reports
- Andrew Bischof
- Andrew Bischof
- Andrew Bischof
Morningstar | Reducing Enel Chile's FVE on Foreign Exchange Volatility...
We are lowering our fair value estimate to $22 per share from $24 after incorporating depreciation of the Chilean peso from CLP 640 per USD 1 to CLP 695 per USD 1. We are reaffirming our narrow economic moat and stable moat trend ratings after Enel Generacion Chile reported results for the first nine months of 2018. Enel reported EBITDA $900 million, up 12% from the same year-ago period. The increase in EBITDA is mostly attributable to the addition of 1.2 GW of renewable generation through its ...
- Andrew Bischof
Morningstar | Reducing Enel Chile's FVE on Foreign Exchange Volatility...
We are lowering our fair value estimate to $22 per share from $24 after incorporating depreciation of the Chilean peso from CLP 640 per USD 1 to CLP 695 per USD 1. We are reaffirming our narrow economic moat and stable moat trend ratings after Enel Generacion Chile reported results for the first nine months of 2018. Enel reported EBITDA $900 million, up 12% from the same year-ago period. The increase in EBITDA is mostly attributable to the addition of 1.2 GW of renewable generation through its ...
- Andrew Bischof
Reducing Enel Chile's FVE on Foreign Exchange Volatility; Reports High...
We are lowering our fair value estimate to $22 per share from $24 after incorporating depreciation of the Chilean peso from CLP 640 per USD 1 to CLP 695 per USD 1. We are reaffirming our narrow economic moat and stable moat trend ratings after Enel Generacion Chile reported results for the first nine months of 2018. Enel reported EBITDA $900 million, up 12% from the same year-ago period. The increase in EBITDA is mostly attributable to the addition of 1.2 GW of renewable generation through its a...
- Andrew Bischof
Morningstar | Foreign Exchange Volatility Reduces Enel's Fair Value Es...
We are lowering our fair value estimate for Enel Generacion Chile to $24 per share from $26 after incorporating foreign exchange volatility since our last update. We are reaffirming our narrow economic moat and stable moat trend ratings after the company recently reported EBITDA for the first six months of $501 million, down from $556 million from the same year-ago period. The 11% increase in EBITDA was mostly attributable to the addition of 1.2 GW of renewable generation, named GHP Chile, a...
- Andrew Bischof
Foreign Exchange Volatility Reduces Enel's Fair Value Estimate; Report...
We are lowering our fair value estimate for Enel Generacion Chile to $24 per share from $26 after incorporating foreign exchange volatility since our last update. We are reaffirming our narrow economic moat and stable moat trend ratings after the company recently reported EBITDA for the first six months of $501 million, down from $556 million from the same year-ago period. The 11% increase in EBITDA was mostly attributable to the addition of 1.2 GW of renewable generation, named GHP Chile, and ...
- Andrew Bischof
Morningstar | Enel Generacion Chile's has substantial exposure to hydr...
We think growth, solid free cash flow, and low-cost generation make Enel Generacion Chile worth consideration for investors seeking infrastructure exposure to Chile's relatively stable political environment despite setbacks from low hydrological conditions. A return to normalized weather conditions should drive earnings growth, but it is tough to predict when hydro conditions will improve.Enel Generacion Chile's structural advantages support a narrow economic moat. Its low-cost generation advant...
- Andrew Bischof
Enel Generacion Chile's has substantial exposure to hydro conditions.
We are reaffirming our $26 per share fair value estimate, narrow economic moat, and stable moat trend ratings after Enel Generacion Chile reported CLP 117 million net earnings attributable to shareholders for the first quarter of 2018, down from CLP 194 million from the same year-ago period. Excluding the sale of Electrogas in the first quarter of 2017, results were roughly flat. Hydrology conditions continue to improve, with hydro generation increasing 0.4 terawatt hours to 2.5 terawatt hours....
- Andrew Bischof
Enel Generation Chile's Hydro Improves; Reports First-Quarter Results
We are reaffirming our $26 per share fair value estimate, narrow economic moat, and stable moat trend ratings after Enel Generacion Chile reported CLP 117 million net earnings attributable to shareholders for the first quarter of 2018, down from CLP 194 million from the same year-ago period. Excluding the sale of Electrogas in the first quarter of 2017, results were roughly flat. Hydrology conditions continue to improve, with hydro generation increasing 0.4 terawatt hours to 2.5 terawatt hours....
- Andrew Bischof
- CFA
- CPA
Enel Generation Chile operates in a relatively stable political enviro...
We are reaffirming our $28 per share fair value estimate, narrow economic moat, and stable moat trend ratings after Enel Generacion Chile reported net earnings attributable to shareholders of CLP 248.0 billion for the first nine months, roughly the same as the year-ago period. Poor drought conditions in Southern Chile continued to weigh on Enel's earnings. Greater thermal generation was needed to replace depressed hydro generation, with drought conditions weighing on hydro output. This subsequen...
- Andrew Bischof
- CFA
- CPA
Drought Conditions Continue to be Headwind for Enel Generacion Chile R...
We are reaffirming our $28 per share fair value estimate, narrow economic moat, and stable moat trend ratings after Enel Generacion Chile reported net earnings attributable to shareholders of CLP 248.0 billion for the first nine months, roughly the same as the year-ago period. Poor drought conditions in Southern Chile continued to weigh on Enel's earnings. Greater thermal generation was needed to replace depressed hydro generation, with drought conditions weighing on hydro output. This subsequen...
- Andrew Bischof
- CFA
- CPA
Poor Drought Conditions Bring No Relief for Enel Generacion Chile
We are reaffirming our $28 per share fair value estimate, narrow economic moat, and stable moat trend ratings after Enel Generacion Chile reported net earnings attributable to shareholders of CLP 185.0 billion, down 22% from the same year-ago period. Poor drought conditions in Southern Chile continued to weigh on Enel Generacion's earnings, much as it did in the first quarter of this year. Net electricity generation was down 6%, as greater thermal generation at Bocamina and San Isidro was not en...
- Andrew Bischof
- CFA
Enel Generacion Chile's Results Improve as Fuel Costs Decline
We are reaffirming our $28 per share fair value estimate, narrow economic moat, and stable moat trend ratings after Enel Generacion Chile reported net earnings attributable to shareholders of CLP 472.6 billion, up 20% from the same year-ago period. Results were aided by both higher physical sales to regulated customers and higher average energy prices. The persistent drought in Chile continued to depress hydro generation, resulting in higher thermal generation dispatch. The company's use of natu...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.