Enel Americas 2017 Results In Line; Modified New Policy Should Result in Flattish Dividend in 2018
We are reaffirming our fair value estimate of $9 per ADR and our narrow moat and stable moat trend ratings after Enel Americas reported 2017 earnings of $0.62 per ADR versus our estimate of $0.65 and the consensus estimate of $0.54 per ADR. Although the results were modestly higher than 2016 earnings of $0.58 per ADR, we continue to believe the merger with Celg was roughly value-neutral.Enel Americas announced that it was modifying its dividend policy for 2018 to a payout ratio of 40% versus th...
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