Research and Markets: Acquire a Wealth of Company Data for Enel From Retail Volumes to Structural Hedge Positions

Research and Markets (http://www.researchandmarkets.com/reports/c80181) has announced the addition of “European Utilities Key Player Profiles: Enel” to their offering.

The Performance pillar combines 5 financial metrics to measure business performance. The Scale pillar combines financial and operational metrics to measure the size of a utility. The Growth pillar measures the rate of growth of a utility’s financial and energy resources. The Exposure pillar combines both operational and financial measurements of risk.

Scope of this title:

A thorough review of the key operational and financial metrics that drive utility performance. A comparison and ranking of key metrics across Europe’s leading utilities.

Highlights of this title:

The Finnish utility Fortum leads on the Performance pillar and Russia’s Gazprom on the Scale pillar whilst Denmark’s Dong leads in both the Growth and Exposure pillars.

Reasons to order your copy:

See where a company ranks in our European utility scorecard

Gain a comprehensive assessment of a company’s market share across Europe

Acquire a wealth of company data from retail volumes to structural hedge positions

CATALYST

SUMMARY

METHODOLOGY

ANALYSIS

European Utilities Key Player Profile: Enel

Our Key Player Scorecard examines 31 leading utilities drawn from across Europe’s competitive arenas

Key Players dominate power generation capacity market share in the Wmed competitive arena

Key Players dominate power generation output market share in the Wmed and CEE competitive arenas

Despite ongoing industry consolidation, in no competitive arenas do Key Players dominate power supply volume market share

Despite ongoing industry consolidation, in no competitive arenas do Key Players dominate gas volume market share

The Key Player Scorecard assesses utilities across four pillars: Performance, Scale, Growth and Exposure

The Performance pillar combines 5 financial metrics to measure business performance

The Scale pillar combines financial and operational metrics to measure the size of a utility

The Growth pillar measures the rate of growth of a utility’s financial and energy resources

The Exposure pillar combines both operational and financial measurements of risk

Enel scores 37.5/100 on our European Utility Scorecard and ranks 8 out of the 31 Key Players covered

Enel outperforms the Key Player average in the Performance and Scale pillars

Enel achieves an overall ranking of 8, with a utility score of 37.5

Only on the Growth pillar does Enel significantly underperform

Several of Enel’s top ten peers perform better, but with lower levels of risk (higher Exposure scores)

Enel outperforms on the Scale pillar, net on Growth it scores below the Key Player average and most of its top ten utility peers

Enel’s below average operating profit margin pulls its Performance rank down to

Enel’s overall financial Performance score of 11.7 exceeds the Key Player average of 10.9

Enel is the median top ten utility on return on fixed assets and sales

Enel ranks above the Key Player average on return on energy volume and return on investment

Enel attains a ranking of 5 on the Scale pillar, due to a high level of profitability and generation capacity market share

Enel mostly beats the Key Player average on Scale metrics

In generation capacity, Enel ranks 2 with 52 GW

Enel is more focused on power than gas, with 294 TWh in power volume compared to 52 TWh in gas volume

Enel has 14% of Key Player power customers

At 294 TWh, Enel ranks 3 in terms of power volume

Enel has a 2.5% percent share of Key Player gas customers

In gas supply volume Enel has a 0.5% EU25 market share

Enel ranks 7 and 4 in terms of revenue and net income respectively

Enel’s low revenue and profit revenue metrics result in a Growth rank of 20

Enel’s Growth ranking of 20 is constrained by its low financial growth metrics

Enel’s price earnings ratio and operating profit margin are below the Key Player average (15 and 21%, respectively)

Between 2001 and 2005, Enel had a decline in profits of 0.4%, despite an annual 2.7% growth in revenue

From 2004 to 2005, Enel’s cash flows grew 17.7%, while power volume growth lagged at 12.3% and gas volume declined by -5.8%

Enel’s negative (short) power and gas NTR lead to an Exposure ranking of 18

Only on the comparison of operating cash flow to energy volume growth does Enel rank above the Key Player average

Enel has a short gas NTR position in both power and gas of -58.2% and -100% respectively

Enel is short on power, as its generation output does not meet the company’s supply volume commitments

Enel’s capital structure is relatively balanced, with a debt to equity ratio of 90.9%

Enel ranks 17 of the 31 Key Players in terms of debt leverage

Enel’s operating cash flow has grown (19.5%) at a much faster rate than energy supply volume (9.6%)

Enel’s principal competitive arena is Italy

Most of Enel’s generation capacity is fuelled by coal

Italy is Enel’s most substantial power volume market

Italy accounts for the bulk of Enel’s generation operations

Enel has 14% of Key Player power customers

Enel has a 2.5% percent share of Key Player gas customers, all of whom are located in Italy

APPENDIX

Databook

Definitions

For more information visit http://www.researchandmarkets.com/reports/c80181

Source: Datamonitor