Financials Enel Chile S.A.

Equities

ENELCHILE

CL0002266774

Electric Utilities

End-of-day quote Santiago S.E. Other stock markets 03:30:00 26/04/2024 am IST			5-day change	1st Jan Change
55.67 ^CLP	+1.03%		+0.04%	-2.32%

28/03	Enel Chile Reportedly to Sell Nearly Half of 780-MW Solar Portfolio	CI
29/02	Transcript : Enel Chile S.A., Q4 2023 Earnings Call, Feb 29, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	48,76,242	38,17,994	20,61,163	26,96,804	39,41,802	38,50,502	-	-
Enterprise Value (EV) ¹	65,94,074	51,23,694	37,77,361	40,70,383	58,30,302	67,26,812	63,97,564	58,89,298
P/E ratio	16.5 x	-74.6 x	24.2 x	2.15 x	6.22 x	7.27 x	7.25 x	6.8 x
Yield	3.64%	5.58%	1.59%	-	-	6.91%	6.91%	7.34%
Capitalization / Revenue	1.76 x	1.48 x	0.72 x	0.54 x	0.9 x	0.95 x	1.06 x	0.99 x
EV / Revenue	2.38 x	1.98 x	1.32 x	0.82 x	1.33 x	1.66 x	1.77 x	1.51 x
EV / EBITDA	6.26 x	5.64 x	7.23 x	3.47 x	5.61 x	5.44 x	5.64 x	4.86 x
EV / FCF	14.9 x	21.3 x	-11.3 x	-23.8 x	84.7 x	67.4 x	57.6 x	51.7 x
FCF Yield	6.72%	4.7%	-8.87%	-4.2%	1.18%	1.48%	1.74%	1.93%
Price to Book	1.4 x	1.14 x	0.67 x	0.66 x	0.89 x	0.82 x	0.78 x	0.74 x
Nbr of stocks (in thousands)	6,91,66,557	6,91,66,557	6,91,66,557	6,91,66,557	6,91,66,557	6,91,66,557	-	-
Reference price ²	70.50	55.20	29.80	38.99	56.99	55.67	55.67	55.67
Announcement Date	26/02/20	27/02/21	28/02/22	28/02/23	28/02/24	-	-	-

¹CLP in Million²CLP

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,70,834	25,85,402	28,55,230	49,56,432	43,80,246	40,50,000	36,16,341	39,02,149
EBITDA ¹	10,53,492	9,08,676	5,22,185	11,74,203	10,38,958	12,37,346	11,33,443	12,12,100
EBIT ¹	5,26,055	-34,255	3,11,257	9,35,930	7,85,558	9,35,771	8,39,984	10,27,467
Operating Margin	18.99%	-1.32%	10.9%	18.88%	17.93%	23.11%	23.23%	26.33%
Earnings before Tax (EBT) ¹	3,77,321	-1,33,692	1,15,849	17,78,681	9,06,926	7,60,309	7,32,094	8,37,747
Net income ¹	2,96,154	-50,860	85,154	12,52,082	6,33,456	5,19,794	4,97,640	5,65,890
Net margin	10.69%	-1.97%	2.98%	25.26%	14.46%	12.83%	13.76%	14.5%
EPS ²	4.280	-0.7400	1.230	18.10	9.160	7.654	7.683	8.183
Free Cash Flow ¹	4,43,365	2,41,059	-3,35,120	-1,70,914	68,870	99,736	1,11,159	1,13,819
FCF margin	16%	9.32%	-11.74%	-3.45%	1.57%	2.46%	3.07%	2.92%
FCF Conversion (EBITDA)	42.09%	26.53%	-	-	6.63%	8.06%	9.81%	9.39%
FCF Conversion (Net income)	149.71%	-	-	-	10.87%	19.19%	22.34%	20.11%
Dividend per Share ²	2.569	3.080	0.4743	-	-	3.845	3.844	4.089
Announcement Date	26/02/20	27/02/21	28/02/22	28/02/23	28/02/24	-	-	-

