Enersis Americas SA Reports Strong Results; Reorganization Should Be Completed By Year-End
We are reaffirming our narrow moat and stable moat trend ratings as well as our fair value estimate of $7.50 per ADR after Enersis Americas SA reported strong adjusted and pro forma earnings of $0.71 per ADR for the first nine months of 2016 versus $0.69 per ADR in the same period last year. We have excluded a one-time $0.07 charge for customer rebates due to service quality fines for Edesur in Argentina in the 2016 adjusted results that represents a restatement of the amount of the fine and, in...
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