Commodity PricesEndesa’s current integrated EBITDA is running at least around 50% higher than those pre-Russia/Ukraine war, driven by higher commodity prices and retail margins, neither of which is believed to be sustainable.
Earnings GrowthThe likely normalization in power prices and retail margins should lead to negative earnings growth post 2026.
Stock ValuationShares, which trade on a 2026-27E PE of c.13x, are largely seen as fully valued.