¹CLP in Million²CLP

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	7,77,465	7,94,850	8,97,085	10,18,208	12,97,054	17,44,085	11,75,229	9,29,313	10,35,976	10,26,439	9,90,795	9,47,879	9,38,669	9,45,935	-
EBITDA ¹	60,574	1,67,771	1,65,512	42,198	2,06,920	7,59,574	2,78,245	44,134	3,21,094	3,95,485	2,82,537	2,52,457	3,05,488	4,19,788	2,48,463
EBIT ¹	7,169	1,11,453	1,03,427	-59,592	1,47,942	-	2,15,631	-16,966	2,51,145	3,25,328	2,14,552	2,12,577	2,22,702	3,14,918	-
Operating Margin	0.92%	14.02%	11.53%	-5.85%	11.41%	-	18.35%	-1.83%	24.24%	31.69%	21.65%	22.43%	23.73%	33.29%	-
Earnings before Tax (EBT) ¹	-24,134	47,302	74,704	-42,389	1,23,556	16,22,810	2,01,122	-42,786	2,51,115	4,97,474	1,80,561	1,78,353	1,89,078	2,80,133	-
Net income ¹	-15,037	36,751	60,342	-11,145	1,00,246	11,02,640	1,40,468	-26,726	1,61,916	3,57,798	1,30,488	1,19,496	1,26,682	1,87,689	-
Net margin	-1.93%	4.62%	6.73%	-1.09%	7.73%	63.22%	11.95%	-2.88%	15.63%	34.86%	13.17%	12.61%	13.5%	19.84%	-
EPS ²	-0.2200	0.5300	0.8700	-0.1600	1.450	15.94	2.030	-0.3900	2.340	5.170	1.749	1.728	1.832	2.714	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	4.010	-
Announcement Date	29/10/21	28/02/22	04/05/22	26/07/22	28/10/22	28/02/23	27/04/23	26/07/23	31/10/23	28/02/24	-	-	-	-	-

¹CLP in Million²CLP

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	17,17,831	13,05,700	17,16,198	13,73,579	18,88,500	28,76,310	25,47,062	20,38,796
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.631 x	1.437 x	3.287 x	1.17 x	1.818 x	2.325 x	2.247 x	1.682 x
Free Cash Flow ¹	4,43,365	2,41,059	-3,35,120	-1,70,914	68,870	99,736	1,11,159	1,13,819
ROE (net income / shareholders' equity)	8.57%	-1.49%	2.64%	34.8%	14.8%	11.7%	10.6%	11.2%
ROA (Net income/ Total Assets)	3.8%	-0.65%	0.98%	11.7%	5.35%	4.73%	4.9%	4.93%
Assets ¹	77,93,526	78,81,605	87,02,504	1,06,82,929	1,18,49,646	1,09,89,306	1,01,60,072	1,14,90,154
Book Value Per Share ²	50.40	48.50	44.80	59.20	64.30	68.00	71.50	75.20
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	3,00,346	5,14,807	7,48,013	9,15,693	6,36,792	5,43,058	-	-
Capex / Sales	10.84%	19.91%	26.2%	18.47%	14.54%	13.41%	-	-
Announcement Date	26/02/20	27/02/21	28/02/22	28/02/23	28/02/24	-	-	-

¹CLP in Million²CLP

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Enel Chile S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

55.67 CLP

Average target price

62.5 CLP

Spread / Average Target

+12.27%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
ENEL CHILE S.A.	-2.32%	4.06B
NEXTERA ENERGY	+8.64%	136B
SOUTHERN COMPANY	+4.41%	80.06B
IBERDROLA, S.A.	-2.19%	77.98B
DUKE ENERGY CORPORATION	+0.69%	75.38B
ENEL S.P.A.	-8.92%	66.47B
CONSTELLATION ENERGY CORPORATION	+61.15%	59.36B
AMERICAN ELECTRIC POWER COMPANY, INC.	+4.97%	44.9B
DOMINION ENERGY, INC.	+7.34%	42.26B
GE VERNOVA INC.	0.00%	41.65B

Other Electric Utilities