Intrinsic value of Enel Generacion Chile ADR - EOCC

Previous Close

$18.24

  Intrinsic Value

$4,868

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  Rating & Target

str. buy

+999%

Previous close

$18.24

 
Intrinsic value

$4,868

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of EOCC 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 0.0

 

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, %
  7.10
  6.89
  6.70
  6.53
  6.38
  6.24
  6.12
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.32
  5.28
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
Revenue, $m
  2,845
  3,041
  3,245
  3,457
  3,678
  3,907
  4,146
  4,395
  4,654
  4,925
  5,207
  5,502
  5,810
  6,131
  6,467
  6,819
  7,186
  7,571
  7,973
  8,394
  8,835
  9,297
  9,782
  10,289
  10,821
  11,378
  11,962
  12,575
  13,217
  13,891
Variable operating expenses, $m
  1,641
  1,754
  1,871
  1,993
  2,119
  2,251
  2,388
  2,531
  2,680
  2,836
  2,991
  3,160
  3,337
  3,521
  3,714
  3,916
  4,127
  4,348
  4,579
  4,821
  5,075
  5,340
  5,618
  5,909
  6,215
  6,535
  6,870
  7,222
  7,591
  7,978
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
  1,641
  1,754
  1,871
  1,993
  2,119
  2,251
  2,388
  2,531
  2,680
  2,836
  2,991
  3,160
  3,337
  3,521
  3,714
  3,916
  4,127
  4,348
  4,579
  4,821
  5,075
  5,340
  5,618
  5,909
  6,215
  6,535
  6,870
  7,222
  7,591
  7,978
Operating income, $m
  1,204
  1,288
  1,374
  1,464
  1,558
  1,656
  1,758
  1,864
  1,974
  2,089
  2,217
  2,342
  2,473
  2,610
  2,753
  2,902
  3,059
  3,222
  3,394
  3,573
  3,761
  3,958
  4,164
  4,380
  4,606
  4,843
  5,092
  5,353
  5,626
  5,913
EBITDA, $m
  2,140
  2,287
  2,441
  2,600
  2,766
  2,938
  3,118
  3,305
  3,500
  3,704
  3,916
  4,138
  4,369
  4,611
  4,864
  5,128
  5,404
  5,694
  5,996
  6,313
  6,645
  6,992
  7,356
  7,738
  8,138
  8,557
  8,996
  9,457
  9,940
  10,447
Interest expense (income), $m
  0
  83
  94
  105
  117
  129
  142
  155
  168
  183
  198
  213
  229
  246
  264
  282
  302
  322
  343
  365
  388
  413
  438
  464
  492
  521
  552
  584
  618
  653
  690
Earnings before tax, $m
  1,121
  1,194
  1,269
  1,348
  1,430
  1,515
  1,603
  1,695
  1,791
  1,892
  2,003
  2,113
  2,227
  2,346
  2,470
  2,601
  2,737
  2,879
  3,029
  3,185
  3,348
  3,520
  3,699
  3,887
  4,084
  4,291
  4,508
  4,735
  4,973
  5,223
Tax expense, $m
  303
  322
  343
  364
  386
  409
  433
  458
  484
  511
  541
  570
  601
  633
  667
  702
  739
  777
  818
  860
  904
  950
  999
  1,050
  1,103
  1,159
  1,217
  1,278
  1,343
  1,410
Net income, $m
  818
  872
  927
  984
  1,044
  1,106
  1,170
  1,238
  1,308
  1,381
  1,462
  1,542
  1,625
  1,712
  1,803
  1,898
  1,998
  2,102
  2,211
  2,325
  2,444
  2,569
  2,700
  2,838
  2,982
  3,133
  3,291
  3,457
  3,631
  3,813

