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Edenor SA
(NYSE:EDN)
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Rating:58Neutral
Price Target:
$21.50
▼(-9.36% Downside)
Action:Reiterated
Date:08/17/26
EDN’s score is driven mainly by mixed financial performance: solid recent growth and profitability but persistently negative free cash flow and rising leverage. The latest earnings call adds support via improved underlying operations and a favorable regulatory/tariff framework, while technicals remain a significant drag due to a clear downtrend and bearish momentum. Valuation helps with a low P/E, partially offsetting the risk factors.
Positive Factors
Regulatory tariff normalization
The approved five-year tariff framework improves revenue visibility and provides a mechanism to recover inflation and support real growth. Accumulated VAD increases already exceeded inflation, strengthening the regulated distribution model’s ability to fund operations and sustain earnings over coming quarters.
Negative Factors
Persistent negative free cash flow
Persistent negative free cash flow limits Edenor’s financial flexibility even though operating cash flow is positive. Continued investment needs or working-capital pressure may require greater reliance on external funding, reducing the cash available for debt reduction and other strategic priorities.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory tariff normalization
The approved five-year tariff framework improves revenue visibility and provides a mechanism to recover inflation and support real growth. Accumulated VAD increases already exceeded inflation, strengthening the regulated distribution model’s ability to fund operations and sustain earnings over coming quarters.
Read all positive factors
Edenor SA (EDN) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$990.54M
Dividend YieldN/A
Average Volume (3M)107.93K
Price to Earnings (P/E)5.8
Beta (1Y)0.56
Revenue Growth1.93%
EPS Growth-35.13%
CountryUS
Employees4,576
SectorUtilities
Sector Strength65
IndustryRegulated Electric
Share Statistics
EPS (TTM)5898.20
Shares Outstanding22,128,317
10 Day Avg. Volume210,881
30 Day Avg. Volume107,933
Financial Highlights & Ratios
PEG Ratio-0.77
Price to Book (P/B)0.86
Price to Sales (P/S)0.64
P/FCF Ratio-10.79
Enterprise Value/Market Cap1.38
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda<0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.23
Revenue Forecast (FY)$2.94B
Edenor SA Business Overview & Revenue Model
Company Description
Empresa Distribuidora y Comercializadora Norte Sociedad Anónima, an Argentine firm, focuses its operations on the distribution and commercialization of electricity throughout the country. Founded in 1992, the company maintains its principal office...
How the Company Makes Money
Edenor primarily makes money by distributing and retailing electricity within a regulated concession area, earning revenues largely determined by government-approved tariff frameworks and service regulations. Its main revenue stream is the sale of...
Edenor SA Earnings Call Summary
Earnings Call Date:Aug 11, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Mar 05, 2027
Earnings Call Sentiment Positive
The call presents a predominantly positive operational and financial story driven by tariff normalization, strong underlying EBITDA growth (excluding a prior-year one-off), sustained cost reductions, improved service metrics, healthy collections, debt-rating upgrades and a strategic acquisition opportunity (Metrogas). Key risks and near-term negative items are primarily linked to accounting comparisons with a large one-off gain in 2025, elevated reported energy losses, higher energy purchase costs from subsidy reductions, and dependency on pending regulatory approvals (regulatory asset regularization, CAMMESA write-off and Metrogas concession extension). On balance, the positives (structural regulatory improvement, sizable underlying EBITDA increase, cost efficiencies, investment-driven service improvements and a manageable debt maturity profile) outweigh the lowlights and conditional risks.Positive Updates
Regulatory Normalization and Tariff Review
5-year tariff review (2025-2030) approved April 2026 with monthly automatic adjustments (VAD formula: 33% CPI, 67% WPI + 0.42% monthly real uplift). Accumulated VAD adjustments through Q2 2026 were ~20% versus inflation of ~17%; 2025 VAD rose 37% vs CPI 32%. Monthly adjustments: July +2.95%, August +1.78%.
Negative Updates
Reported Net Profit Decline (Quarterly Comparison)
Net profit in Q2 2026 was ARS 31 billion, down ~75% YoY versus Q2 2025 (ARS 224 billion). The decline is largely attributable to the one-time ARS ~225 billion CAMMESA settlement recognized in Q2 2025.
