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Utilities in the U.S. markets are considered safe, solid stocks – even a tad boring – but in the developing economies of Latin America they’re growth plays.
Consistent economic expansion like the kind Chile’s been seeing inevitably leads to increased power consumption. That results in a business boom for companies like Enersis [ENI
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], which deals in both power generation and distribution.
(Click here for more on why Cramer said Chile’s a great investment opportunity.)
Enersis, because of its hydroelectric plants, has a leg up on its peers, though. While competitors struggle with reduced natural gas supply from Argentina and Bolivia, forcing them to buy higher-priced fuel oil and diesel, Enersis is unaffected. Even the lower water levels Chile’s been experience translate into higher margins for this company.
Thinking long term, Enersis plans to spend $5 billion on new projects to meet the increased power demands in Chile. Maybe even better for shareholders is that the country’s market is full of incentives for Enersis to be as efficient and profitable as possible, Cramer said.
ENI’s got a 2.1% yield, trades at a discount to the global utility average and is priced at $17.86. Cramer predicts it will eventually work its way to the mid-$20s. Enersis is up there with Brazil’s CPFL Energia [CPL
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] as his favorite Latin American utility.
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