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Enel Americas SA ADR ENIA

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Morningstar’s Analysis

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PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Slow Economic Recovery in Brazil Damps Our View of Enel Americas' EGP Acquisition

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are lowering our fair value estimate for Enel Americas to $10 per ADR from $10.50 as we have become less bullish on the recent transaction in which the South American utility acquired the renewable energy assets of Enel Green Power’s Latin American business. The merger, completed in April, adds over 3 gigawatts of operating renewable generation assets. It also expands Enel Americas’ utility operations, the largest in Latin America, into Guatemala, Panama, and Costa Rica.

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Company Profile

Business Description

Enel Americas has electricity generation, transmission, and distribution businesses in Argentina, Brazil, Colombia, Peru, Guatemala, Panama, and Costa Rica. Its generation fleet consists of over 14 gigawatts of installed capacity, with over 65% hydroelectric, wind, or solar. The company's distribution businesses have 25 million customers, serving key urban areas in each of the countries it operates. Enel SpA first acquired control of Enersis, Enel America's predecessor, in 1999 and currently owns almost 76% of the company.

Contact
Santa Rosa 76
Santiago, 1557, Chile
T +56 293435500
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type
Employees 16,731

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