Empresa Nacional de Telecomunicaciones SA (ENTEL.SN) : juste valeur

Thèse ACCE

Entel is Chile's third-largest telecom operator by subscribers, selling mobile postpaid and prepaid plans, fixed broadband, pay TV and enterprise data and cloud services across Chile and Peru. Its edge is a converged fixed-mobile footprint in a market where the top two players are larger but fibre overbuild and spectrum consolidation have so far kept pricing rational. Revenue is growing 7.3%, and the 88.3% gross margin reflects how little incremental cost a subscriber adds once the network is built, though the 6.9% operating margin shows how much of that is absorbed by network depreciation, spectrum and labour. At 6.3 times trailing earnings and 9.5 times forward, the stock trades at a steep discount to its own growth and to where Latin American telecom multiples have typically sat, with a 10.6% ROE to show for the capital tied up. The key question for a deeper look is whether operating margin can expand as fibre migration and enterprise mix shift the revenue base, since the current multiple already assumes it will not.