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MarketScreener Homepage  >  Equities  >  Bolsa de Madrid  >  ENDESA    ELE   ES0130670112

ENDESA

(ELE)
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Enel CEO says in no rush on Telecom Italian broadband tie-up

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08/01/2019 | 02:26pm EDT
FILE PHOTO: The new logo of Italy's biggest utility Enel is seen inside its flagship store in downtown Milan

MILAN (Reuters) - The head of Italian utility Enel said he was prepared to take his time to work on a broadband deal between the company's Open Fiber venture and Telecom Italia.

Former monopoly Telecom Italia (TIM) has signed a non-disclosure agreement with Open Fiber owners state lender CDP and Enel to kick off talks on ways of integrating its fibre optic network with their venture, including a possible merger.

"We have no hurry, no rush we have no burning house," Enel CEO Francesco Starace told an analysts' call on Thursday after Enel released its latest financial results.

"We don't want to get into the antitrust loops that an integrated combination might come up with," he added.

The head of Italy's national communications watchdog has warned that a single network controlled by TIM would be a "backward step."

But Starace said he was convinced that the combination was a goal worth pursuing.

"Anything that speeds up and makes more efficient the cabling of the national system is welcome and I think could create value for all the shareholders," he said.

"I think there are many ways of achieving this goal and I’m sure in the next few months some of these ways will become more clear."

(Reporting by Stephen Jewkes; Editing by Keith Weir)

Stocks mentioned in the article
ChangeLast1st jan.
ENDESA 0.34% 23.61 End-of-day quote.17.29%
ENEL SPA 2.04% 6.65 End-of-day quote.29.20%
TELECOM ITALIA 1.00% 0.5131 End-of-day quote.5.11%
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Financials (EUR)
Sales 2019 20 750 M
EBIT 2019 2 102 M
Net income 2019 1 517 M
Debt 2019 7 209 M
Yield 2019 6,11%
P/E ratio 2019 16,4x
P/E ratio 2020 16,1x
EV / Sales2019 1,55x
EV / Sales2020 1,50x
Capitalization 24 997 M
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Mean consensus HOLD
Number of Analysts 18
Average target price 22,42  €
Last Close Price 23,61  €
Spread / Highest target 7,16%
Spread / Average Target -5,02%
Spread / Lowest Target -23,8%
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Managers
NameTitle
José Damián Bogas Gálvez Chief Executive Officer & Executive Director
Francisco de Borja Prado Eulate Chairman
Luca Passa General Manager-Administration, Finance & Control
Manuel Fernando Marín Guzmán GM-Information & Communications Technology
Miquel Roca I. Junyent Lead Independent External Director
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