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
  6,186
  6,612
  7,055
  7,515
  7,995
  8,494
  9,013
  9,554
  10,118
  10,707
  11,320
  11,961
  12,630
  13,329
  14,059
  14,823
  15,622
  16,458
  17,333
  18,248
  19,207
  20,212
  21,264
  22,367
  23,523
  24,735
  26,005
  27,337
  28,734
  30,199
Adjusted assets (=assets-cash), $m
  6,186
  6,612
  7,055
  7,515
  7,995
  8,494
  9,013
  9,554
  10,118
  10,707
  11,320
  11,961
  12,630
  13,329
  14,059
  14,823
  15,622
  16,458
  17,333
  18,248
  19,207
  20,212
  21,264
  22,367
  23,523
  24,735
  26,005
  27,337
  28,734
  30,199
Revenue / Adjusted assets
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
  0.460
Average production assets, $m
  4,644
  4,964
  5,296
  5,642
  6,002
  6,376
  6,766
  7,173
  7,596
  8,038
  8,498
  8,979
  9,482
  10,006
  10,555
  11,128
  11,728
  12,355
  13,012
  13,699
  14,419
  15,173
  15,964
  16,791
  17,659
  18,569
  19,522
  20,522
  21,571
  22,671
Working capital, $m
  -165
  -176
  -188
  -201
  -213
  -227
  -240
  -255
  -270
  -286
  -302
  -319
  -337
  -356
  -375
  -395
  -417
  -439
  -462
  -487
  -512
  -539
  -567
  -597
  -628
  -660
  -694
  -729
  -767
  -806
Total debt, $m
  1,588
  1,779
  1,977
  2,184
  2,398
  2,622
  2,855
  3,097
  3,350
  3,613
  3,888
  4,175
  4,475
  4,788
  5,115
  5,458
  5,815
  6,190
  6,582
  6,992
  7,422
  7,872
  8,343
  8,837
  9,355
  9,898
  10,467
  11,064
  11,689
  12,346
Total liabilities, $m
  2,771
  2,962
  3,161
  3,367
  3,582
  3,805
  4,038
  4,280
  4,533
  4,797
  5,072
  5,359
  5,658
  5,971
  6,299
  6,641
  6,999
  7,373
  7,765
  8,175
  8,605
  9,055
  9,526
  10,020
  10,538
  11,081
  11,650
  12,247
  12,873
  13,529
Total equity, $m
  3,414
  3,650
  3,894
  4,149
  4,413
  4,689
  4,975
  5,274
  5,585
  5,910
  6,249
  6,602
  6,972
  7,358
  7,761
  8,182
  8,623
  9,085
  9,568
  10,073
  10,602
  11,157
  11,738
  12,347
  12,985
  13,653
  14,355
  15,090
  15,861
  16,670
Total liabilities and equity, $m
  6,185
  6,612
  7,055
  7,516
  7,995
  8,494
  9,013
  9,554
  10,118
  10,707
  11,321
  11,961
  12,630
  13,329
  14,060
  14,823
  15,622
  16,458
  17,333
  18,248
  19,207
  20,212
  21,264
  22,367
  23,523
  24,734
  26,005
  27,337
  28,734
  30,199
Debt-to-equity ratio
  0.470
  0.490
  0.510
  0.530
  0.540
  0.560
  0.570
  0.590
  0.600
  0.610
  0.620
  0.630
  0.640
  0.650
  0.660
  0.670
  0.670
  0.680
  0.690
  0.690
  0.700
  0.710
  0.710
  0.720
  0.720
  0.720
  0.730
  0.730
  0.740
  0.740
Adjusted equity ratio
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552
  0.552

