Free Trial

Enel (Baa1/BBB): 1Q24 Results

UTILITIES

Neutral for spreads. Solid results, credit investors would prefer a more conservative dividend policy.


  • Adj. EBITDA grew 12% YoY and beat consensus by 5% (3 estimates). Net income also a strong beat (+22%).
  • FCF of €1.95bn is a strong improvement YoY; 1Q23 saw a much larger increase in working capital. Net debt ticks up marginally QoQ due to timing of dividends.
  • FY24 EBITDA guidance and debt reduction targets confirmed, with planned disposals. Organic deleveraging is off the table with excess cash flow earmarked for dividends.

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.