reports
- Charles Fishman
Enel Americas Reports Strong 1Q; Recovery Continues in South American ...
We are increasing our fair value estimate to $10 per ADR from $9 after Enel Americas reported strong first-quarter 2018 earnings of $0.19 per ADR versus $0.06 per ADR in the year-ago period. The increase in our fair value estimate is also driven by the continuing recovery in the South American economies where Enel Americas does businesses and time-value appreciation. First-quarter EBITDA was $820 million, 26% higher than last year, giving us increased confidence in our full-year estimated EBITD...
- Charles Fishman
Enel Americas Outlook Improves With Latin American Economies
We are reaffirming our narrow moat and stable moat trend ratings as well as our fair value estimate of $8.50 per ADR after Enel Americas reported disappointing 2017 nine-month adjusted earnings of approximately $0.47 per ADR. Because of the merger of Celg and currency movements, the results are not comparable with 2016 nine-month earnings of $0.54 per ADR. We are likely to lower our full-year earnings estimate of $0.75 per ADR. It appears that the new tariff regime in Argentina will not have th...
- Charles Fishman
Enel Americas Reports Disappointing Nine-Month Results; New Tariff in ...
We are reaffirming our narrow moat and stable moat trend ratings as well as our fair value estimate of $8.50 per ADR after Enel Americas reported disappointing 2017 nine-month adjusted earnings of approximately $0.47 per ADR. Because of the merger of Celg and currency movements, the results are not comparable with 2016 nine-month earnings of $0.54 per ADR. We are likely to lower our full-year earnings estimate of $0.75 per ADR. It appears that the new tariff regime in Argentina will not have th...
- Charles Fishman
Enel Americas Results in Line; New Argentine Rates Should Benefit Seco...
We are reaffirming our narrow moat and stable moat trend ratings as well as our fair value estimate of $8.50 per ADR, after Enel Americas reported decent 2017 first-half adjusted earnings of $0.27 per ADR. Due to the merger of CELG and other significant balance sheet changes, the results are not comparable with 2016 first-half earnings of $0.40 per ADR. Generation was up 9.1%, to 2.3 terrawatt-hours in the first half of 2017 versus the same period last year. The increase in generation is due in...
- Charles Fishman
Latin American Economy on the Mend; Increasing Enel Americas' FVE
We are increasing our fair value estimate for Enel Americas to $8.50 per ADR from $7.50, driven by a rebounding South America. The Latin American economy grew for the first time in almost two years in the first quarter. Brazil's and Argentina’s economies, home to almost 40% of Enel Americas’ earnings, have driven the improvement year to date. GDP growth for Peru and Colombia, representing the remaining 60% of earnings, is expected to be solid and steady following a slow start due to what we...
- Charles Fishman
Enel Americas is a growth and income utility investment.
We are reaffirming our narrow moat and stable moat trend ratings, as well as our fair value estimate of $7.50 per ADR, after Enel Americas reported 2016 adjusted and pro forma earnings of $0.54 per ADR, versus our estimate of $0.61 per ADR and $0.46 per ADR in 2015. Our estimate of 2016 adjusted and pro forma earnings exclude approximately $0.07 per ADR of one-time costs related to a restatement of fines in Argentina and asset write-offs in Peru that we believe are likely nonrecurring. Although...
- Charles Fishman
Enel Americas Reports Decent 2016 Results; New Tariff in Argentina Sho...
We are reaffirming our narrow moat and stable moat trend ratings, as well as our fair value estimate of $7.50 per ADR, after Enel Americas reported 2016 adjusted and pro forma earnings of $0.54 per ADR, versus our estimate of $0.61 per ADR and $0.46 per ADR in 2015. Our estimate of 2016 adjusted and pro forma earnings exclude approximately $0.07 per ADR of one-time costs related to a restatement of fines in Argentina and asset write-offs in Peru that we believe are likely nonrecurring. Although...
- Charles Fishman
Enersis Americas SA Reports Strong Results; Reorganization Should Be C...
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 strong adjusted and pro forma earnings of $0.71 per ADR for the first nine months of 2016 versus $0.69 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, i...
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