Endesa SA

ELE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€23.00	Fbvh	Rdgpjlh

Endesa Lowers Its 2023-24 Targets on Spanish Windfall Tax; Shares Undervalued

Tancrede Fulop

Nov 23, 2022

No-moat Endesa lowered its 2023-24 net income and dividend targets on the looming Spanish windfall tax. The downside to our 2023 and 2024 estimates will be offset by the upside to our 2022 and 2025 ones, so we confirm our EUR 22.30 fair value estimate. Shares appear undervalued.

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