Jefferies raises the Endesa target price until the 35 euros per share from the previous 27 euros per share, a valuation that still places the company 11% below its current trading level. At the same time, the firm’s analysts reiterate their recommendation of ‘keep’ the value before the presentation of its results. And, facing its accounts for the second quarter of 2026, which will be announced on July 29, Jefferies foresees a EBITDA of 1.5 billion euros (+15%) and a net profit of 600 million of euros. «We expect H1 2026 net profit to be approximately 55% of our full-year 2026 guidance, which could support an upward revision to the company’s guidance.» Among the main aspects, experts highlight the «good behavior» of Conventional Generationsupported by an extraordinary recognition of approximately 100 million euros corresponding to compensation for the higher fuel costs incurred to guarantee the electricity supply in Canary Islands and Balearic Islandsas well as higher income from adjustment services. Furthermore, in Renewableanticipate EBITDA to grow 23% year-over-year, driven primarily by higher spot prices, partially offset by less favorable hydrology (the company has not yet released operating data). «In it Clients areawe anticipate an increase of around 15% year-on-year, mainly reflecting the consolidation of the MasOrange acquisition. In Networks«We expect EBITDA to remain practically stable year-on-year during the second quarter.» On the other hand, and excluding the extraordinary impact of approximately €100 million, Jefferies estimates that underlying EBITDA growth will be around 7.5% year-on-year, compared to the reported increase of 15%. net debtthey project that the company will reach the 11,000 million euroscompared to the 10.6 billion euros recorded at the end of the first half of 2026, mainly as a result of the increase in investments and share buybacks. In this way, in the signature their net profit estimates increase by an average of 14% for the period 2026–2028. «Overall, our Group EBITDA and net profit forecasts for 2026–2028 are broadly aligned with consensus.» Regarding the share buybackEndesa had completed approximately €1.1 billion in buybacks at the end of June, leaving around €900 million available within the authorized €2 billion program, valid until the end of 2027. «We assume that the remaining amount will be fully executed before the end of the first half of 2027. The sixth tranche, recently approved and of up to 500 million euros, which will be executed between July 15 and November 27, 2026, would involve buybacks for about 5 million euros per day, equivalent to approximately 16% of the average daily volume traded,» Jefferies concludes.
