Duyuru • Apr 22
Enel SpA, Annual General Meeting, May 12, 2026 Enel SpA, Annual General Meeting, May 12, 2026, at 14:00 W. Europe Standard Time. Location: via dalmazia n 15 00198, roma Italy Duyuru • Mar 09
Sembcorp, Hexa Climate Solutions Reportedly Vie for the India Renewables Business of Italy's Enel in $300-Million Deal IPO-bound Singapore's Sembcorp Industries Ltd. (SGX:U96)'s Indian renewable energy business and Hexa Climate Solutions (Hexa Climate Solutions Private Limited) are vying to acquire the entire India renewable business of Italy's Enel Group (Enel SpA (BIT:ENEL)) in a deal having an equity and enterprise value of around $100 million and $300 million, respectively, according to two people aware of the development. Sembcorp is present in India throughSembcorp India Private Limited and Sembcorp Green Infra Ltd. (SGIL) along with other subsidiaries., while Hexa is backed by I Squared Capital. The HSBC-run sale process follows a deal signed last year-which later fell through-under which Waaree Energies Ltd. had agreed to buy 100% of Enel Green Power India Pvt Ltd. (EGP India) from its parent Enel Green Power Development S.R.L. for INR 7,920 million. Mint first reported on 15 November 2023 that Enel Group planned to exit its India renewable business. "Enel Group's entire India renewable business is back on offer again and Sembcorp and Hexa are in talks for it," one of the two people cited above said, requesting anonymity. Enel Green Power India's portfolio comprises 760 megawatts (MW) of operational wind and solar assets, and a development pipeline of 2.5 gigawatts (GW). The company has been present in India's renewable sector since 2015 and in 2020 it partnered with Norway's state-owned investment fund Norfund to jointly finance, build and operate new renewable projects in the country. Spokespersons for Enel Group and HSBC, as well as Hexa Climate Solutions' founder and executive chairman Sanjeev Aggarwal declined to comment. Queries emailed to Sembcorp Industries Ltd. on Thursday evening remained unanswered till press time. Board Change • Dec 30
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. Chairman of the Board of Statutory Auditors Barbara Tadolini is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Board Change • Aug 18
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. Chairman of the Board of Statutory Auditors Barbara Tadolini is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Duyuru • Apr 11
Enel SpA, Annual General Meeting, May 22, 2025 Enel SpA, Annual General Meeting, May 22, 2025, at 14:00 W. Europe Standard Time. Buy Or Sell Opportunity • Jan 01
Now 20% overvalued Over the last 90 days, the stock has fallen 1.0% to €6.91. The fair value is estimated to be €5.74, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 24%. For the next 3 years, revenue is forecast to grow by 3.7% per annum. Earnings are also forecast to grow by 4.2% per annum over the same time period. Board Change • Dec 30
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. Chairman of the Board of Statutory Auditors Barbara Tadolini is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Declared Dividend • Nov 12
Dividend of €0.21 announced Shareholders will receive a dividend of €0.21. Ex-date: 20th January 2025 Payment date: 22nd January 2025 Dividend yield will be 6.4%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is covered by earnings (41% earnings payout ratio) but not covered by cash flows (460% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 19% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Nov 09
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (460% cash payout ratio). Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: €0.16 (vs €0.15 in 3Q 2023) Third quarter 2024 results: EPS: €0.16 (up from €0.15 in 3Q 2023). Revenue: €18.9b (down 16% from 3Q 2023). Net income: €1.80b (up 7.3% from 3Q 2023). Profit margin: 9.5% (up from 7.5% in 3Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.2% p.a. on average during the next 3 years, compared to a 1.9% growth forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Jul 28
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 20% This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (20% operating cash flow to total debt). Minor Risk Dividend is not well covered by cash flows (202% cash payout ratio). Upcoming Dividend • Jul 15
Upcoming dividend of €0.21 per share Eligible shareholders must have bought the stock before 22 July 2024. Payment date: 24 July 2024. Payout ratio is on the higher end at 96%, and the cash payout ratio is above 100%. Trailing yield: 6.2%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.9%). Duyuru • Jun 10
