Breakingviews - Enel’s fintech pivot comes at generous price
There’s logic to Enel veering off its beaten path. Mooney already processes 20% of all its bills. Bringing the payments processor in-house will help that ratio climb, presumably bringing efficiencies. Intesa, meanwhile, gets access to Mooney’s 20 million customers. At nearly 8 times next year’s probable sales, however, they’re both paying for the privilege.
is 7 times. Enel’s shareholders, rather than its customers, may be the ones grumbling about their utility bills.
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