Enel Chile S.A. (ENIC) vs MGE Energy Inc. (MGEE)

Enel Chile S.A. and MGE Energy Inc. are both Utilities Regulated Electric companies. Enel Chile S.A. is the larger, with a market value of $5.9B against $2.6B — 2.3× the size. Enel Chile S.A. trades at the lower P/E: 10.2× against 17.2×. Enel Chile S.A. grew revenue faster over the last twelve months: 15.0% against 7.07%. MGE Energy Inc. has the higher net margin (19.5% vs 12.1%) and the lower return on invested capital (4.49% vs 11.8%). Both pay a dividend; Enel Chile S.A. yields more (11.4% vs 2.59%). Across the 22 metrics below, Enel Chile S.A. leads on 16 and MGE Energy Inc. on 6.

Valuation

Metric ENIC MGEE Utilities Regulated Electric median
P/E 10.21 17.21 18.84
P/S 1.27 3.40 2.52
P/B 1.04 1.82 1.63
Price to free cash flow 3.78 n/m 36.22
EV/EBITDA 5.39 12.42 11.82
EV/Sales 1.25 4.60 4.58
Earnings yield 9.79% 5.81% 5.30%
Free cash flow yield 26.48% (6.28%) (5.06%)

Profitability

Metric ENIC MGEE Utilities Regulated Electric median
Gross margin 40.97% 72.64% 66.28%
Operating margin 23.15% 22.02% 21.79%
Net margin 12.11% 19.45% 12.94%
Free cash flow margin 0.00% (21.36%) (11.51%)
Return on equity 0.00% 11.04% 9.75%
Return on assets 4.49% 4.86% 2.75%
Return on invested capital 11.79% 4.49% 3.87%

Growth

Metric ENIC MGEE Utilities Regulated Electric median
Revenue growth (TTM) 15.00% 7.07% 7.43%
EPS growth (last fiscal year) 225.00% 11.71% —
Revenue growth, 5-year CAGR 6.77% 6.66% 6.75%
Net income growth, 5-year CAGR 0.00% 8.02% 6.44%

Health

Metric ENIC MGEE Utilities Regulated Electric median
Debt to equity 0.00 0.65 1.53
Current ratio 0.79 1.14 0.81
Net debt to EBITDA (0.09) 3.17 5.25

Dividend

Metric ENIC MGEE Utilities Regulated Electric median
Dividend yield 11.44% 2.59% 4.33%
Payout ratio 0.03 0.51 0.66

Size

Metric ENIC MGEE Utilities Regulated Electric median
Market cap 5.87b 2.59b 22.90b

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