JSW, Torrent, Masdar Among Suitors for Enel's India Assets About half a dozen investors, including Abu Dhabi Future Energy Company PJSC - Masdar of the UAE, Singapore's Sembcorp Industries Ltd. (SGX:U96), JSW Energy Limited (BSE:533148), Torrent Power Limited (NSEI:TORNTPOWER), Sekura Energy Limited and Oil and Natural Gas Corporation Limited (NSEI:ONGC), have submitted non-binding bids to acquire 760 MW of operational assets in India that have been put on the block by Italy's Enel Group, said people aware of the development. HSBC is advising Enel on the sale. The proposed deal may have an enterprise value of $500 million (INR 41.00 billion), the sources said. The portfolio of Enel Green Power India Private Limited comprises 760 megawatts (MW) of operational wind and solar power assets and a development pipeline of 2 gigawatts (GW). Of the operational capacity, solar power projects comprise 420 MW, with the balance 340 MW coming from wind power. Last year, Norwegian Climate Investment Fund, managed by Norfund, and KLP, Norway's largest pension company, had together committed $100 million of equity and guarantees for a 168 MW wind power plant developed by Enel Green Power in India. In 2020, Norfund and Enel Green Power (EGP) entered into a joint investment agreement for renewable energy projects in India. Their first project together, the 420 MW Thar solar plant, was announced in 2022. Enel Green Power, founded in 2008 within the Enel Group to develop and manage renewable power projects globally, operates over 63 GW of installed renewable capacity at 1,300 plants in Asia, Europe, Africa and America. EGP had strengthened its position in India through an acquisition of a majority stake in renewable energy company BLP Energy for INR 30 million (INR 2.20 billion) in 2015.Enel, ONGC, Masdar and Sekura Energy spokespersons declined to comment. JSW, Sembcorp and Torrent didn't respond to queries. Energy producers such as Sekura Energy, Sembcorp and Masdar Energy are already in the race for several Indian renewable assets that are on the block. These three were among the contenders for the 2 GW renewable portfolio of Brookfield in India that's up for sale at an estimated enterprise value of $800 million - 1 billion (INR 66.00 billion - INR 83.00 billion). JSW Neo Energy and Sekura Energy are among the bidders that have made non-binding offers to acquire a controlling stake in Ayana Renewable Power, majority owned by National Investment and Infrastructure Fund (NIIF), at a valuation of about $2 billion, ET had reported. ONGC is another contender for several assets in the clean energy space as part of decarbonising its operations. ONGC plans to have a renewable energy capacity of 10 GW by 2030 at an investment of INR 1 lakh crore. The outlook for the renewable energy (RE) sector remains stable, led by strong policy support from the government, superior tariff competitiveness and sustainability initiatives by large commercial and industrial (C&I) customers. Reported Earnings • May 10
First quarter 2024 earnings released: EPS: €0.19 (vs €0.099 in 1Q 2023) First quarter 2024 results: EPS: €0.19 (up from €0.099 in 1Q 2023). Revenue: €19.4b (down 26% from 1Q 2023). Net income: €1.93b (up 89% from 1Q 2023). Profit margin: 9.9% (up from 3.9% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 4.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 25
Full year 2023 earnings released: EPS: €0.36 (vs €0.34 in FY 2022) Full year 2023 results: EPS: €0.36 (up from €0.34 in FY 2022). Revenue: €94.2b (down 32% from FY 2022). Net income: €3.63b (up 5.2% from FY 2022). Profit margin: 3.9% (up from 2.5% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Apr 02
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.3% to €5.99. The fair value is estimated to be €7.56, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 20%. For the next 3 years, revenue is forecast to grow by 1.9% per annum. Earnings are also forecast to grow by 11% per annum over the same time period. Declared Dividend • Mar 27
Final dividend of €0.21 announced Shareholders will receive a dividend of €0.21. Ex-date: 22nd July 2024 Payment date: 24th July 2024 Dividend yield will be 7.0%, which is higher than the industry average of 4.3%. Sustainability & Growth Dividend is not covered by earnings (121% earnings payout ratio) nor is it covered by cash flows (413% cash payout ratio). The dividend has increased by an average of 11% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 35% to bring the payout ratio under control. EPS is expected to grow by 45% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Reported Earnings • Mar 24
Full year 2023 earnings released: EPS: €0.35 (vs €0.35 in FY 2022) Full year 2023 results: EPS: €0.35 (up from €0.35 in FY 2022). Revenue: €95.6b (down 31% from FY 2022). Net income: €3.81b (up 8.5% from FY 2022). Profit margin: 4.0% (up from 2.5% in FY 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.8% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Jan 25
