Enersis Americas SA Posts Solid First-Half Results

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 first-half 2016 adjusted earnings of $0.35 per ADR versus $0.30 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 our opinion, is likely to be non-recu...