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MarketScreener Homepage  >  Equities  >  Italian Stock Exchange  >  Enel S.p.A.    ENEL   IT0003128367


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Enel CEO says time right to exit Open Fiber

11/24/2020 | 12:22pm EST
FILE PHOTO: Optical fiber cables for internet providers are seen running into a Enel Group server room in Perugia

MILAN (Reuters) - Enel's head said on Tuesday it could be the right time for the Italian utility to exit broadband operator Open Fiber as an offer by Australian fund Macquarie gives the group a big opportunity to monetise its investment.

A sale by Enel of its stake in the operator could clear the way for a government-sponsored plan to merge it with the last-mile grid unit of incumbent Telecom Italia (TIM) and create a unified network, boosting connectivity across Italy.

Open Fiber is jointly owned by Enel and Italian State lender Cassa Depositi e Prestiti (CDP), which is also TIM's second-largest investor. "Probably, it is good for us to exit Open Fiber now. We think we can do it if conditions are right", Francesco Starace told reporters during a business plan presentation.

Macquarie submitted a binding bid for all or part of Enel's 50% stake in Open Fiber in September, valuing the whole of the broadband group at about 7.3 billion euros ($8.67 billion).

Two sources close to the matter said on Tuesday the fund was looking at the idea of syndicating the stake, adding it had asked Enel for clearance to share its evaluation model with potential co-investors but had not requested access to the data room for them.

Starace said should Enel decide to sell its stake, it would do so right away and would give operational control of Open Fiber to CDP.

Sources have told Reuters that Enel was leaning towards announcing its exit from Open Fiber as early as this month, adding CDP asked to raise its stake to 60%, with Macquarie acquiring the remaining 40%.

The government has told Enel any stake sale must conform with its plans to create a national ultra-fast network without delay.

Starace said Enel could transfer its experience with Open Fiber to Latin America broadband company Ufinet, in which it has a 21% stake with options to buy more.

"Macquarie is one of the potential partners in Ufinet," he said.

(Reporting by Elvira Pollina and Stephen Jewkes; editing by David Evans and Barbara Lewis)

By Elvira Pollina, Stephen Jewkes and Giuseppe Fonte

© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
ENEL S.P.A. -1.35% 8.345 Delayed Quote.0.83%
MACQUARIE GROUP LIMITED -1.69% 137.1 End-of-day quote.-1.00%
TELECOM ITALIA S.P.A. -1.35% 0.3577 Delayed Quote.-5.22%
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Sales 2020 78 644 M 95 702 M 95 702 M
Net income 2020 4 895 M 5 957 M 5 957 M
Net Debt 2020 49 235 M 59 914 M 59 914 M
P/E ratio 2020 17,4x
Yield 2020 4,24%
Capitalization 84 814 M 103 B 103 B
EV / Sales 2020 1,70x
EV / Sales 2021 1,67x
Nbr of Employees 66 735
Free-Float 76,4%
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Technical analysis trends ENEL S.P.A.
Short TermMid-TermLong Term
Income Statement Evolution
Mean consensus OUTPERFORM
Number of Analysts 25
Average target price 9,46 €
Last Close Price 8,35 €
Spread / Highest target 49,8%
Spread / Average Target 13,3%
Spread / Lowest Target -29,3%
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Managers and Directors
Francesco Starace Chief Executive Officer, Director & GM
Michele Alberto Fabiano Crisostomo Chairman
Alberto de Paoli Chief Financial Officer & Head-Administration
Anna Chiara Svelto Independent Director
Cesare Calari Independent Director
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