Positioning no disclosures inside 60 days, left as found
Options no verdict drawn today, left as found
Ethical does not pass the values gate
Price18.91 USD
Fair value29.46
Ethical score70.0/100
RatingAVOID
Our investment reviews on this name
2026-08-27Read Markdown22.27-15.1% to today ✓Distribution gives way to Markdown after a 19% slide in 8 weeks
2026-07-02Read Distribution27.56-31.4% to today ✓First review on file: Distribution
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima holds its Markdown at $18.91. Elevated stress, defensive posture warranted, held for 192 days.
As held on the ledger · 2026-10-23
Phase
Markdown · caution
Quantitative state
Elevated stress, defensive posture warranted, held for 192 days
Price at the screen
$18.91
Valuation
7.03 trailing · 17.30 forward price to earnings
Values screen
FAIL· score 70.0
Beta
-0.10
The Workings
Five Screens, Shown in Full
Does not pass. Debt ratio
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
107,878.44%
Below 33%
Interest-bearing debt is 107,878.4% of its assets, above the one-third ceiling the screen allows.
Fail
Interest-bearing cash
73,619.96%
Below 33%
Interest-bearing cash and securities are 73,620.0% of assets, above the one-third limit.
Fail
Receivables
0.00%
Below 49%
Money owed to the company is 0.0% of assets, under the 49% limit.
Pass
Revenue purity
0.06%
Below 5%
Only 0.1% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Falls Short, in Plain English
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima's business is in a permissible area, but its interest-bearing debt is about 107878% of the company, well over the ~33% line, so it does not pass on the financial screens.
Read as at 2026-10-28. It updates when the underlying figures move, and past reads are kept below.
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Today EDN does not pass the screen. If new figures move it to a pass, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
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What the Numbers Say It Is Worth
The Fair Value Range
Our analysis reads AVOID: it trades at roughly a 56% discount to our $29.46 fair value, moderate competitive moat, 10.40% revenue growth.
Fair value range in USD, drawn from the 2026-10-23 screen. The gold marker is the market price at the same screen. A 55.8% margin of safety to the base estimate.
Third-party analyst targets: 2 covering, consensus None. The average target sits +104% from the screen price.
Reading the gap · Both our model and the analysts see meaningful upside from here.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-23 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Argentine Power Distributor Trips Our Ethical Screen
Imagine the lights staying on across Buenos Aires suburbs while bills get paid in a country where blackouts and inflation still bite. EDN moves the electricity yet we pass without hesitation. The business shows a moderate moat and a 15% return on equity but the ethical screen flags excessive debt and that alone rules it out.
Forward earnings sit at just 8.7 times with zero revenue growth and a 10% profit margin. One analyst points to a $37 target while our own fair value sits at $31.28 against the current $24.59 price. None of those figures change the verdict once the debt test is failed.
Argentina adds currency and regulatory shocks that can wipe out any apparent margin of safety in a regulated utility. High leverage simply magnifies the damage when tariffs or the peso move the wrong way. Analysis, not advice.
The risks · The things to watch: it's a small-cap, so the share price can swing harder than the market; its business and earnings are exposed to Argentina and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
EDN trades on the NYSE (the company is based in Argentina). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-29Markdown$18.91-8.5%Entry 8
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 8.5% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is sitting below its long-term trend line with momentum reading oversold. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (2 analysts) rates it none, with a mean price target of $38.
2026-10-16Markdown$20.67-12.3%Entry 7
The analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 12.3% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading neutral. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (2 analysts) rates it none, with a mean price target of $38.
2026-10-02Markdown$23.56+5.8%Entry 6
Our analysis reads markdown. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved up 5.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading neutral. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (2 analysts) rates it none, with a mean price target of $38.
2026-08-27Markdown · changed$22.27-9.4%Entry 5
The framework has shifted from distribution to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 9.4% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it D. Technically it is momentum reading neutral. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (2 analysts) rates it none, with a mean price target of $38.
2026-07-27Distribution$24.59-10.8%Entry 4
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 10.8% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading neutral. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (2 analysts) rates it none, with a mean price target of $38.
2026-07-18Distribution$27.56+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C. Technically it is momentum reading neutral. Over the past year the shares are down 19%. Our forward projection puts the odds of a 10% gain over the next month near 34%. The street (2 analysts) rates it none, with a mean price target of $38.
2026-07-03Distribution$27.56+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$27.56Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: FAIL. This security does not pass our values-based screening criteria. The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
Screened names in the same industry · explore each on its own page.
What Holding Actually Paid · Price Plus Dividends
If $1,000 had been placed · historical, not a promise
Period
Price then
Price return
Divs per share
$1,000 became
Total return
1 month
$24.47
+7.0%
·
$1,070
+7.0%
2 months
$28.84
-9.2%
·
$908
-9.2%
3 months
$27.28
-4.0%
·
$960
-4.0%
6 months
$30.87
-15.2%
·
$848
-15.2%
1 year
$32.17
-18.6%
·
$814
-18.6%
2 years
$16.71
+56.7%
·
$1,567
+56.7%
3 years
$11.57
+126.3%
·
$2,263
+126.3%
5 years
$5.00
+423.6%
·
$5,236
+423.6%
Historical returns from market close data. Past performance does not guarantee future results.
The Ledger's Promise
This entry now belongs to the ledger. Whatever EDN does next, these words stay.
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima · EDN · Markdown · $18.91
Recorded 2026-10-23 · before the outcome · scored mechanically
