Independent equity research
Is Enel S.p.A. (ENEL) a Buy, Hold or Sell?
Enel S.p.A. — our independent, AI-built valuation and rating, in brief.
HOLD
12-mo fair value
€9.40
To fair value
+5%
By · report dated 2026-09-02 · fair value derived independently of the market price.
The thesis, in brief
Enel at EUR 9.05 already trades in line with E.ON and Engie once minorities are marked to market at EUR 17bn rather than book at EUR 14.8bn, and its guided 2026-28 EPS growth is an 8% share-count cut on flat net income, so the shares are worth about EUR 9.40 until Brazil's forfeiture resolves
How we value it
We value Enel S.p.A. using Sum-of-the-parts on RAB and segment multiples, DCF and payout cross-checks. The 12-month fair value is set from that intrinsic estimate first, then compared to the market to read the upside or downside — never anchored to the current price.
What the full report covers
- Business & moat + industry cycle
- Earnings quality & normalized EPS
- Returns on capital (ROIC vs WACC)
- Balance-sheet safety
- Two independent valuations (DCF + multiples)
- Bear / base / bull fair values
- Earnings-call analysis
- Insider activity & positioning
- Technicals (RSI / ADX)
- A falsifiable thesis
Read the full Enel S.p.A. report
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