Empresa Distribuidora y Comercializadora Norte S.A. (EDN.BA) : juste valeur

Thèse ACCE

Edenor (EDN.BA) distributes and sells electricity to roughly 3 million customers in the northern and northwestern suburbs of Buenos Aires, operating the grid under a concession that is regulated in pesos. Its moat is the density of its network: few competitors can replicate a distribution footprint of this scale, and the concession gives it a monopoly over delivery in its area, so the question is less about market share than about how tariffs are reset. Revenue grew 10.4% over the last reported period, and a 9.6% ROE with a 5.1% operating margin suggests the business is earning a modest return on a regulated asset base rather than a windfall. The stock trades on a trailing P/E of 5.4 against a forward P/E of 396.3, a gap that mostly reflects depressed forward earnings expectations and makes the earnings line hard to lean on for valuation. The score of 53/100 and the absence of index membership mean the name is not on most institutional radars, which is why it is worth a deeper look: the thesis hinges on tariff adjustment timing and peso inflation pass-through, and that needs checking against the concession terms and recent regulatory decisions before any position is considered.