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ENIA - Enel Americas: Q2 Struck By FX Effects But Business And Repatriation Risks Still Limited
Enel Americas S.A. American Depositary Shares
By Felipe Bijit
Enel Americas (ENIA) has been a company that has interested us for a while now. Its business has the makings of a highly resistant store of value for what will be a serious oncoming recession, able to resist even future COVID-19 waves. To an extent, this quarter showed that this was the case, however, the risks around emerging markets continue to create business volatility through FX impacts. Underlying demand remained robust and bad debt expenses were fairly limited, and based on precedent we think that Enel Americas should continue to