Enel Chile S.A. (ENIC) vs NorthWestern Corporation (NWE)

Enel Chile S.A. and NorthWestern Corporation are both Utilities Regulated Electric companies. Enel Chile S.A. is the larger, with a market value of $5.9B against $4.2B — 1.4× the size. Enel Chile S.A. trades at the lower P/E: 10.2× against 24.8×. Enel Chile S.A. grew revenue faster over the last twelve months: 15.0% against 10.7%. Enel Chile S.A. has the higher net margin (12.1% vs 10.1%) and the higher return on invested capital (11.8% vs 3.13%). Both pay a dividend; Enel Chile S.A. yields more (11.4% vs 5.44%). Across the 22 metrics below, Enel Chile S.A. leads on 18 and NorthWestern Corporation on 4.

Valuation

Metric ENIC NWE Utilities Regulated Electric median
P/E 10.21 24.76 18.84
P/S 1.27 2.50 2.52
P/B 1.04 1.46 1.63
Price to free cash flow 3.78 n/m 36.22
EV/EBITDA 5.39 13.26 11.82
EV/Sales 1.25 4.55 4.58
Earnings yield 9.79% 4.04% 5.30%
Free cash flow yield 26.48% (4.54%) (5.06%)

Profitability

Metric ENIC NWE Utilities Regulated Electric median
Gross margin 40.97% 74.48% 66.28%
Operating margin 23.15% 18.84% 21.79%
Net margin 12.11% 10.13% 12.94%
Free cash flow margin 0.00% (11.36%) (11.51%)
Return on equity 0.00% 5.94% 9.75%
Return on assets 4.49% 2.04% 2.75%
Return on invested capital 11.79% 3.13% 3.87%

Growth

Metric ENIC NWE Utilities Regulated Electric median
Revenue growth (TTM) 15.00% 10.69% 7.43%
EPS growth (last fiscal year) 225.00% (19.45%) —
Revenue growth, 5-year CAGR 6.77% 6.09% 6.75%
Net income growth, 5-year CAGR 0.00% 3.13% 6.44%

Health

Metric ENIC NWE Utilities Regulated Electric median
Debt to equity 0.00 1.21 1.53
Current ratio 0.79 0.83 0.81
Net debt to EBITDA (0.09) 5.61 5.25

Dividend

Metric ENIC NWE Utilities Regulated Electric median
Dividend yield 11.44% 5.44% 4.33%
Payout ratio 0.03 0.85 0.66

Size

Metric ENIC NWE Utilities Regulated Electric median
Market cap 5.87b 4.19b 22.90b

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