Enel established a new historic record on 21 May, when it reached its highest ever market capitalisation since going public. In so doing, our Group has consolidated its position as the foremost European utility in terms of market value at 58.7 billion euros, leading Iberdrola (53.2 billion) and EDF (37.8 billion). Worldwide, Enel ranks second only to the American NextEra Energy.
The new record is due to an increase in share price which closed at 5.771 euros on Piazza Affari, the Milan Stock Exchange. This excellent performance is not, however, an isolated episode: the growing share price over recent months reflects the markets’ positive appraisal of the Group’s strategy, in addition to its strong track record of stability and ability to deliver on its objectives. These signs of financial reliability were also appreciated by the Fitch agency which upgraded the Company’s long-term rating from BBB+ to A- on 11 February.
The presentation of Enel’s 2019-2021 Strategic Plan at the Capital Markets Day on 20 November 2018 also contributed to making the shares increasingly attractive. This was due to the Group’s increasing emphasis on investment in renewable energies, digitalisation and client care and, more generally, its industrial growth and leadership in the global energy sector. Since then, the Enel share price has increased by 23.9%.
The most recent increases are linked in particular to the markets’ appreciation of the results of the Shareholders'Meeting which on 16 May approved the 2018 financial statements and the new dividend of 0.28 euros per share. Economic benefits aside, this new record gives us and our investors an additional reason to be satisfied and optimistic about the future.