Now 20% undervalued Over the last 90 days, the stock has risen 9.2% to €6.31. The fair value is estimated to be €7.93, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 3.9% per annum. Earnings are also forecast to grow by 5.7% per annum over the same time period. Upcoming Dividend • Jan 15
Upcoming dividend of €0.21 per share at 6.3% yield Eligible shareholders must have bought the stock before 22 January 2024. Payment date: 24 January 2024. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 6.3%. Within top quartile of German dividend payers (5.0%). Higher than average of industry peers (5.2%). Buying Opportunity • Dec 07
Now 20% undervalued Over the last 90 days, the stock is up 5.3%. The fair value is estimated to be €8.18, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 13%. For the next 3 years, revenue is forecast to grow by 2.7% per annum. Earnings is also forecast to grow by 5.2% per annum over the same time period. Reported Earnings • Nov 09
Third quarter 2023 earnings released: EPS: €0.15 (vs €0.01 in 3Q 2022) Third quarter 2023 results: EPS: €0.15 (up from €0.01 in 3Q 2022). Revenue: €22.4b (down 47% from 3Q 2022). Net income: €1.68b (up €1.57b from 3Q 2022). Profit margin: 7.5% (up from 0.3% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 2.9% p.a. on average during the next 3 years, compared to a 4.7% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Duyuru • Oct 27
Public Power Corporation S.A. (ATSE:PPC) completed the acquisition of Enel assets in Romania from Enel SpA (BIT:ENEL) for approximately €1.2 billion. Public Power Corporation S.A. (ATSE:PPC) signed an exclusivity agreement to acquire Enel assets in Romania from Enel SpA (BIT:ENEL) on December 14, 2022. Public Power Corporation S.A. (ATSE:PPC) signed an agreement to acquire Enel assets in Romania from Enel SpA (BIT:ENEL) for approximately €1.3 billion on March 9, 2023. In addition, the total consideration is subject to adjustments customary for these kinds of transactions as well as to an earn-out mechanism for a potential additional payment based on the future value of the retail business. PPC intends to finance the Acquisition with a combination of debt and cash on balance sheet, with €800 million of committed debt financing in the form of a €485 million 5-year term loan facility through Greek banks and a €315 million bridge facility through international banks. The transaction is subject to due diligence and approval by antitrust authorities. As of February 4, 2023, the exclusivity period for negotiations has been extended until February 28, 2023. As of June 26, 2023 European Commission approved the transaction. The transaction is expected to close in third quarter of 2023. Citigroup Global Markets Europe AG, Goldman Sachs Bank Europe SE, HSBC Continental Europe acted as financial advisors, S.A, Lisa O’Neill, Apostolos Gkoutzinis, Andrew Reilly, Trevor Truman, and Alan Rafferty of Milbank LLP acted as a legal advisor, Cornelia Bumbacea, Andreea Bistriceanu, Andreea Oprescu, Laura Paraschiv, Andreea Puiu, Daniel Anghel, Ruxandra Târlescu, Adina Vizoli, oana Bara, Ludmila Petrescu, Claudiu Simionescu, and Anca Lungeanu of PwC Romania, PwC Greece and Anda Rojanschi, Cristina Paduraru and Ovidiu Bold of D&B David si Baias experts provided due diligence, tax structuring advice and support on the complex financial and tax aspects of the transaction documents, as well as legal advice to Public Power Corporation S.A. (ATSE:PPC). Clifford Chance LLP acted as legal advisor to Enel SpA in the transcation.Public Power Corporation S.A. (ATSE:PPC) completed the acquisition of Enel assets in Romania from Enel SpA (BIT:ENEL) for approximately €1.2 billion on October 25, 2023. Following the fulfillment of all the conditions precedent customary for these kinds of transactions set forth in the related sale agreement closed the transaction. AXIA Ventures Group and Euroxx Securities SA acted as financial advisors to PPC. Duyuru • Oct 26
Sonnedix Chile Arcadia Generación S.p.A. and Sonnedix Chile Arcadia SPA acquired Arcadia Generación Solar S.p.A. from Enel S.p.A.and Enel Chile S.A. Sonnedix Chile Arcadia Generación S.p.A. and Sonnedix Chile Arcadia SPA signed a stock purchase agreement to acquire Arcadia Generación Solar S.p.A. from Enel S.p.A.and Enel Chile S.A. for an enterprise value of $550 million on July 12, 2023. The total consideration, subject to adjustments customary for these kinds of transactions. The closing of the sale is subject to certain conditions precedent customary for these kinds of transactions, including the clearance from the Chilean antitrust authority Fiscalía Nacional Económica (FNE).Sonnedix Chile Arcadia Generación S.p.A. and Sonnedix Chile Arcadia SPA completed the acquisition of Arcadia Generación Solar S.p.A. from Enel S.p.A.and Enel Chile S.A. on October 25, 2023 Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: €0.14 (vs €0.022 in 2Q 2022) Second quarter 2023 results: EPS: €0.14 (up from €0.022 in 2Q 2022). Revenue: €20.7b (down 34% from 2Q 2022). Net income: €1.42b (up €1.20b from 2Q 2022). Profit margin: 6.9% (up from 0.7% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to stay flat during the next 3 years compared to a 3.9% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jul 17
