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Enel SpA

Enel is the largest integrated electric utility in Italy and one of the largest quoted utilities in Europe (market cap €45.4bn at October 2018). Its IPO was in 1999 and now the Italian government owns just under 24% of Enel. Renewables company Enel Green Power (EGP) had its IPO in 2010, but Enel has re-aquired the stock of EGP and it was re-integrated from 31 March 2016. Around 75% of group EBITDA is regulated or quasi-regulated. With the acquisition of Endesa and OGK-5 in Russia, Enel is one of the largest utility groups in Europe, with installed capacity of some 85GW (FY17) and over 65mn customers. In its core Italian market, in 2017 Enel generated 54TWh, distributed 227TWh and sold 97TWh. On a global basis in 2017, the company had net production of 250TWh (262TWh in 2016), transported 445TWh (427TWh) and sold 285TWh (263TWh). In 2017 group EBITDA was €15.7bn with the main geographic contributions being from Italy (44%), Spain (23%) and Latin America (27%). Renewable operations, including hydro (28GW) had 38GW of installed capacity (2017) and contributed €4bn or 26% of group EBITDA. (04 Oct 2018)

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Safety BBlanket: Euro BBs for a Risk-off Market

HY Note: 05 Dec 2018, 10:36 PM ET - Against a backdrop of an increasingly risk-off environment, we highlight a selection of BB picks for investors shifting towards a more defensive positioning.

November 2018 Europe Company Recommendation Change

Euro Recommendation Changes: 02 Dec 2018, 9:51 PM ET - Our monthly report provides executive summaries for the twenty-two companies recommendation changes made on European companies during the month of November.

Oil & Gas: Slashing Oil Outlook, Downgrading E&Ps

Sector Analysis: 26 Nov 2018, 4:48 AM ET - We believe the recent 33% drop in oil prices is likely to be just the first leg of a deeper decline.  We are reducing our 2019 oil price view and recalibrating our IG and HY E&P investment recommendations to a more defensive position.
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Enel: The Song Remains The Same, Move To O/P

Company Analysis: 25 Nov 2018, 9:43 PM ET - Enel's strategy at its 2018 CMD is a continuation of what has gone before, concentrating on renewables and networks. Italy uncertainty has significantly widened spreads which makes Enel compelling fundamental value. Move to O/P.
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Enel: Net Debt Dominates 9M18 But CMD In 2 Weeks

Worth Watching: 06 Nov 2018, 9:16 PM ET - Enel (Baa2/BBB+) reported a good third quarter and a good nine months, with ordinary EBITDA up 6% to €12 bn, despite a €330 mn negative FX impact. Excluding FX moves Enel stated that ordinary EBITDA (which excludes one-offs) would have increase ..

ESG and Utilities: CSights Sector View and Ratings

Sector Analysis: 30 Oct 2018, 3:25 PM ET - We are following up the formal launch of the CreditSights ESG investing framework with a in-depth look at ESG issues in the utility sector.

Euro IG Sector Snapshots: October 2018

Sector Analysis: 22 Oct 2018, 9:31 PM ET - Our updated one page snapshots of the Euro IG sectors.

BBB Tails: Spread Per Unit Default Risk

Risk Product Analysis: 18 Sep 2018, 9:51 PM ET - We screened the US investment grade index to find BBB issuers with high levels of spread compensation relative to their five-year default risk.

Hybrids: Accounting For Change

Strategy Analysis: 05 Sep 2018, 9:35 PM ET - In our view accounting changes proposed in the recent IASB discussion paper, if they do eventually bring an accounting change, are unlikely to have a material impact on the hybrid asset class.
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Enel: 1H18 Driven By Renewables

Worth Watching: 31 Jul 2018, 10:19 PM ET - Enel (Baa2/BBB+) reported 1H18 results slightly below market consensus, but nevertheless stated that the solid performance in the first half gave it confidence in confirming its full year targets (EBITDA ~€16.2 bn, net ordinary income ~€4.1 bn) ..
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Euro HY Conference 2018: Hybrids - BB or Not BB

Transcript: 19 Jun 2018, 10:54 PM ET - At our Euro HY conference in London and Zurich last week we looked at whether BB investors should be looking at BB rated hybrids.

Euro HY Conference 2018: Insurers and Utilities

Transcript: 19 Jun 2018, 10:51 PM ET - Hybrid bonds issued by European Utilities and Insurers offer an interesting investment opportunity considering their relatively high yield levels while benefiting from strong ratings. We believe they offer an excellent risk/return.

Italy Assessing the Risks: Part 2 - Non-Financials

Sector Analysis: 31 May 2018, 10:24 PM ET - In the second part of our series on the impact of Italian political uncertainty on the country's investment grade and high yield credits we take a look at non-financial corporates.
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Enel: Tops Eletropaulo Auction In Brazil

Worth Watching: 31 May 2018, 5:01 AM ET - Enel (Baa2/BBB/BBB+) announced that its improved bid of BRL45.22/share was the highest price offered for Brazilian utility Eletropaulo when sealed bids were opened on 30 May. This will be the final price at which shares are offered in the aucti ..
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Enel: New Issue NC5.5 and NC8.5 Hybrids

IG Note: 15 May 2018, 5:30 AM ET - Enel is in the market with two new hybrid bonds, a NC5.5 and NC8.5. IPT looks generous and we would be buyers down to about 2.3% on the NC5.5 and 3.4% on the NC8.5.
Focused

Enel: Slight Miss At 1Q18 But Strategy On Track

Worth Watching: 13 May 2018, 8:42 PM ET - Enel (Baa2/BBB+) 1Q18 results were slightly below consensus with reported EBITDA rising 3% to €4bn and ordinary EBITDA (excluding extraordinary items, but not adjusted for one-off transactions) increasing 4% to €3.91 bn against consensus of €3. ..
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Enel: Ups To R$32.2 - Do I Hear R$32.3?

Worth Watching: 26 Apr 2018, 10:56 AM ET - Enel (Baa2/BBB+): Following Iberdrola's increase in its offer for Eletropaulo to R$32.1, Enel has increased to R$32.2. In our view this incremental increase reinforces the view we expressed in our earlier comment that valuations for Eletropaulo ar ..
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Enel/Iberdrola: Higher Eletropaulo Bids

Worth Watching: 26 Apr 2018, 5:57 AM ET - Enel/Iberdrola : Enel announced on 26 April that it had increased its offer price for Electropaulo to R$32/share from R$28/share. In response Iberdrola has increased its offer to R$32.1/share from R$29.4. The original offers from the two compan ..
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Enel/Iberdrola: Bidding Hots Up For Eletropaulo

Worth Watching: 24 Apr 2018, 7:01 AM ET - Enel/Iberdrola : Bidding is hotting up in the race to gain control of Brazilian distribution company Eletropaulo. We commented earlier that both Enel and Iberdrola had submitted offers for Eletropaulo, and that Enel had revised its offer to inc ..
Focused

Enel: Revises Offer For Eletropaulo

Worth Watching: 20 Apr 2018, 6:19 AM ET - Enel (Baa2/BBB+) announced, after close of business on 19 April, that it had revised the terms of its offer for Eletropaulo to include a commitment to the capital increase planned to be undertaken by the Brazilian company. We noted in our origi ..

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