PresentationOmar Al BayatyHead of Group IR Good morning, and welcome to Enel Capital Market Day 2026. Thank you, everyone here in the room and to people connected online. I'm here today with Enel's CEO, Mr. Flavio Cattaneo; and CFO, Mr. Stefano De Angelis. May I have the agenda, please. Our CEO will drive through the planned strategy, while the CFO will go deeper in financials. After the presentation, we will have a Q&A session. Now let me hand over to Mr. Cattaneo. Please? ...

Skip to main content Exclusive news, data and analytics for financial market professionalsLearn more aboutRefinitiv Purchase Licensing Rights Enel launches share buyback of up to 1 billion euros ahead of business plan February 22, 20265:45 PM UTCUpdated ago By Reuters An enel logo is seen in a substation in Sao Paulo, Brazil, March 26, 2025. REUTERS/Amanda Perobelli Purchase Licensing Rights, opens new tab MILAN, Feb 22 (Reuters) - Italy's biggest utility Enel (ENEI.MI), opens new tab said on Sunday it woul ...

Group 1 - The CEO of Endesa, Jose Bogas, stated that the Spanish power grid operator REE lacked sufficient conventional plants in its energy mix planning, which contributed to the nationwide blackout on April 28 last year [1] - Bogas emphasized that Endesa's power plants adhered to regulations and did not disconnect improperly during the blackout event, indicating that similar conditions could lead to another blackout in the future [1]

Core Insights - The article discusses Enel SpA's preliminary results for 2025, indicating a focus on the company's growth and performance metrics [1]. Group 1: Company Performance - Enel SpA's preliminary results for 2025 are being analyzed, suggesting a positive outlook on the company's growth trajectory [1]. - The previous analysis highlighted a "Third Growth Engine," indicating a strategic focus on long-term, income-oriented investments [1]. Group 2: Analyst Position - The analyst has a beneficial long position in Enel SpA shares, indicating confidence in the company's future performance [2].

Core Viewpoint - The article discusses the preliminary results of Enel SpA for 2025, indicating a focus on growth and investment opportunities in the energy sector [1]. Group 1: Company Analysis - Enel SpA is being analyzed following its 2025 preliminary results, suggesting a positive outlook for the company [1]. - The previous analysis highlighted a "Third Growth Engine," indicating a strategic focus on long-term growth and income-oriented investments [1]. Group 2: Investment Perspective - The article is aimed at buy-side hedge professionals who conduct fundamental analysis across various sectors in developed markets, emphasizing the importance of thorough research in investment decisions [1].

Core Viewpoint - Momentum investing focuses on following a stock's recent price trends, aiming to buy high and sell higher, with the expectation that established trends will continue [1] Company Overview: Enel SpA (ENLAY) - Enel SpA currently holds a Momentum Style Score of B, indicating a favorable momentum outlook [3] - The company has a Zacks Rank of 2 (Buy), suggesting strong potential for outperformance in the market [4] Price Performance - Over the past week, ENLAY shares increased by 1.03%, while the Zacks Utility - Electric Power industry rose by 1.88% [6] - In a longer timeframe, ENLAY's shares have appreciated by 4.34% over the last three months and 53.78% over the past year, outperforming the S&P 500's gains of 3.46% and 14.89%, respectively [7] Trading Volume - ENLAY's average 20-day trading volume is 321,569 shares, which serves as a baseline for price-to-volume analysis [8] Earnings Outlook - In the last two months, one earnings estimate for ENLAY has increased, raising the consensus estimate from $0.79 to $0.82 [10] - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [10] Conclusion - Given the positive momentum indicators and earnings outlook, ENLAY is positioned as a strong buy candidate for investors seeking short-term opportunities [12]