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  818
  872
  927
  984
  1,044
  1,106
  1,170
  1,238
  1,308
  1,381
  1,462
  1,542
  1,625
  1,712
  1,803
  1,898
  1,998
  2,102
  2,211
  2,325
  2,444
  2,569
  2,700
  2,838
  2,982
  3,133
  3,291
  3,457
  3,631
  3,813
Depreciation, amort., depletion, $m
  936
  1,000
  1,066
  1,135
  1,207
  1,282
  1,360
  1,442
  1,526
  1,615
  1,700
  1,796
  1,896
  2,001
  2,111
  2,226
  2,346
  2,471
  2,602
  2,740
  2,884
  3,035
  3,193
  3,358
  3,532
  3,714
  3,904
  4,104
  4,314
  4,534
Funds from operations, $m
  1,754
  1,871
  1,993
  2,119
  2,251
  2,388
  2,531
  2,679
  2,834
  2,996
  3,162
  3,338
  3,522
  3,714
  3,914
  4,124
  4,343
  4,573
  4,813
  5,065
  5,328
  5,604
  5,893
  6,196
  6,513
  6,846
  7,195
  7,561
  7,945
  8,347
Change in working capital, $m
  -11
  -11
  -12
  -12
  -13
  -13
  -14
  -14
  -15
  -16
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -29
  -31
  -32
  -34
  -36
  -37
  -39
Cash from operations, $m
  1,765
  1,883
  2,005
  2,132
  2,264
  2,401
  2,544
  2,694
  2,849
  3,011
  3,179
  3,355
  3,540
  3,732
  3,934
  4,144
  4,365
  4,595
  4,837
  5,089
  5,354
  5,631
  5,921
  6,225
  6,544
  6,879
  7,229
  7,597
  7,982
  8,386
Maintenance CAPEX, $m
  -867
  -929
  -993
  -1,059
  -1,128
  -1,200
  -1,275
  -1,353
  -1,435
  -1,519
  -1,608
  -1,700
  -1,796
  -1,896
  -2,001
  -2,111
  -2,226
  -2,346
  -2,471
  -2,602
  -2,740
  -2,884
  -3,035
  -3,193
  -3,358
  -3,532
  -3,714
  -3,904
  -4,104
  -4,314
New CAPEX, $m
  -306
  -320
  -333
  -346
  -360
  -375
  -390
  -406
  -423
  -442
  -461
  -481
  -502
  -525
  -548
  -573
  -600
  -627
  -657
  -688
  -720
  -754
  -790
  -828
  -868
  -910
  -954
  -1,000
  -1,049
  -1,100
Cash from investing activities, $m
  -1,173
  -1,249
  -1,326
  -1,405
  -1,488
  -1,575
  -1,665
  -1,759
  -1,858
  -1,961
  -2,069
  -2,181
  -2,298
  -2,421
  -2,549
  -2,684
  -2,826
  -2,973
  -3,128
  -3,290
  -3,460
  -3,638
  -3,825
  -4,021
  -4,226
  -4,442
  -4,668
  -4,904
  -5,153
  -5,414
Free cash flow, $m
  591
  634
  679
  727
  776
  826
  879
  934
  991
  1,050
  1,110
  1,175
  1,242
  1,311
  1,384
  1,460
  1,539
  1,622
  1,709
  1,799
  1,894
  1,993
  2,096
  2,205
  2,318
  2,437
  2,562
  2,692
  2,829
  2,972
Issuance/(repayment) of debt, $m
  183
  191
  198
  206
  215
  223
  233
  242
  253
  264
  275
  287
  300
  313
  327
  342
  358
  374
  392
  410
  430
  450
  471
  494
  518
  543
  569
  597
  626
  656
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  
  183
  191
  198
  206
  215
  223
  233
  242
  253
  264
  275
  287
  300
  313
  327
  342
  358
  374
  392
  410
  430
  450
  471
  494
  518
  543
  569
  597
  626
  656
Total cash flow (excl. dividends), $m
  774
  825
  878
  933
  990
  1,050
  1,112
  1,176
  1,244
  1,314
  1,385
  1,462
  1,541
  1,624
  1,711
  1,802
  1,897
  1,997
  2,101
  2,210
  2,324
  2,443
  2,568
  2,699
  2,836
  2,980
  3,131
  3,289
  3,455
  3,629
Retained Cash Flow (-), $m
  -227
  -235
  -245
  -254
  -265
  -275
  -287
  -299
  -311
  -325
  -339
  -354
  -369
  -386
  -403
  -422
  -441
  -461
  -483
  -506
  -529
  -554
  -581
  -609
  -638
  -669
  -701
  -735
  -771
  -809
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
  547
  590
  633
  679
  726
  774
  825
  878
  932
  989
  1,046
  1,108
  1,172
  1,239
  1,308
  1,381
  1,456
  1,535
  1,618
  1,704
  1,794
  1,888
  1,987
  2,090
  2,198
  2,311
  2,430
  2,554
  2,684
  2,820
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
  524
  540
  551
  559
  562
  562
  557
  549
  536
  519
  497
  473
  446
  416
  384
  351
  317
  283
  249
  217
  186
  157
  130
  106
  86
  67
  52
  40
  29
  21
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 Generacion Chile SA, formerly Empresa Nacional De Electricidad SA, is a Chile-based company engaged in the business of electricity generation. The Company operates in Chile. The Company owns and operates a total of approximately 111-generation units in Chile both directly and through its subsidiaries, Pehuenche, Celta and GasAtacama. Of these generation units, approximately 38 are hydroelectric, with a total installed capacity of over 3,470 megawatts. There are approximately 22 thermal generation units that operate with gas, coal or oil with a total installed capacity of over 2,808 megawatts. There are over 51 wind powered generation units with an aggregate installed capacity of approximately 78 megawatts. The Company's subsidiaries include Compania Electrica San Isidro S.A. (San Isidro), Compania Electrica Tarapaca S.A. (Celta), Empresa Electrica Pehuenche S.A. (Pehuenche) and GasAtacama S.A (GasAtacama). It is controlled by Enel Chile SA.

