Table of Contents
- DATAMONITOR VIEW
- CATALYST
- SUMMARY
- METHODOLOGY
- ANALYSIS
- European Utilities Key Player Profile: Enel
- Datamonitor' s 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 Datamonitor' s 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, yet 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 12
- 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
- Definitions
- Datamonitor Consulting
- List of Tables
- Table 1: The Key Players are drawn from across a diverse range of
markets
- Table 2: The Performance pillar combines 5 financial metrics to
measure business performance
- Table 3: The Scale pillar combines financial and operational metrics
to measure the size of a utility
- Table 4: The Growth pillar measures the rate of growth of a utility' s
financial and energy resources
- Table 5: The Exposure pillar combines both operational and financial
measurements of risk
- Table 6: Enel scores 37.5/100 on Datamonitor' s European Utility
Scorecard and ranks 8 out of the 31 Key Players covered
- Table 7: Enel scores 11.7/25 on the Performance pillar, and ranks 12
out of 31 on this measurement
- Table 8: Enel scores 8.9/25 on the Scale pillar, and ranks 5 out of 31
on this measurement
- Table 9: Enel scores 8.5/25 on the Growth pillar, and ranks 20 out of
31 on this measurement
- Table 10: Enel scores 8.5/25 on the Exposure pillar, and ranks 18 out
of 31 on this measurement
- Table 11: Enel' s below average operating profit margin pulls its
Performance rank down to 12
- Table 12: Enel attains a ranking of 5 on the Scale pillar, due to a
high level of profitability and generation capacity market share
- Table 13: Enel' s low revenue and profit revenue metrics result in a
Growth rank of 20
- Table 14: Enel' s negative (short) power and gas NTR lead to an
Exposure ranking of 18
- Table 15: Return on fixed assets
- Table 16: Return on sales
- Table 17: Operating profit margin
- Table 18: Return on energy volume
- Table 19: Return on investment
- Table 20: Generation Capacity / EU25 market total
- Table 21: Power Supply Volume / EU25 market total
- Table 22: Gas Supply Volume / EU25 market total
- Table 23: Net income / Net income of 94 leading utilities
- Table 24: Revenue / Revenue of 94 leading utilities
- Table 25: Revenue growth, 2001-2005 CAGR
- Table 26: Profit growth, 2001-2005 CAGR
- Table 27: Growth in operating cash flow, 2004 to 2005
- Table 28: Gas supply volume growth, 2004-2005
- Table 29: Growth in power supply volume, 2004 to 2005
- Table 30: Power NTR / Power supply volume
- Table 31: Gas NTR / Gas supply volume
- Table 32: Debt leverage
- Table 33: Growth in operational cash flow - Growth in energy volume
- List of Figures
- Figure 1: Datamonitor' s Key Player Scorecard examines 31 leading
utilities drawn from across Europe' s competitive arenas
- Figure 2: Key Players dominate power generation capacity market share
in the Wmed competitive arena
- Figure 3: Key Players dominate power generation output market share in
the Wmed and CEE competitive arenas
- Figure 4: Despite ongoing industry consolidation, in no competitive
arenas do Key Players dominate power supply volume market share
- Figure 5: Despite ongoing industry consolidation, in no competitive
arenas do Key Players dominate gas volume market share
- Figure 6: Enel achieves an overall ranking of 8, with a utility score
of 37.5
- Figure 7: Only on the Growth pillar does Enel significantly
underperform
- Figure 8: Several of Enel' s top ten peers perform better, but with
lower levels of risk (higher Exposure scores)
- Figure 9: Enel outperforms on the Scale pillar, yet on Growth it
scores below the Key Player average and most of its top ten utility peers
- Figure 10: Enel' s overall financial Performance score of 11.7 exceeds
the Key Player average of 10.9
- Figure 11: Enel is the median top ten utility on return on fixed
assets and sales
- Figure 12: Enel ranks above the Key Player average on return on energy
volume and return on investment
- Figure 13: Enel mostly beats the Key Player average on Scale metrics
- Figure 14: In generation capacity, Enel ranks 2 with 52 GW
- Figure 15: Enel is more focused on power than gas, with 294 TWh in
power volume compared to 52 TWh in gas volume
- Figure 16: Enel has 14% of Key Player power customers
- Figure 17: At 294 TWh, Enel ranks 3 in terms of power volume
- Figure 18: Enel has a 2.5% percent share of Key Player gas customers
- Figure 19: In gas supply volume Enel has a 0.5% EU25 market share
- Figure 20: Enel ranks 7 and 4 in terms of revenue and net income
respectively
- Figure 21: Enel' s Growth ranking of 20 is constrained by its low
financial growth metrics
- Figure 22: Enel' s price earnings ratio and operating profit margin are
below the Key Player average (15 and 21%, respectively)
- Figure 23: Between 2001 and 2005, Enel had a decline in profits of
0.4%, despite an annual 2.7% growth in revenue
- Figure 24: 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%
- Figure 25: Only on the comparison of operating cash flow to energy
volume growth does Enel rank above the Key Player average
- Figure 26: Enel has a short gas NTR position in both power and gas of
-58.2% and -100% respectively
- Figure 27: Enel is short on power, as its generation output does not
meet the company' s supply volume commitments
- Figure 28: Enel' s capital structure is relatively balanced, with a
debt to equity ratio of 90.9%
- Figure 29: Enel ranks 17 of the 31 Key Players in terms of debt
leverage
- Figure 30: Enel' s operating cash flow has grown (19.5%) at a much
faster rate than energy supply volume (9.6%)
- Figure 31: Most of Enel' s generation capacity is fuelled by coal
- Figure 32: Italy is Enel' s most substantial power volume market
- Figure 33: Italy accounts for the bulk of Enel' s generation operations
- Figure 34: Enel has 14% of Key Player power customers
- Figure 35: Enel has a 2.5% percent share of Key Player gas customers,
all of whom are located in Italy
|
Related Report
|
View Cart
