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Enel (Baa1/BBB): FY Results

UTILITIES

Neutral for spreads. Broadly in line, leverage set to stabilise around 2.4x this year.


  • Adjusted EBITDA is in line at €21.97bn.
  • FCF appears lower than expected at €1.3bn vs €2bn on higher capex.
  • Net debt at €60bn vs €58.5bn expected. Pro forma for disposals agreed, net debt is €53.5bn.
  • Leverage in line at 2.7x, 2.4x pro forma. Down from 3.1x YoY.
  • 2024 FY EBITDA guidance is in line with consensus. Net debt is guided at €53-54bn. On the face of it that’s below consensus, but flat to current pro forma.
  • M&A will now focus on portfolio optimisation.

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