Intrinsic value of Enel Americas ADR - ENIA

Previous Close

$8.06

  Intrinsic Value

$219.15

stock screener

  Rating & Target

str. buy

+999%

Previous close

$8.06

 
Intrinsic value

$219.15

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of ENIA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 0.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  3.80
  3.92
  4.03
  4.13
  4.21
  4.29
  4.36
  4.43
  4.48
  4.54
  4.58
  4.62
  4.66
  4.69
  4.73
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
  4.88
  4.89
  4.90
  4.91
  4.92
  4.93
  4.94
  4.94
Revenue, $m
  8,063
  8,379
  8,717
  9,076
  9,459
  9,865
  10,295
  10,751
  11,233
  11,742
  12,280
  12,848
  13,446
  14,078
  14,743
  15,444
  16,182
  16,958
  17,776
  18,636
  19,540
  20,492
  21,492
  22,544
  23,649
  24,811
  26,033
  27,316
  28,665
  30,082
Variable operating expenses, $m
  5,344
  5,544
  5,757
  5,984
  6,226
  6,482
  6,754
  7,041
  7,346
  7,667
  7,754
  8,113
  8,491
  8,890
  9,310
  9,752
  10,218
  10,709
  11,225
  11,768
  12,339
  12,940
  13,572
  14,236
  14,934
  15,668
  16,439
  17,250
  18,101
  18,996
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  5,344
  5,544
  5,757
  5,984
  6,226
  6,482
  6,754
  7,041
  7,346
  7,667
  7,754
  8,113
  8,491
  8,890
  9,310
  9,752
  10,218
  10,709
  11,225
  11,768
  12,339
  12,940
  13,572
  14,236
  14,934
  15,668
  16,439
  17,250
  18,101
  18,996
Operating income, $m
  2,719
  2,835
  2,960
  3,092
  3,233
  3,383
  3,541
  3,709
  3,887
  4,075
  4,525
  4,735
  4,955
  5,188
  5,433
  5,691
  5,963
  6,250
  6,551
  6,868
  7,201
  7,552
  7,920
  8,308
  8,715
  9,144
  9,594
  10,067
  10,564
  11,086
EBITDA, $m
  4,739
  4,925
  5,123
  5,334
  5,559
  5,798
  6,051
  6,318
  6,602
  6,901
  7,217
  7,551
  7,903
  8,274
  8,665
  9,077
  9,510
  9,967
  10,447
  10,953
  11,484
  12,043
  12,631
  13,249
  13,899
  14,582
  15,300
  16,054
  16,847
  17,680
Interest expense (income), $m
  387
  857
  935
  1,020
  1,111
  1,207
  1,310
  1,419
  1,535
  1,657
  1,787
  1,924
  2,068
  2,221
  2,382
  2,551
  2,730
  2,918
  3,116
  3,325
  3,545
  3,776
  4,019
  4,275
  4,543
  4,826
  5,123
  5,435
  5,763
  6,108
  6,471
Earnings before tax, $m
  1,861
  1,900
  1,940
  1,982
  2,026
  2,073
  2,122
  2,174
  2,230
  2,288
  2,602
  2,667
  2,735
  2,806
  2,882
  2,961
  3,045
  3,133
  3,226
  3,323
  3,425
  3,533
  3,646
  3,765
  3,889
  4,021
  4,158
  4,303
  4,455
  4,615
Tax expense, $m
  503
  513
  524
  535
  547
  560
  573
  587
  602
  618
  703
  720
  738
  758
  778
  800
  822
  846
  871
  897
  925
  954
  984
  1,016
  1,050
  1,086
  1,123
  1,162
  1,203
  1,246
Net income, $m
  1,359
  1,387
  1,416
  1,447
  1,479
  1,513
  1,549
  1,587
  1,628
  1,670
  1,899
  1,947
  1,996
  2,049
  2,104
  2,162
  2,223
  2,287
  2,355
  2,426
  2,500
  2,579
  2,661
  2,748
  2,839
  2,935
  3,036
  3,141
  3,252
  3,369

