Latin American Economy on the Mend; Increasing Enel Americas' FVE
We are increasing our fair value estimate for Enel Americas to $8.50 per ADR from $7.50, driven by a rebounding South America. The Latin American economy grew for the first time in almost two years in the first quarter. Brazil's and Argentina’s economies, home to almost 40% of Enel Americas’ earnings, have driven the improvement year to date. GDP growth for Peru and Colombia, representing the remaining 60% of earnings, is expected to be solid and steady following a slow start due to what we beli...
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