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

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-112.6%

-€1.17

vs €9.34 price

Levered DCF

-€3.06

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.14

Distress zone

Rating

B-

Overall 2 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	22.77×	10.28×	18.05×	19.56×	22.98×	32.24×	33.05×	10.78×
P/B	3×	2.07×	2.15×	1.78×	2.42×	2.97×	2.37×	1.63×
P/S	1.23×	0.99×	0.83×	0.5×	1.05×	1.32×	1×	0.69×
EV / EBITDA	6.13×	6.05×	7.05×	6.45×	10.18×	9.25×	7.54×	5.75×
Gross margin	17.7%	53.6%	40.7%	4.6%	27.9%	34.0%	24.0%	28.8%
Operating margin	13.8%	21.9%	13.1%	10.9%	11.0%	13.3%	9.6%	13.2%
Net margin	5.4%	9.9%	4.2%	1.6%	4.7%	4.1%	3.0%	6.4%
Current ratio	0.72×	0.83×	0.85×	0.95×	0.87×	0.83×	0.91×	0.9×
Debt / equity	2.14×	2.11×	2.37×	3.13×	2.45×	2.12×	2.05×	1.79×
Interest coverage	1.3×	3.53×	2.41×	3.34×	2.28×	2.84×	1.86×	3.07×
Dividend yield	6.0%	7.7%	7.5%	7.8%	6.9%	5.6%	5.5%	6.7%
Payout ratio	137.1%	76.6%	149.4%	235.7%	155.8%	181.7%	182.0%	71.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.2%	20.8%	10.8%	5.9%	10.8%	9.2%	7.2%	15.1%
Return on invested capital	5.0%	7.2%	4.5%	4.0%	3.6%	4.3%	4.0%	5.8%
Return on assets	2.4%	3.7%	1.8%	0.8%	1.5%	1.6%	1.3%	2.9%
Free cash flow yield	5.6%	6.1%	2.7%	-8.9%	-0.9%	2.3%	2.8%	5.5%
Earnings yield	4.4%	10.0%	5.0%	3.3%	4.5%	3.1%	3.0%	9.3%
Enterprise value	€159.9B	€133.2B	€136.7B	€129.7B	€135.5B	€138.3B	€125.2B	€101.7B
Net debt / EBITDA	2.44×	2.87×	3.52×	3.91×	4.8×	3.62×	3.21×	2.83×
Cash conversion cycle (days)	22	-29	-6	12	-16	-21	-2	-5