Upcoming dividend of €0.20 per share at 6.4% yield Eligible shareholders must have bought the stock before 24 July 2023. Payment date: 26 July 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.4%. Within top quartile of German dividend payers (4.8%). Higher than average of industry peers (5.3%). Duyuru • Jul 13
Sonnedix Chile Arcadia Generación S.p.A. and Sonnedix Chile Arcadia SPA signed a stock purchase agreement to acquire Arcadia Generación Solar S.p.A. from Enel S.p.A.and Enel Chile S.A. for an enterprise value of $550 million. Sonnedix Chile Arcadia Generación S.p.A. and Sonnedix Chile Arcadia SPA signed a stock purchase agreement to acquire Arcadia Generación Solar S.p.A. from Enel S.p.A.and Enel Chile S.A. for an enterprise value of $550 million on July 12, 2023. The total consideration, subject to adjustments customary for these kinds of transactions. The closing of the sale is subject to certain conditions precedent customary for these kinds of transactions, including the clearance from the Chilean antitrust authority Fiscalía Nacional Económica (FNE). Duyuru • Jul 06
Enel Dismisses Rumours over Sale of Endesa Enel SpA (BIT:ENEL) dismissed suggestions that it is planning to sell its majority stake in Spain’s Endesa, S.A. (BME:ELE) and that a deal had been discussed involving energy group Repsol, S.A. (BME:REP). El Confidencial reported on July 4, 2023 that Repsol Chairman Antonio Brufau had met Borja Prado, an investment banker and former Endesa chairman, to discuss a potential takeover of Endesa before Spain’s election this month. “Enel dismisses the rumours about Endesa as totally groundless,” the Italian power group said in a statement, responding to a report by Spain’s El Confidencial. “Enel has no intentions of selling its stakes in Endesa, neither now nor in the future, as the company is a key asset for its strategy.” The Italian company also emphasised that there have been no discussions on any such deal. “There has never been any meeting between the managers of Enel and Repsol, nor with Borja Prado. This false news risks having distorting effects on the performance of the stock market,” it added. A Repsol spokesperson said that company is not studying any deal for Endesa. Enel’s 70% stake in Endesa, Spain’s largest electricity provider, has a market value of nearly EUR 15 billion ($16 billion) at July 4, 2023 share prices. Its sale would significantly reduce Enel’s net debt, analysts at Equita brokerage said in a report. However, it added that the Italian group’s current asset disposal strategy does not include the stake in the Spanish group. Duyuru • May 10
Enel S.p.A. Announces Resignation of Annachiara Svelto to Board of Directors Enel S.p.A. announced that Ms. Annachiara Svelto resigned on 08 May 2023 evening, effective as 09 May 2023, from her position as a member of the Company's Board of Directors. The resignation is due to the inclusion of Ms Svelto in a slate of candidates for the office of member of the Board of Directors of Terna S.p.A. ('Terna') filed in view of the Shareholders' Meeting of that company convened for May 9, 2023, and takes into account the incompatibility provided for in Terna's Bylaws between the position of board member of companies active in power or gas generation or supply and the position of board member of Terna. In the 2020/2022 mandate, Ms. Svelto, as an independent Director of Enel, has also been Chair of the Related Parties Committee and member of the Nomination and Compensation Committee established within the Company's Board of Directors. Reported Earnings • Apr 14
Full year 2022 earnings released: EPS: €0.35 (vs €0.30 in FY 2021) Full year 2022 results: EPS: €0.35 (up from €0.30 in FY 2021). Revenue: €138.0b (up 66% from FY 2021). Net income: €3.51b (up 16% from FY 2021). Profit margin: 2.5% (down from 3.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 5.2% p.a. on average during the next 3 years compared to a 4.9% decline forecast for the Electric Utilities industry in Europe. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Duyuru • Feb 07
Enel Enters into Exclusive Talks to Sell Stake in 3Sun Solar Plant Enel SpA (BIT:ENEL) has entered into exclusive talks to sell a stake in 3Sun Solar, its photovoltaic panel production site in Sicily, Chief Executive Francesco Starace said on February 6, 2023. "We will make an announcement in the coming days," Starace said on the sidelines of an Enel event. Starace also said he thought it was time for the West to reduce its dependence on China for solar panel production. Duyuru • Feb 03
