Overstated Risks Create an Entry Point; Resume at OW

研报英文原文证据摘录

Overstated Risks Create an Entry Point; Resume at OW

Latin America Insight

July 6, 2026 11:04 PM GMT

Morgan Stanley C.T.V.M. S.A.+MEnel Americas Fernando P Amaral

Equity Analyst

Overstated Risks Create an Fernando.Amaral@morganstanley.comMorgan Stanley & Co. International plc+ +55 11 3048-6121

Robert Pulleyn

Equity Analyst and Commodity StrategistEntry Point; Resume at OW Robert.Pulleyn@morganstanley.com +44 20 7425-4388

The market is missing ENELAM’s intrinsic value, over‑penalizing Morgan Stanley C.T.V.M. S.A.+

Bruno Oyamata, CFA

Enel‑SP even under a renewal scenario while undervaluing the Research Associate

rest of the portfolio. Our bottom-up SoTP analysis suggests Bruno.Oyamata@morganstanley.com +55 11 3048-6112

compelling value. Risks look overpriced & catalysts skewed to Morgan Stanley & Co. International plc+

Sarah E Lester, CFA

the upside. Resume at OW, 3.7x bull:bear skew. Equity Analyst

Sarah.Lester@morganstanley.com +44 20 7425-0551

Key Takeaways Morgan Stanley C.T.V.M. S.A.+

Lucia Eguidazu

Deep value: Resuming coverage on ENELAM at Overweight, with Ch$130/sh. mid- Research Associate

2027 price target, implying 60% upside, and 3.7x bull/bear skew. Lucia.Eguidazu@morganstanley.com +55 11 3048-6312

Our bottom-up SoTP model suggests ENELAM trades 60% below fair value. Enel Americas SA (ENELAM.SN, ENELAM CI)

Market appears to ascribe no value to Argentina & Enel-SP & 30% discount to Latin America Utilities | Chile

other assets. Stock Rating Overweight

Industry View No Rating

Enel‑SP concerns create attractive entry point. Proprietary analysis suggests Price target Ch$130.00

over‑priced risks; 50% upside even under concession termination (worst case). Shr price, close (Jul 6, 2026) Ch$82.89

Mkt cap, curr (mm) Ch$8,536,733

52-Week Range Ch$98.75-72.37