Enel SpA (ENEL) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Enel SpA stock €5.94, price €9.77, that is 39.2% below the price, quality 38 out of 100. Rating: strongly overvalued. Calculated from audited financials with 21 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range €3.13 – €10.04 · fair‑value band €5.26 – €7.15 · the €9.77 price screens above the €5.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Enel SpA operates as an integrated operator in the electricity and gas industries worldwide. The company operates through the Thermal Generation and Trading, Enel Green Power, Enel Grids, and End-User Markets segments.
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It operates renewable, nuclear, wind, hydroelectric, thermal, solar, and geothermal power plants. The company also generates, distributes, transmits, and sells electricity.
In addition, it provides solutions and technologies for the electrification of cities, such as smart cities and street lighting; for businesses, including energy efficiency and demand response; and for individuals, including energy efficiency solutions for houses and apartment buildings.
Further, the company engages in the sale of energy commodities. The company was founded in 1962 and is headquartered in Rome, Italy.
Stock analysis
Enel SpA (ENEL) currently trades at €9.77, while our model-based Fair Value estimate is €5.94, 39% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of €5.83 per share, and 0 of the 20 models we run sit above the €9.77 price.
Bear case: the DCF Models group reads lowest at €1.32, and 20 of the 20 models stay below the price. Data coverage for this calculation is medium.
Scenario range: €5.26 (bear) to €7.15 (bull), the price of €9.77 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 38/100 (below-average quality), in the Utilities sector.
Mixed Growth: Spin-off in 2009: revenue and profit before it include the divested business. Growth is measured afresh from 2009.
Enel SpA reported revenue of €67.5B in FY2025 versus €96.5B in FY2021, a compound −8.6%/yr. Reported net income was €4.2B in FY2025, compounding +7.3%/yr from FY2021.
Key figures
Market cap €107B Large · P/E ratio 23.8 · P/S ratio 1.77 · EPS (TTM) €0.4100 · Dividend yield 5.0% · Net margin 5.7% · Return on equity 12.3% · Return on assets (EBIT) 5.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (medium confidence).
What moves the price
The last reported earnings sit well below what analysts expect (earnings in transition, for example after write-downs or an earnings dip); whether the stock is cheap or expensive hinges on the expected recovery actually arriving. Read the fair value with that caveat.
The share trades about 3% below its 52-week high and 19% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −46% fair-value upside, at −39%, ENEL screens cheaper than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (€0.0500 to €7.65). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear€5.26Fair Value €5.94Bull€7.15
Price €9.77 · Downside -39.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFn/a€0.8000€2.5776
Residual Income€2.92€3.30€3.9776
Growth DCFn/a€0.8600€2.4074
All 21 models by family
DCF Models
FCF DCFn/a€0.8000€2.5776
Owner Earnings€0.1700€1.32€3.2965
5Y Revenue Exitn/a€0.0900>€0.360068
5Y EBITDA Exit€1.37€4.07€7.6569
5Y P/E Exit€0.5500€2.64€5.1664
10Y Revenue Exitn/a€0.0500>€0.200063
10Y EBITDA Exit€0.6300€2.31€4.1363
10Y P/E Exit€0.1700€1.50€2.7858
Earnings-Based
Graham-Dodd€2.89€3.70€4.2267
Dividend Discount
Gordon GGM€3.41€3.67€4.0669
DDM Multi-Stage€3.41€4.08€4.9367
Multiples
P/E Multiple€5.74€7.65€9.5763
P/S Multiple€5.42€7.23€9.0357
P/B Multiple€0.5300€0.7000€0.880055
EV/EBITn/an/a€0.490060
EV/EBITDA€2.84€5.33€7.8164
Asset-Based
NCAV (Graham)€0.2000€0.2600€0.390053
Growth DCF
Growth DCFn/a€0.8600€2.4074
Rev-Margin DCFn/a€0.1800>€0.720068
Economic Profit
Residual Income€2.92€3.30€3.9776
Growth Earnings
Growth-Adj P/E€4.08€5.83€7.5767
The fair value above starts from this blend and is adjusted for a year distorted by one-off effects.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.55/100
Spin-off in 2009: revenue and profit before it include the divested business. Growth is measured afresh from 2009.