EDP Brasil to Look At Possibility of Buying Enel-Owned Power Distributor in Ceara EDP - Energias do Brasil S.A. (BOVESPA:ENBR3) may sell stake in coal-fired PECEM Power Plant, but no decision has been taken so far, CEO says. EDP Brasil will look at possibility of buying Enel SpA (BIT:ENEL)-owned power distributor in Ceara, CEO says. Upcoming Dividend • Jan 16
Upcoming dividend of €0.20 per share Eligible shareholders must have bought the stock before 23 January 2023. Payment date: 25 January 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.0%. Within top quartile of German dividend payers (4.7%). Higher than average of industry peers (4.3%). Reported Earnings • Nov 17
Third quarter 2022 earnings released: EPS: €0.01 (vs €0.067 in 3Q 2021) Third quarter 2022 results: EPS: €0.01 (down from €0.067 in 3Q 2021). Revenue: €42.0b (up 80% from 3Q 2021). Net income: €109.0m (down 85% from 3Q 2021). Profit margin: 0.3% (down from 3.1% in 3Q 2021). Revenue is forecast to grow 2.3% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Samuel Leupold was the last director to join the board, commencing their role in 2020. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: €0.01 (vs €0.075 in 3Q 2021) Third quarter 2022 results: EPS: €0.01 (down from €0.075 in 3Q 2021). Revenue: €42.0b (up 50% from 3Q 2021). Net income: €109.0m (down 85% from 3Q 2021). Profit margin: 0.3% (down from 2.6% in 3Q 2021). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, while revenues in the Electric Utilities industry in Europe are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 31
Second quarter 2022 earnings released: EPS: €0.024 (vs €0.057 in 2Q 2021) Second quarter 2022 results: EPS: €0.024 (down from €0.057 in 2Q 2021). Revenue: €32.3b (up 153% from 2Q 2021). Net income: €263.0m (down 56% from 2Q 2021). Profit margin: 0.8% (down from 4.7% in 2Q 2021). Over the next year, revenue is forecast to decline by 21% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has fallen by 7% per year. Upcoming Dividend • Jul 11
Upcoming dividend of €0.19 per share Eligible shareholders must have bought the stock before 18 July 2022. Payment date: 20 July 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.2%. Within top quartile of German dividend payers (4.5%). Higher than average of industry peers (4.4%). Reported Earnings • May 07
First quarter 2022 earnings released: EPS: €0.14 (vs €0.12 in 1Q 2021) First quarter 2022 results: EPS: €0.14 (up from €0.12 in 1Q 2021). Revenue: €35.0b (up 104% from 1Q 2021). Net income: €1.43b (up 22% from 1Q 2021). Profit margin: 4.1% (down from 6.9% in 1Q 2021). Over the next year, revenue is forecast to decline by 12% while the industry in Germany is not expected to grow. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Apr 27
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 4 experienced directors. No highly experienced directors. Independent Director Anna Svelto is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Mar 19
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: €0.31 (up from €0.26 in FY 2020). Revenue: €88.0b (up 38% from FY 2020). Net income: €3.19b (up 22% from FY 2020). Profit margin: 3.6% (down from 4.1% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 17%. Over the next year, revenue is expected to shrink by 12% compared to a 2.7% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jan 17
Upcoming dividend of €0.19 per share Eligible shareholders must have bought the stock before 24 January 2022. Payment date: 26 January 2022. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 5.6%. Within top quartile of German dividend payers (3.3%). Higher than average of industry peers (4.1%). Executive Departure • Dec 02
Head of Country Italy Carlo Tamburi has left the company On the 1st of December, Carlo Tamburi's tenure as Head of Country Italy ended. We don't have any record of a personal shareholding under Carlo's name. Carlo is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 7.08 years. Reported Earnings • Nov 15
Third quarter 2021 earnings released: EPS €0.075 (vs €0.099 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: €28.1b (up 74% from 3Q 2020). Net income: €727.0m (down 25% from 3Q 2020). Profit margin: 2.6% (down from 6.1% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Aug 02
Second quarter 2021 earnings released: EPS €0.054 (vs €0.07 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: €12.7b (up 1.7% from 2Q 2020). Net income: €602.0m (down 14% from 2Q 2020). Profit margin: 4.7% (down from 5.6% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 12
Upcoming dividend of €0.18 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 21 July 2021. Trailing yield: 4.6%. Within top quartile of German dividend payers (3.2%). Higher than average of industry peers (3.8%). 
