Enel Americas Reports Disappointing Nine-Month Results; New Tariff in Argentina Should Benefit 2018
We are reaffirming our narrow moat and stable moat trend ratings as well as our fair value estimate of $8.50 per ADR after Enel Americas reported disappointing 2017 nine-month adjusted earnings of approximately $0.47 per ADR. Because of the merger of Celg and currency movements, the results are not comparable with 2016 nine-month earnings of $0.54 per ADR.We are likely to lower our full-year earnings estimate of $0.75 per ADR. It appears that the new tariff regime in Argentina will not have the...
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