Présentation de l'entreprise
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima, commonly referred to by its ticker EDN, is a utility enterprise focused on the distribution and sale of electricity within Argentina. The company operates within the Utilities sector, specifically the Regulated Electric industry, which implies that its rates and operational models are subject to regulatory oversight rather than pure market forces. EDN manages a substantial electrical power distribution system comprising 85 transformation substations and interconnections designed to serve high voltage customers, supporting a total of 20,295 M. In terms of scale, the entity holds a market capitalization of $1.47B and generates annual revenue of $2.99T, employing a workforce of 4576 individuals. These valuation and revenue figures suggest a significant operational footprint, although the revenue figure of $2.99T presents a notable magnitude relative to the reported market cap and net income, indicating a specific financial reporting context for this regulated entity.
Santé financière
The financial performance of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima is characterized by revenue of $2.99T, a net income of $239.24B, and an EBITDA of $352.73B. The substantial gap between the revenue of $2.99T and the net income of $239.24B reveals a cost structure where operating expenses, including cost of goods sold and administrative costs, consume a significant portion of top-line sales before reaching the bottom line. However, the free cash flow stands at $-571,696,742,400, which indicates a net outflow of cash from operations after capital expenditures, suggesting a heavy reliance on external financing or a specific accounting treatment regarding capital investments in its distribution infrastructure. Profitability is assessed through three distinct margins: a gross margin of 22.8%, an operating margin of 5.3%, and a profit margin of 8.0%. The gross margin of 22.8% indicates the efficiency in production and procurement, while the narrower operating margin of 5.3% reflects the high overhead costs typical of regulated utility infrastructure. The profit margin of 8.0% demonstrates the final return on sales after all expenses, including interest and taxes. Regarding liquidity and leverage, the company holds $813.96B in cash against total debt of $1.19T, resulting in a debt-to-equity ratio of 53.66. This leverage position, coupled with a current ratio of 1.07, suggests a balance sheet that is moderately leveraged but maintains a tight short-term liquidity buffer, as the current assets are only slightly higher than current liabilities. Return on Equity is reported at 11.4%, while Return on Assets is 1.7%. The disparity between these metrics, with ROE significantly higher than ROA, reveals that the company's management effectiveness in generating returns is heavily dependent on the leverage applied to its asset base.
Évaluation de la valorisation
The valuation of EDN is currently reflected in a P/E Ratio (TTM) of 7.95 and a Forward P/E of 921.18. The extreme disparity between the trailing P/E of 7.95 and the forward P/E of 921.18 implies a significant divergence in expected earnings trajectory, suggesting that analysts project a massive increase in future earnings or that the current forward multiple is distorted by anticipated non-recurring items or regulatory changes. The price-to-book ratio stands at 17.07, indicating that the market values the company at a substantial premium over its tangible book value, which is common for regulated utilities with high asset bases that may not be fully captured in historical cost accounting. Alternative valuation metrics include a price-to-sales ratio of 0.00 and an EV/EBITDA of 1.11. The price-to-sales ratio of 0.00 suggests a specific valuation anomaly or reporting characteristic where revenue multiples are not the primary driver of equity value, while the EV/EBITDA of 1.11 offers a perspective on enterprise value relative to cash earnings before interest, taxes, depreciation, and amortization. In terms of trading range, the stock has a 52-week high of $38.10 and a 52-week low of $14.38. Without a specific current price provided in the data, the relative positioning can only be described against these boundaries, which define the volatility envelope for the security. The beta value is 0.27, which indicates that the stock price exhibits significantly lower volatility relative to the broader market, making it a defensive holding that moves less than 10% as much as the market in a given period.
Growth & Income
The growth profile of Empresa Distribuidora y Comercializadora Norte Sociedad Anónima shows a Revenue Growth (YoY) of 5.6% and an Earnings Growth (YoY) of 858.4%. The earnings growth of 858.4% is growing vastly faster than the revenue growth of 5.6%, which implies a potential one-time gain, a change in accounting methodology, or a significant restructuring charge that has been reversed, rather than a sustainable organic expansion of the core utility business. The company does not pay dividends, evidenced by a Dividend Yield of N/A and a Payout Ratio of 0.0%. The zero payout ratio indicates that the company reinvests all available earnings, including the net income of $239.24B, back into the business or pays down debt, rather than distributing cash to shareholders. Consequently, the overall growth and income profile is defined by strong, albeit potentially volatile, earnings expansion with no current income yield for investors seeking regular cash distributions.