Enel Americas Posts Solid 2018 Results; Capital Increase Again Raises Stewardship Concern
We are reaffirming our $10 per ADR fair value estimate after Enel Americas reported solid 2018 results but announced a $3.5 billion capital increase expected to be completed before year-end. Earnings in 2018 were $1.05 per ADR versus our estimate of $0.64 per ADR.The capital increase, a roughly 30% increase in common equity, was not received well by the market, and the shares were still off over 15% several trading days after the announcement. Enel Americas plans to use up to $2.65 billion of t...
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