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  17,490
  18,176
  18,908
  19,688
  20,518
  21,398
  22,332
  23,320
  24,366
  25,471
  26,637
  27,869
  29,168
  30,537
  31,981
  33,501
  35,101
  36,786
  38,559
  40,424
  42,387
  44,450
  46,620
  48,902
  51,300
  53,821
  56,470
  59,254
  62,180
  65,253
Adjusted assets (=assets-cash), $m
  17,490
  18,176
  18,908
  19,688
  20,518
  21,398
  22,332
  23,320
  24,366
  25,471
  26,637
  27,869
  29,168
  30,537
  31,981
  33,501
  35,101
  36,786
  38,559
  40,424
  42,387
  44,450
  46,620
  48,902
  51,300
  53,821
  56,470
  59,254
  62,180
  65,253
Revenue / Adjusted assets
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
Average production assets, $m
  8,837
  9,184
  9,553
  9,948
  10,367
  10,812
  11,283
  11,783
  12,311
  12,869
  13,459
  14,081
  14,737
  15,429
  16,158
  16,926
  17,735
  18,586
  19,482
  20,425
  21,416
  22,459
  23,555
  24,708
  25,920
  27,193
  28,532
  29,939
  31,417
  32,970
Working capital, $m
  -1,314
  -1,366
  -1,421
  -1,479
  -1,542
  -1,608
  -1,678
  -1,752
  -1,831
  -1,914
  -2,002
  -2,094
  -2,192
  -2,295
  -2,403
  -2,517
  -2,638
  -2,764
  -2,897
  -3,038
  -3,185
  -3,340
  -3,503
  -3,675
  -3,855
  -4,044
  -4,243
  -4,453
  -4,672
  -4,903
Total debt, $m
  4,770
  5,204
  5,667
  6,159
  6,684
  7,240
  7,830
  8,455
  9,116
  9,814
  10,551
  11,330
  12,151
  13,016
  13,928
  14,889
  15,900
  16,965
  18,086
  19,265
  20,505
  21,809
  23,180
  24,622
  26,138
  27,731
  29,406
  31,165
  33,014
  34,957
Total liabilities, $m
  11,054
  11,487
  11,950
  12,443
  12,967
  13,524
  14,114
  14,738
  15,399
  16,097
  16,835
  17,613
  18,434
  19,300
  20,212
  21,172
  22,184
  23,249
  24,369
  25,548
  26,788
  28,093
  29,464
  30,906
  32,422
  34,015
  35,689
  37,449
  39,298
  41,240
Total equity, $m
  6,436
  6,689
  6,958
  7,245
  7,550
  7,875
  8,218
  8,582
  8,967
  9,373
  9,803
  10,256
  10,734
  11,238
  11,769
  12,328
  12,917
  13,537
  14,190
  14,876
  15,598
  16,358
  17,156
  17,996
  18,878
  19,806
  20,781
  21,806
  22,882
  24,013
Total liabilities and equity, $m
  17,490
  18,176
  18,908
  19,688
  20,517
  21,399
  22,332
  23,320
  24,366
  25,470
  26,638
  27,869
  29,168
  30,538
  31,981
  33,500
  35,101
  36,786
  38,559
  40,424
  42,386
  44,451
  46,620
  48,902
  51,300
  53,821
  56,470
  59,255
  62,180
  65,253
Debt-to-equity ratio
  0.740
  0.780
  0.810
  0.850
  0.890
  0.920
  0.950
  0.990
  1.020
  1.050
  1.080
  1.100
  1.130
  1.160
  1.180
  1.210
  1.230
  1.250
  1.270
  1.300
  1.310
  1.330
  1.350
  1.370
  1.380
  1.400
  1.420
  1.430
  1.440
  1.460
Adjusted equity ratio
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368
  0.368

