Enel Generacion Chile's results ebb and flow with hydro conditions.
We are reaffirming our $28 fair value estimate and narrow economic moat and stable moat trend ratings after Enel Generacion Chile reported net earnings attributable to shareholders of CLP 538 million for 2017, down 9% from the same year-ago period.In 2017, results were lower due to a smaller impact from an extraordinary gain from Enel's sale of assets the prior year. Absent that effect, earnings were up slightly. In the fourth quarter, hydrology conditions drove year-over-year improvement in hy...
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