Earnings Review · 05 November 2026
The print
Revenue n/a. EPS $1.99 vs $1.86 expected.
What changed versus going in
Earnings came in at $1.99 a share against $1.86 expected, a beat of 7% (+$0.13 a share).
Did the flow confirm the move?
Underlying money flow reads as accumulation (21-day Chaikin Money Flow +0.25, five-day price change +1.4%, as of 2026-11-03, desk flow model).
Give the business its due
The business itself is genuinely strong: revenue growing about 1%, net margins near 16%, a narrow competitive moat, backed by a 10% return on equity.
Levels that matter
At $129.59 the shares sit 4% below the 52-week high of $134.49 and 15% above the low of $112.40 (78% of the way up the range).
The valuation lens
The shares trade about 12% above our fair-value estimate: priced for things to go right. Fair value lands near $114 against a $129.59 share price, a margin of safety of about -12%. The trailing multiple sits around 19 times earnings, which only makes sense if the growth holds.
The ethical lens, our differentiator
Fails the principled screen, Debt ratio. A strong business is not the same as a suitable one; for a values-conscious book this is a do-not-chase regardless of the print.
The compliant alternative
If the theme is what draws you, Enel Chile S.A. (ENIC) sits in the same industry (Utilities – Regulated Electric) and clears our principled screen, the place to look instead of chasing a name that does not.
The verdict for a values-conscious investor
A beat-and-raise does not change the screen. This is a great company you can admire without owning, protection first. One quarter, strong or soft, does not decide whether a holding is suitable.
This is analysis, not financial advice. Always manage your risk.
