Enel SpA (OTCPK:ENLAY)

$ 6.94 -0.19 (-2.66%) Market Cap: 70.48 Bil Enterprise Value: 149.92 Bil PE Ratio: 13.45 PB Ratio: 1.94 GF Score: 79/100

Q3 2024 Enel SpA Earnings Call Transcript

Nov 06, 2024 / 05:00PM GMT

Release Date Price: $7.29 (-4.33%)

Transcript

Key Points

Positve

Enel SpA (ENLAY) reported a significant increase in ordinary EBITDA, reaching EUR17.4 billion, up by 60% compared to the previous year.
Ordinary net income rose by 16% year-on-year, amounting to EUR5.8 billion, indicating strong financial performance.
The company successfully deployed EUR7.8 billion in investments, with a focus on regulated assets, enhancing predictable returns.
Enel SpA (ENLAY) achieved a strong performance in its Grids segment, with EBITDA increasing by 6% year-on-year.
The company maintained a robust financial discipline, rapidly deleveraging with a net debt ratio expected to reach 2.4 times by year-end, below the sector average.

Negative

Working capital remained negative, with a significant impact of minus EUR2.9 billion, affecting cash flow dynamics.
The FFO conversion rate decreased to 52% from 65% last year, indicating a decline in cash flow efficiency.
There was a slowdown in CapEx compared to previous quarters, raising concerns about future investment levels.
The integrated business segment experienced a EUR200 million decline year-on-year, primarily due to lower production.
The company faced challenges in the tough market and microenvironment, impacting expectations in the first part of 2024.

Operator

Good day and thank you for standing by. Welcome to the Enel nine-month 2024 results conference call.(Operator Instructions)

I would now like to turn the call over to your speakers, Omar Al Bayaty, Head of Investor Relations, and Stefano De Angelis, CFO. Please go ahead.

Omar Al Bayaty

Enel SpA - Head of Investor Relations

Good evening everyone, and welcome to the Enel nine-month 2024 result presentation, which will be hosted by Enel CFO Stefano De Angelis.

Following the presentation, we will have the usual Q&A session. We ask those connected to the webcast to send questions only via email at [email protected].

Before we start, let me remind you that media is listening to both the presentation and the Q&A session. Thank you. And now let me hand over to our CFO.

Stefano De Angelis

Enel SpA - Head of the Administration, Finance and Control Function and Chief Financial Officer

Thank you, Omar and welcome to everybody. In the third-quarter, the group extended the strong and

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