Enel Chile S.A (ENELCHILE.SN) : juste valeur

Thèse ACCE

Enel Chile runs Chile's largest private-sector electricity business, combining distribution networks serving Santiago and surrounding regions with a generation fleet that has been shifting toward solar, wind and hydro. The structural case rests on regulated distribution returns and the country's long-run push to decarbonise its grid, which keeps demand for the company's transmission and renewable assets durable. The near-term swing factor is the top line: revenue is shrinking 11.3% year on year, so the investment case depends on whether margins hold, with a 12.1% operating margin and 37.3% gross margin showing it is still converting sales into profit. The shares trade on 11.7 times trailing earnings but 16.9 times forward, an implied earnings decline the market is pricing in, and an 11.0% ROE is respectable for a capital-heavy utility. The 61/100 score and absence from any index suggest the name is under-covered, so it merits a closer look at the revenue decline and the forward earnings path.