Core Viewpoint - Enel SpA (ENLAY) is currently rated as a 2 (Buy) stock with a Momentum Style Score of B, indicating strong potential for near-term price appreciation [4][12]. Momentum Style Score - The Zacks Momentum Style Score helps investors identify stocks with strong price trends, and Enel SpA's score reflects positive price changes and earnings estimate revisions [2][3]. Price Performance - Over the past week, ENLAY shares increased by 2.13%, outperforming the Zacks Utility - Electric Power industry, which rose by 0.65% [6]. - In a longer timeframe, ENLAY's monthly price change is 3.74%, compared to the industry's 0.75% [6]. - Over the past quarter, ENLAY shares have risen by 10.14%, and over the last year, they have gained 47%, while the S&P 500 has only increased by 2.39% and 18.18%, respectively [7]. Trading Volume - ENLAY's average 20-day trading volume is 330,792 shares, which serves as a bullish indicator when combined with rising stock prices [8]. Earnings Outlook - In the last two months, one earnings estimate for ENLAY has been revised upward, increasing the consensus estimate from $0.79 to $0.82 [10]. - For the next fiscal year, one estimate has also moved upwards, with no downward revisions during the same period [10].

Our call on Enel SpA ( OTCPK:ENLAY )( OTCPK:ESOCF ) and the decision to overweight EU utilities proved correct. Since the H1 results, Enel is up by an additional 13.5% (Fig. 1). After market close, the company released its nine-month results, and, inBuy-side hedge professionals conducting fundamental, income oriented, long term analysis across sectors globally in developed markets. Please shoot us a message or leave a comment to discuss ideas.DISCLOSURE: All of our articles are a matter of opinion, informed ...

Core Viewpoint - The decision to overweight EU utilities, particularly Enel SpA, has proven to be correct as the company's stock has increased by 13.5% since the H1 results [1]. Company Performance - Enel SpA released its nine-month results after market close, indicating continued positive performance [1].

Summary of Key Points from the Conference Call on Europe's Energy Security Industry Overview - The report focuses on the energy sector in Europe, particularly in the context of the ongoing energy crisis and its implications for economic competitiveness and security in the age of AI [1][5][6]. Core Insights and Arguments 1. **End of Energy Crisis by 2027**: The energy crisis in Europe is expected to conclude by 2027 due to a significant increase in global LNG supply, which will reduce natural gas and power prices by nearly 50% to 17 EUR/MWh, aligning with pre-crisis levels [5][8]. 2. **Continued Import Dependence**: Despite the expected recovery, Europe will still import about 50% of its energy, making it vulnerable to supply shocks, especially as AI-driven demand for power increases [6][10]. 3. **Reshuffled Fossil Fuel Dependence**: Europe's reliance on fossil fuels will shift from Russian imports to those from the US and Qatar, creating a new concentration of supplier risk [12][13]. 4. **Vulnerability in Renewable Energy Supply Chains**: The renewable energy sector in Europe is heavily dependent on Chinese rare earths and magnets, with China controlling approximately 92% of global rare earth processing and 98% of magnet production [18][19]. 5. **Nuclear Energy Dependence**: Europe relies entirely on imports for uranium, with about 75% sourced from Canada, Kazakhstan, and Russia, raising concerns about supply chain disruptions [25][26][29]. 6. **Aging Power Grid**: The European power grid is outdated, averaging 50 years in age, and is susceptible to cyberattacks and blackouts, which could hinder the ability to meet rising AI power demands [30][31][32]. 7. **Impact of AI on Energy Demand**: The rise of AI is expected to increase pressure on the already strained power grid, with over 90% of data center operators citing power availability as their primary concern [32][36]. 8. **Decline in Energy-Intensive Production**: EU energy-intensive industrial production has decreased by 15% since early 2022, and is unlikely to recover due to competition from China and manufacturing capacity closures [37][40]. 9. **Investment Implications**: The vulnerabilities in energy supply highlight the potential benefits of commodities in European investment portfolios. Specific companies identified for potential growth include Ceres Power, Prysmian, Enel, SSE, and Umicore, which are positioned to benefit from data center growth and electrification [48][49]. Other Important Considerations - **Regulatory Environment**: European policymakers are aware of the vulnerabilities related to energy imports and the power grid, but actions to address issues in rare earths and data centers remain limited [44][45]. - **Future Power Price Dynamics**: While power prices may initially decrease due to falling gas prices, regulatory decisions on carbon pricing could become a significant factor influencing future power prices [43][44]. This summary encapsulates the critical aspects of Europe's energy security as discussed in the conference call, highlighting both the challenges and potential investment opportunities within the sector.