Revenue growth 1 year
−4.5%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−22.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+1.0%
Start year 2020 (pandemic). Over 10 years: −0.8% a year
Revenue growth 16 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.5%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+9.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.2%
Dividend (yield on the price)5.0%
Per share before 2009divided by the spin-off factor 1.1654
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.4.2% vs 6.1%, steady
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.18% → 5%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 1.3%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+25.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+6.0%
Yearly sales growth analysts expect, extended to five years.
After inflation (euro area: IMF forecast 2.2% a year to 2030, 2.6% from 2016 to 2025) that is about +22.5% a year for the price and +3.7% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (96 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Positive
Recent news coverage is more positive than average.
AI conclusion: Scale in regulated utilities supports a growing share of steadier grid returns, yet high leverage with debt exceeding equity remains the central constraint.
Main risk: Brazilian regulators could terminate Enel’s Sao Paulo electricity distribution concession due to service failures during extreme weather events, hitting its large regulated networks business and cash flows there.
Bull case: Enel could strengthen its grid resilience and negotiate renewed or extended concessions in Brazil while expanding renewables and data-center power supply elsewhere to offset any local setbacks.
Bear case: Loss of key Brazilian concessions could force Enel to exit or scale back major distribution operations there, reducing its regulated asset base and stable earnings from those markets.
Enel's Spanish subsidiary Endesa lifted grid investments by 42 percent in the first nine months while ordinary net profit rose 22 percent. That bolsters the share of steadier regulated returns inside the wider renewables-led model. Will heavier grid spending deliver more reliable cash flows than exposure to power price swings, or will it cap the upside from generation growth?
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Diversified · 49 stocks
Beats the industry median on 7/15 measures
A mixed picture versus its industry peers.
Valuation
Quality Score38 · Bottom 25%
Fair Value upside−39.2% · Below median
Profitability
Return on equity (12 months)12.3% · Top 25%
Return on assets3.1% · Above median
Net margin (12 months)7.5% · Above median
Operating margin (12 months)18.2% · Above median
Growth and dividend
Revenue growth (quarter YoY)8.5% · Above median
Dividend yield (12 months)5.0% · Top 25%
Balance sheet
Debt / equity1.70× · Highest 25%
Valuation Multiplesvs Utilities - Diversified median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Enel SpA Fair Value". https://www.fairvalue-calculator.com/stock/ENEL
Frequently asked questions
Is Enel SpA (ENEL) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of €5.94 versus a price of €9.77, about 39% lower (overvalued).
What is the fair value of ENEL?
Our model-based fair value for Enel SpA is €5.94 (as of Nov 6, 2026), built from audited fundamentals. The current price: €9.77.
What is the quality score of ENEL?
Enel SpA has a Quality Score of 38/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Enel SpA (ENEL)?
Our model-based price target is the fair value of €5.94 (as of Nov 6, 2026) from 21 valuation models. Cautious scenario €5.26, optimistic scenario €7.15. It is a calculation from audited fundamentals, not an analyst target.
What is the Enel SpA stock forecast for 2026?
Our models put fair value at €5.94, about 39% lower versus a price of €9.77 (overvalued). Cautious scenario €5.26, optimistic scenario €7.15. The calculation is refreshed regularly with new filings.
What is the revenue of Enel SpA (ENEL)?
Enel SpA reported trailing-twelve-month revenue of about €79.5B (latest available figure, as of Nov 6, 2026).
Does Enel SpA pay a dividend?
Enel SpA currently shows a dividend yield of 5.02% relative to its recent price (as of Nov 6, 2026).
What growth is priced into Enel SpA (ENEL)?
For today's price to be fair in a discounted-cash-flow model, Enel SpA would have to grow free cash flow by +25.2 % per year for five years (discount rate 11.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +1.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of ENEL use?
Our models discount Enel SpA at 11.1 %: a base by market capitalisation (large), damped by beta 0.87, country premium for Italy. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Enel SpA that is +25.2 % per year a year over ten years, using the same discount rate (11.1 %) and the same formula as our fair value.
How much growth has Enel SpA (ENEL) delivered so far?
Over the past 5 years revenue at Enel SpA grew +1.0 % a year. The price currently implies +25.2 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Enel SpA (ENEL) growing?
The median revenue growth in the sector is +4.2 % a year. That is the yardstick for the growth priced into Enel SpA (+25.2 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Enel SpA (ENEL)?
