Robert Way/iStock Editorial via Getty Images There is so much news to price in for Enel SpA ( ENLAY )( ESOCF ). Despite our recent comment on the company's upside in early February 2026, Enel updated its investors at a capital markets day, announced a new €1 billion buyback, and presented its fiscal year results on 19 March. Our Enel investment equity story has evolved over the years. At the very ...
Robert Way/iStock Editorial via Getty Images There is so much news to price in for Enel SpA ( ENLAY )( ESOCF ). Despite our recent comment on the company's upside in early February 2026, Enel updated its investors at a capital markets day, announced a new €1 billion buyback, and presented its fiscal year results on 19 March. Our Enel investment equity story has evolved over the years. At the very beginning, there was a valuation opportunity to grab (combined with a low P/E and a higher yield) and a deleverage story. Now, Enel is in a different phase. We reported upside from a Third Growth Engine (new data centre growth, battery energy storage upside). Still, the company is in a perfect sweet spot for its regulated grids’ EBITDA and M&A upside. Last time, we also reported that the Capital Markets Day, with the presentation of the 2026–2028 strategic plan, was expected to mark a positive milestone. Indeed, the company reacted positively, but then the escalation in the Middle East began. So, Enel's share price declined by almost 4% (Fig. 1), but we still see upside ahead. Mare Ev. Lab Rating Update Fig. 1 Enel Results and Our Upside Case We will be brief on the yearly comment because we will also present the CMD insights (in the upside section). Enel reported 2025 top-line sales of €80.3 billion, up 1.8% from 2024. This was supported by volume growth. EBITDA growth was higher, at +2% to almost €22.9 billion (Fig. 2). Enel was penalised by lower Italian energy prices in the marketing division. Despite negative headwinds from hydro disposal, the company reported solid growth in the areas that matter, such as the grid. As shown in Fig. 2, the grid EBITDA increased from €8 billion in 2024 to €8.9 billion in 2025. This was due to CAPEX acceleration and is aligned with our investment thesis. Higher RAB means higher earnings visibility. Enel also reported positive EBITDA contribution from international activities. Going down to the P&L report, aside from positive operations, ...
Actor Mickey Rourke has broken his silence on the alleged “unacceptable” living conditions that prompted him to withhold over $59,000 in rent after he defaulted in his eviction case.
Actor Mickey Rourke has broken his silence on the alleged “unacceptable” living conditions that prompted him to withhold over $59,000 in rent after he defaulted in his eviction case.
Massive carbon emissions from military activities and war-driven fossil fuel dependence are undermining the global energy transition, climate advocates warn as they point to the ongoing Iran conflict exacerbating this long-standing blind spot. Activists from Climate Action Network Southeast Asia, Oxfam and the Fossil Fuel Treaty convened in Kuala Lumpur earlier this week to discuss strategies to p...
Massive carbon emissions from military activities and war-driven fossil fuel dependence are undermining the global energy transition, climate advocates warn as they point to the ongoing Iran conflict exacerbating this long-standing blind spot. Activists from Climate Action Network Southeast Asia, Oxfam and the Fossil Fuel Treaty convened in Kuala Lumpur earlier this week to discuss strategies to protect the global environment at the Southeast Asia-South Asia Preparatory Meeting for the Santa...
House of Representatives still needs to act before funded agencies such as airport security can reopen, CNN reports The US Senate has passed legislation that will finance most of the Department of Homeland Security but withhold funds from ICE and part of Customs and Border Protection, the office of the Senate Democratic party leader, Chuck Schumer, said in a statement. The agreement would fund DHS...
House of Representatives still needs to act before funded agencies such as airport security can reopen, CNN reports The US Senate has passed legislation that will finance most of the Department of Homeland Security but withhold funds from ICE and part of Customs and Border Protection, the office of the Senate Democratic party leader, Chuck Schumer, said in a statement. The agreement would fund DHS components such as the Transportation Security Administration and US Coast Guard, the statement said. CNN reported that the House of Representatives will still need to act before funded agencies within the department can reopen. Continue reading...
Klaus Vedfelt/DigitalVision via Getty Images Thesis Pony AI Inc. ( PONY ) has just reported 4Q25 earnings. The initial viewing of the numbers was quite bad, with the stock closing about 15% lower yesterday, as I'll explain. As for operations, they're now expanding into Croatia, Qatar, the UAE, and Singapore, and they’ve set a goal of over 20 cities globally by the end of 2026. So if we take the go...
Klaus Vedfelt/DigitalVision via Getty Images Thesis Pony AI Inc. ( PONY ) has just reported 4Q25 earnings. The initial viewing of the numbers was quite bad, with the stock closing about 15% lower yesterday, as I'll explain. As for operations, they're now expanding into Croatia, Qatar, the UAE, and Singapore, and they’ve set a goal of over 20 cities globally by the end of 2026. So if we take the good with the bad, I think the key question we need to answer here is whether Pony can convert its early lead in unit economics and fleet scaling into actual, durable, high-margin network effects. And they need to do it before capital intensity and competition erode any returns. The current data would suggest some strong demand, which is good. However, they’re still in a capital-intensive, execution-heavy phase where sustained profitability is really going to depend on scaling utilisation, lowering BOM costs, and stabilising their revenue mix to move away from those volatile licensing streams. As for my continued buy case, Pony is showing some inflexion into commercialisation. Robotaxi revenue is up about 160% since last year and is growing fast. We even saw some UE break-even in key cities. In my previous coverage , I went over the road to profitability for Pony, and I feel they're still on track. I think there's a clear path to scaling to a 3,000-plus fleet, with some early signs of a viable, high-margin network business. At the same time, its global expansion strategy and ecosystem partnerships with the likes of Toyota, Uber, and Tencent are going to be key to unlocking significantly higher pricing/margins abroad. That's going to be needed to justify the current premium valuation. FY25 earnings Pony’s 4Q25 and FY25 are still showing us a lot of R&D-heavy experimentation, but we’re also seeing some transition into early-stage commercialisation at scale. As you know, Robotaxi is now their central growth engine. In 4Q25, total revenue came in at about $29.1 million, down 18% ...