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Enel Americas SA ADR ENIA

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Enel Americas' Shareholders Approve EGP Merger; Terms More Favorable Than Expected

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $10.50 per ADR fair value estimate for Enel Americas SA after shareholders approved the merger with Enel Green Power’s Latin American business. EGP, currently the owner of 5.1 gigawatts of renewable energy capacity in Central and South America, is owned by Enel S.p.A, an Italian energy holding company.

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Company Profile

Business Description

Enel Americas has electricity generation, transmission, and distribution businesses in Argentina, Brazil, Colombia, and Peru. Its generation fleet consists of more than 100 power plants with over 11,000 megawatts of installed capacity, over 50% of which is hydroelectric. The company's distribution businesses have 25 million customers, serving key urban areas in each of the countries it operates. Enel S.p.A. first acquired control of Enersis, Enel America's predecessor, in 1999 and currently owns approximately 62% of the company.

Santa Rosa 76
Santiago, 1557, Chile
T +56 293435500
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Sep 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type
Employees 17,279