Stand-Alone Endesa Chile Off to a Good Start

We are reaffirming our $28 per share fair value estimate, narrow economic moat, and stable moat trend ratings after Endesa Chile reported net earnings attributable to shareholders of CLP 237.4 billion compared with CLP 90.7 billion in the same year-ago period. Endesa Chile, which recently spun off its Argentina, Peru, and Colombia assets, saw sharply higher net income from increased generation as the company's hydro generation fleet continued to benefit from recovering water levels, as we expect...