Endesa SA

ELE: XMAD (ESP)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	€24.00	Gvll	Chlklrn

Endesa Earnings: Sharply Improving Performance; 2024 Guidance Confirmed

Tancrede Fulop

Jul 24, 2024

We confirm our EUR 20 fair value estimate after no-moat Endesa released a strong earnings rebound in the second quarter and confirmed its 2024 guidance. The 2024 dividend yield of 6.7% reflects the undervaluation of the shares.

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