The free-cash-flow yield on the price is 4.03 %: that much free cash flow Enel SpA produces per unit of market value. When it exceeds the discount rate of our models (11.1 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Enel SpA (ENEL)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Enel SpA it is €5.94 per share (as of Nov 6, 2026), against a price of €9.77. It is the blended result of 21 valuation models (cash flow, earnings, asset, dividend).
Is Enel SpA stock overvalued or undervalued in 2026?
As of Nov 6, 2026, ENEL trades above its calculated fair value: price €9.77, fair value €5.94, a gap of about −39% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENEL?
No. The price is what the market pays today (€9.77); the fair value is what the company's own numbers justify (€5.94). For Enel SpA the two are €3.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is Enel SpA worth?
The market values Enel SpA at about €107B (market capitalisation, as of Nov 6, 2026). Per share that is €9.77; our models calculate a fair value of €5.94 per share.
What do the bullish and bearish scenarios say about ENEL?
Our models span a range for Enel SpA: cautious scenario €5.26, base €5.94, optimistic €7.15 per share (as of Nov 6, 2026, price €9.77). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENEL?
Enel SpA trades at a price-to-earnings ratio of 23.8 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of €5.94 is built from several models across several years. Median P/E at fiscal year-end, 10 fiscal years (2016 to 2025), reported earnings: 17.2. Other multiples: PEG 0.8, P/B 3.3, P/S 1.8, EV/EBITDA 10.0.
What is the PEG ratio of ENEL?
The PEG ratio of Enel SpA is 0.76 (P/E divided by earnings growth, as of Nov 6, 2026). That is below 1, so growth is priced more cheaply than the earnings multiple alone suggests.
How solid is the balance sheet of Enel SpA (ENEL)?
Balance-sheet figures for Enel SpA (as of Nov 6, 2026): return on equity 12.3%, debt of 1.70 per unit of equity. They feed the Quality Score of 38/100, which measures business quality independently of the share price.
How far is ENEL from its 52-week high?
Enel SpA trades at €9.77, about 3% below its 52-week high of €10.04 and 19% above the low of €8.20 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of €5.94 is for.
Which stocks are comparable to Enel SpA?
From the same area (Utilities) we also value Iberdrola, S.A, Engie SA, E.ON SE, Sempra, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Enel SpA stock attractive at the current price?
The data as of Nov 6, 2026: price €9.77, calculated fair value €5.94 (−39%), Quality Score 38/100, from 21 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENEL calculated?
We run Enel SpA through 21 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of €5.94, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Enel SpA itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Enel SpA (ENEL)?
The closing price on Nov 5, 2026 was €9.77. Our model-based fair value is €5.94, about 39% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Enel SpA right now?
The price sits above even our optimistic bull case (€7.15). The favourable scenario is already priced in. Weak quality (38/100) and above fair value at the same time, the margin of safety is missing on both counts.
Where does the earnings growth of Enel SpA (ENEL) come from?
Earnings per share at Enel SpA grew +10.7 % a year from 2013 to 2024. Broken into its drivers: revenue per share +2.5 %, EBIT margin +2.9 %, tax rate −0.2 %, residual (interest, one-offs) +5.2 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Enel SpA
How large is the market capitalisation of Enel SpA (ENEL)?
The market capitalisation of Enel SpA is €107B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Enel SpA (ENEL)?
The price-to-sales ratio of Enel SpA is 1.77 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Enel SpA (ENEL)?
Earnings per share at Enel SpA are €0.4100 (price ÷ EPS = P/E 23.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Enel SpA (ENEL)?
The dividend yield of Enel SpA is 5.0% (payout 120%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Enel SpA (ENEL)?
The net margin of Enel SpA is 5.7% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Enel SpA (ENEL)?
The return on equity (ROE) of Enel SpA is 12.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Enel SpA (ENEL)?
On an EBIT basis the return on assets of Enel SpA is 5.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Enel SpA (ENEL)?
The operating margin of Enel SpA is 18.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Enel SpA (ENEL)?
Revenue at Enel SpA is growing +8.5% versus a year earlier (3y avg −22.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Enel SpA (ENEL)?
Earnings per share at Enel SpA are growing +31.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Enel SpA (ENEL) carry?
The net debt of Enel SpA is €60.6B (fiscal year 2025, ≈ 14.1 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Nov 6, 2026