Definitive Analysis
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Definitive Analysis

Financial Statements

Ticker

Industry

Sector

Enel S.p.A. (ENEL.MI)

Company Dividend Discount ModelIndustry: Diversified UtilitiesSector: Utilities

Valuation Snapshot

Stable Growth$18.96 - $88.11$33.41
Multi-Stage$17.23 - $18.85$18.02
Blended Fair Value$25.72
Current Price$8.07
Upside218.66%
DecisionBuy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS6.31%7.64%0.520.490.380.480.450.380.330.280.240.22
YoY Growth--4.62%29.54%-20.24%4.81%19.84%14.90%19.87%14.60%9.14%-10.73%
Dividend Yield--6.87%8.22%6.75%7.85%5.35%5.98%5.83%5.54%5.45%5.65%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)6,382.00
(-) Cash Dividends Paid (M)5,806.00
(=) Cash Retained (M)576.00
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)1,276.40797.75478.65
Cash Retained (M)576.00576.00576.00
(-) Cash Required (M)-1,276.40-797.75-478.65
(=) Excess Retained (M)-700.40-221.7597.35
(/) Shares Outstanding (M)10,430.2610,430.2610,430.26
(=) Excess Retained per Share-0.07-0.020.01
LTM Dividend per Share0.560.560.56
(+) Excess Retained per Share-0.07-0.020.01
(=) Adjusted Dividend0.490.540.57
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate3.82%4.82%5.82%
Fair Value$18.96$33.41$88.11
Upside / Downside135.00%313.99%991.79%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)6,382.006,689.607,012.027,349.987,704.228,075.558,317.81
Payout Ratio90.97%90.78%90.58%90.39%90.19%90.00%92.50%
Projected Dividends (M)5,806.006,072.796,351.826,643.636,948.827,267.997,693.98

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.50%6.50%6.50%
Growth Rate3.82%4.82%5.82%
Year 1 PV (M)5,647.785,702.185,756.58
Year 2 PV (M)5,493.855,600.195,707.56
Year 3 PV (M)5,344.095,500.005,658.92
Year 4 PV (M)5,198.385,401.585,610.68
Year 5 PV (M)5,056.635,304.895,562.82
PV of Terminal Value (M)152,965.05160,475.20168,277.47
Equity Value (M)179,705.77187,984.05196,574.02
Shares Outstanding (M)10,430.2610,430.2610,430.26
Fair Value$17.23$18.02$18.85
Upside / Downside113.50%123.33%133.54%

High-Yield Dividend Screener

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