), which the current profile no longer justifies, analysts add.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
60 euros, after the group's quarterly results which fell short of its expectations (on a recurring basis), although which were in line with the consensus on a published basis.
While it acknowledges that the Italian group had a difficult start to 2022, the broker believes that the confirmation of 2022 guidance highlights the reversibility of some of the negative items and the respect of the 2024 strategic trajectory.
At the share's current price, Enel is trading at a 31.1% discount to the broker's universe of European energy companies in terms of P/E and EV for 2022/24, above its historical level (14% on average), which the current profile no longer justifies, analysts add.
Copyright (c) 2022 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.