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  1,359
  1,387
  1,416
  1,447
  1,479
  1,513
  1,549
  1,587
  1,628
  1,670
  1,899
  1,947
  1,996
  2,049
  2,104
  2,162
  2,223
  2,287
  2,355
  2,426
  2,500
  2,579
  2,661
  2,748
  2,839
  2,935
  3,036
  3,141
  3,252
  3,369
Depreciation, amort., depletion, $m
  2,020
  2,089
  2,163
  2,242
  2,326
  2,415
  2,509
  2,609
  2,715
  2,826
  2,692
  2,816
  2,947
  3,086
  3,232
  3,385
  3,547
  3,717
  3,896
  4,085
  4,283
  4,492
  4,711
  4,942
  5,184
  5,439
  5,706
  5,988
  6,283
  6,594
Funds from operations, $m
  3,379
  3,477
  3,579
  3,689
  3,805
  3,928
  4,058
  4,197
  4,342
  4,497
  4,591
  4,763
  4,944
  5,135
  5,336
  5,547
  5,770
  6,004
  6,251
  6,511
  6,784
  7,071
  7,372
  7,690
  8,023
  8,374
  8,742
  9,129
  9,536
  9,963
Change in working capital, $m
  -48
  -52
  -55
  -59
  -62
  -66
  -70
  -74
  -79
  -83
  -88
  -93
  -98
  -103
  -108
  -114
  -120
  -127
  -133
  -140
  -147
  -155
  -163
  -171
  -180
  -189
  -199
  -209
  -220
  -231
Cash from operations, $m
  3,427
  3,528
  3,634
  3,747
  3,867
  3,994
  4,129
  4,271
  4,421
  4,580
  4,679
  4,855
  5,041
  5,237
  5,444
  5,661
  5,890
  6,131
  6,384
  6,651
  6,931
  7,226
  7,535
  7,861
  8,203
  8,563
  8,941
  9,338
  9,756
  10,194
Maintenance CAPEX, $m
  -1,703
  -1,767
  -1,837
  -1,911
  -1,990
  -2,073
  -2,162
  -2,257
  -2,357
  -2,462
  -2,574
  -2,692
  -2,816
  -2,947
  -3,086
  -3,232
  -3,385
  -3,547
  -3,717
  -3,896
  -4,085
  -4,283
  -4,492
  -4,711
  -4,942
  -5,184
  -5,439
  -5,706
  -5,988
  -6,283
New CAPEX, $m
  -324
  -346
  -370
  -394
  -419
  -445
  -472
  -499
  -528
  -558
  -590
  -622
  -656
  -692
  -729
  -768
  -809
  -851
  -896
  -943
  -991
  -1,043
  -1,096
  -1,153
  -1,212
  -1,274
  -1,339
  -1,407
  -1,478
  -1,553
Cash from investing activities, $m
  -2,027
  -2,113
  -2,207
  -2,305
  -2,409
  -2,518
  -2,634
  -2,756
  -2,885
  -3,020
  -3,164
  -3,314
  -3,472
  -3,639
  -3,815
  -4,000
  -4,194
  -4,398
  -4,613
  -4,839
  -5,076
  -5,326
  -5,588
  -5,864
  -6,154
  -6,458
  -6,778
  -7,113
  -7,466
  -7,836
Free cash flow, $m
  1,401
  1,414
  1,428
  1,443
  1,459
  1,476
  1,495
  1,515
  1,536
  1,559
  1,515
  1,541
  1,569
  1,598
  1,629
  1,662
  1,696
  1,733
  1,771
  1,812
  1,855
  1,900
  1,947
  1,997
  2,050
  2,105
  2,164
  2,225
  2,290
  2,358
Issuance/(repayment) of debt, $m
  396
  433
  463
  493
  524
  556
  590
  625
  661
  698
  738
  778
  821
  865
  912
  961
  1,012
  1,065
  1,121
  1,179
  1,240
  1,304
  1,371
  1,442
  1,516
  1,593
  1,674
  1,760
  1,849
  1,943
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  396
  433
  463
  493
  524
  556
  590
  625
  661
  698
  738
  778
  821
  865
  912
  961
  1,012
  1,065
  1,121
  1,179
  1,240
  1,304
  1,371
  1,442
  1,516
  1,593
  1,674
  1,760
  1,849
  1,943
Total cash flow (excl. dividends), $m
  1,796
  1,848
  1,890
  1,935
  1,983
  2,032
  2,085
  2,139
  2,197
  2,258
  2,253
  2,320
  2,390
  2,464
  2,541
  2,622
  2,708
  2,798
  2,892
  2,991
  3,095
  3,204
  3,319
  3,439
  3,566
  3,699
  3,838
  3,985
  4,139
  4,300
Retained Cash Flow (-), $m
  -233
  -252
  -269
  -287
  -305
  -324
  -344
  -364
  -385
  -407
  -429
  -453
  -478
  -504
  -531
  -559
  -589
  -620
  -652
  -686
  -722
  -759
  -799
  -840
  -883
  -928
  -975
  -1,025
  -1,077
  -1,131
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,563
  1,595
  1,621
  1,648
  1,678
  1,708
  1,741
  1,776
  1,812
  1,851
  1,823
  1,866
  1,912
  1,960
  2,010
  2,063
  2,119
  2,178
  2,239
  2,304
  2,373
  2,445
  2,520
  2,600
  2,683
  2,771
  2,863
  2,960
  3,062
  3,169
Discount rate, %
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
  1,499
  1,460
  1,411
  1,357
  1,300
  1,240
  1,176
  1,110
  1,041
  970
  866
  796
  727
  658
  590
  524
  461
  401
  345
  293
  245
  203
  165
  132
  104
  81
  61
  46
  33
  24
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Enel Americas S.A., formerly Enersis Americas S.A., through its subsidiaries and jointly controlled entities, is engaged in the electricity generation, transmission and distribution businesses in Chile, Brazil, Colombia, Peru and Argentina. The Company operates through two segments: Generation and Transmission, and Distribution. The Company's Generation and Transmission segment operates through companies, including Central Comercializadora de Energia S.A. (Cemsa); Central Dock Sud S.A. (Dock Sud); Central Costanera S.A. (Costanera), and Hidroelectrica El Chocon S.A. (El Chocon). The Company's Distribution segment operates through companies, including Empresa Distribuidora Sur S.A. (Edesur); Ampla Energia e Servicos S.A. (Ampla), and Companhia Energetica do Ceara S.A. (Coelce). The Company is engaged in non-electricity business through its subsidiary, Servicios Informaticos e Inmobiliarios Ltda. (SIEI). It holds interest in Yacylec S.A., which is an electricity transmission company.

