Interconexion Electrica (ISA.CL) : juste valeur

Thèse ACCE

Interconexión Eléctrica (ISA) builds, owns and operates high-voltage transmission lines and substations across Colombia, Peru, Brazil and Chile, earning regulated availability payments rather than selling power. Its moat is structural: transmission is a natural monopoly with long-dated concessions and inflation-linked tariffs, so the 46.0% operating margin and 52.4% gross margin reflect contracted revenue, not commodity exposure. The near-term driver is the grid build-out required by Colombia's energy transition and the expansion of its Brazilian and Peruvian transmission portfolios, which keeps the capex pipeline long. At a trailing P/E of 12.5 and a forward P/E of 9.7, the market is pricing in earnings growth, and the 42.3% revenue growth and 15.1% ROE show that growth is arriving. The reasons to look deeper are the forward multiple and the revenue trajectory, but the investment case rests on whether the regulated return and currency exposure hold up across its Latin American markets, and that needs verifying before any position is considered.