reports
- Andrew Bischof
- CFA
- CPA
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...
- Andrew Bischof
- CFA
Drought Conditions a Continued Headwind for Enel 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 152.2 billion, roughly flat from the same year-ago period. Management continues to review its portfolio. In February, the company divested its ownership share in Electrogas S.A. for CLP $115 million. We like that management is divesting no moat assets and focusing on the company's moatier regulated ope...
- Andrew Bischof
- CFA
Enel Generacion Chile Reports Improved Third-Quarter Results
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 396.3 billion compared with CLP 194.5 billion in the same year-ago period. Enel Generacion Chile's results benefited from higher demand from regulated customers and higher energy prices. Greater dispatch levels at its thermal Bocamina power plant offset by lower hydro generation as drought conditions p...
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