FINANCIAL RATIOS  of  Enel Americas ADR (ENIA)

Valuation Ratios
P/E Ratio 761.6
Price to Sales 56.1
Price to Book 74.7
Price to Tangible Book
Price to Cash Flow 170.4
Price to Free Cash Flow 331.2
Growth Rates
Sales Growth Rate -2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -39%
Cap. Spend. - 3 Yr. Gr. Rate 1.5%
Financial Strength
Quick Ratio 4
Current Ratio 0
LT Debt to Equity 57.5%
Total Debt to Equity 69.5%
Interest Coverage 5
Management Effectiveness
Return On Assets 4.4%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 5.4%
Ret/ On T. Cap. - 3 Yr. Avg. 6.4%
Return On Equity 8.3%
Return On Equity - 3 Yr. Avg. 9.9%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 50.4%
Gross Margin - 3 Yr. Avg. 49.9%
EBITDA Margin 22.6%
EBITDA Margin - 3 Yr. Avg. 26.4%
Operating Margin 23.4%
Oper. Margin - 3 Yr. Avg. 24.6%
Pre-Tax Margin 17.9%
Pre-Tax Margin - 3 Yr. Avg. 21.6%
Net Profit Margin 7.4%
Net Profit Margin - 3 Yr. Avg. 10.5%
Effective Tax Rate 38.6%
Eff/ Tax Rate - 3 Yr. Avg. 38.7%
Payout Ratio 112.7%

ENIA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ENIA stock intrinsic value calculation we used $7767.92558327 million for the last fiscal year's total revenue generated by Enel Americas ADR. The default revenue input number comes from 0001 income statement of Enel Americas ADR. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our ENIA stock valuation model: a) initial revenue growth rate of 3.8% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for ENIA is calculated based on our internal credit rating of Enel Americas ADR, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Enel Americas ADR.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of ENIA stock the variable cost ratio is equal to 66.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for ENIA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 19.6% for Enel Americas ADR.

Corporate tax rate of 27% is the nominal tax rate for Enel Americas ADR. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the ENIA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for ENIA are equal to 109.6%.

Life of production assets of 0 years is the average useful life of capital assets used in Enel Americas ADR operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for ENIA is equal to -16.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $6203.34029324 million for Enel Americas ADR - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 88.384 million for Enel Americas ADR is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Enel Americas ADR at the current share price and the inputted number of shares is $0.7 billion.

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COMPANY NEWS

▶ Enel Americas S.A. to Host Earnings Call   [Mar-01-18 08:15AM  ACCESSWIRE]
▶ IBD Rating Upgrades: Enel Americas Flashes Improved Price Strength   [Dec-26-17 03:00AM  Investor's Business Daily]
▶ ETFs with exposure to Enel Americas SA : October 23, 2017   [Oct-23-17 10:34AM  Capital Cube]
▶ The Next Big Innovation In Solar Is Here   [Jul-11-17 02:30PM  Oilprice.com]
▶ Do Hedge Funds Love Enel Americas SA (ADR) (ENIA)?   [Dec-09-16 10:33AM  Insider Monkey]
▶ Do Hedge Funds Love Enel Americas SA (ADR) (ENIA)?   [10:33AM  at Insider Monkey]

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