FINANCIAL RATIOS  of  Enel Generacion Chile ADR (EOCC)

Valuation Ratios
P/E Ratio 210.1
Price to Sales 59.8
Price to Book 58.3
Price to Tangible Book
Price to Cash Flow 177.5
Price to Free Cash Flow 272.5
Growth Rates
Sales Growth Rate 7.5%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -63.7%
Cap. Spend. - 3 Yr. Gr. Rate -7.7%
Financial Strength
Quick Ratio 6
Current Ratio 0
LT Debt to Equity 47.1%
Total Debt to Equity 48.2%
Interest Coverage 0
Management Effectiveness
Return On Assets 8.8%
Ret/ On Assets - 3 Yr. Avg. 6.3%
Return On Total Capital 15.7%
Ret/ On T. Cap. - 3 Yr. Avg. 10.8%
Return On Equity 21.7%
Return On Equity - 3 Yr. Avg. 16.3%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 31.7%
EBITDA Margin - 3 Yr. Avg. 21.5%
Operating Margin 33.3%
Oper. Margin - 3 Yr. Avg. 26.7%
Pre-Tax Margin 31.7%
Pre-Tax Margin - 3 Yr. Avg. 21.5%
Net Profit Margin 28.5%
Net Profit Margin - 3 Yr. Avg. 27%
Effective Tax Rate 15.9%
Eff/ Tax Rate - 3 Yr. Avg. 20.7%
Payout Ratio 26.8%

EOCC stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EOCC stock intrinsic value calculation we used $2656.70635034 million for the last fiscal year's total revenue generated by Enel Generacion Chile ADR. The default revenue input number comes from 0001 income statement of Enel Generacion Chile 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 EOCC stock valuation model: a) initial revenue growth rate of 7.1% 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 EOCC is calculated based on our internal credit rating of Enel Generacion Chile 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 Generacion Chile 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 EOCC stock the variable cost ratio is equal to 57.7%.

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 EOCC 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 5.9% for Enel Generacion Chile ADR.

Corporate tax rate of 27% is the nominal tax rate for Enel Generacion Chile 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 EOCC 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 EOCC are equal to 163.2%.

Life of production assets of 0 years is the average useful life of capital assets used in Enel Generacion Chile 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 EOCC is equal to -5.8%. 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 - $3187.38662171 million for Enel Generacion Chile 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 2.056 million for Enel Generacion Chile 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 Generacion Chile ADR at the current share price and the inputted number of shares is $0.0 billion.

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