Enel Americas Reports Decent 2016 Results; New Tariff in Argentina Should Drive 2017 Earnings Growth
We are reaffirming our narrow moat and stable moat trend ratings, as well as our fair value estimate of $7.50 per ADR, after Enel Americas reported 2016 adjusted and pro forma earnings of $0.54 per ADR, versus our estimate of $0.61 per ADR and $0.46 per ADR in 2015. Our estimate of 2016 adjusted and pro forma earnings exclude approximately $0.07 per ADR of one-time costs related to a restatement of fines in Argentina and asset write-offs in Peru that we believe are likely nonrecurring.Although ...
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