Read all updates
Q2-2026 Updates
Positive
Negative
Regulatory Normalization and Tariff Review
5-year tariff review (2025-2030) approved April 2026 with monthly automatic adjustments (VAD formula: 33% CPI, 67% WPI + 0.42% monthly real uplift). Accumulated VAD adjustments through Q2 2026 were ~20% versus inflation of ~17%; 2025 VAD rose 37% vs CPI 32%. Monthly adjustments: July +2.95%, August +1.78%.
Read all positive updates
Company Guidance
Edenor guided that the restored regulatory framework and the 5‑year tariff review (2025–2030) — VAD indexed 33% CPI / 67% WPI plus a 0.42% monthly real uplift and a 320% initial Feb‑2024 step — should support continued revenue and EBITDA growth (Q2 revenues ARS 918bn, +10% YoY real; 6M EBITDA ARS 314bn, which excluding the ARS 225bn CAMMESA one‑off implies a +94% YoY improvement), with average monthly tariff adjustments ~3% (Aug‑2024–Dec‑2025 avg 3.1%), accumulated VAD +20% through June‑2026 vs CPI +17% (July +2.95%, August +1.78%). Management expects sustained high collectability (96.27% in Q2), ongoing CapEx to sustain service gains (Q2 ARS 92bn; 6M ARS 167bn), continued losses reduction (energy losses 15.82% of which 9.56% are regulated), record low SAIDI 5.6h and SAIFI 2.7 (down 48% and 34% vs 2021), lower net financial expenses (Q2 financial expenses ARS 106bn, -28% YoY) and a manageable balance sheet (senior notes + loans ~$1.159bn at June; pro‑forma senior notes ~$1.4bn as of Aug 10; net debt ~$303m at June or ~$447m pro‑forma). They also signaled potential balance‑sheet upside if the regulatory asset bill passes (possible CAMMESA debt write‑off face value ~$345m, saving ~ $6m/month), no maturities next year, and expected Metrogas closing by year‑end (Metrogas FY EBITDA ~ $175m, 6M ~ $100m, net cash ~ $45m) with the mandatory OPA 30 days after close (offer price = higher of price paid and 180‑day average).Edenor SA Financial Statement Overview
Summary
Income Statement
61
Positive
Balance Sheet
58
Neutral
Cash Flow
35
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 3.44T | 2.99T | 2.69T | 2.01T | 1.40T | 688.50B |
| Gross Profit | 846.41B | 680.58B | 519.09B | 79.42B | 50.82B | 88.49B |
| EBITDA | 835.64B | 807.60B | 910.92B | 1.68T | 706.74B | 186.67B |
| Net Income | 257.55B | 239.24B | 357.98B | 251.77B | -44.01B | -129.47B |
Balance Sheet | ||||||
| Total Assets | 7.08T | 5.80T | 5.24T | 3.29T | 3.26T | 463.27B |
| Cash, Cash Equivalents and Short-Term Investments | 1.27T | 796.08B | 522.38B | 199.81B | 205.69B | 36.75B |
| Total Debt | 1.70T | 1.17T | 626.65B | 213.23B | 101.38B | 20.66B |
| Total Liabilities | 4.33T | 3.57T | 3.25T | 2.05T | 2.21T | 319.72B |
| Stockholders Equity | 2.75T | 2.22T | 1.98T | 1.23T | 1.04T | 143.55B |
Cash Flow | ||||||
| Free Cash Flow | -77.25B | -176.43B | -150.03B | -138.38B | 25.10B | 40.17B |
| Operating Cash Flow | 241.08B | 192.04B | 323.50B | 204.74B | 240.24B | 129.50B |
| Investing Cash Flow | -634.97B | -461.55B | -746.20B | -226.48B | -253.35B | -154.96B |
| Financing Cash Flow | 818.89B | 435.08B | 348.84B | 21.02B | -32.29B | -8.72B |
Edenor SA Technical Analysis
Negative
23.72
Price Trends
22.80
Negative
24.38
Negative
25.97
Negative
Market Momentum
-0.84
Negative
39.13
Neutral
43.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For EDN, the sentiment is Negative. The current price of 23.72 is above the 20-day moving average (MA) of 21.30, above the 50-day MA of 22.80, and below the 200-day MA of 25.97, indicating a bearish trend. The MACD of -0.84 indicates Negative momentum. The RSI at 39.13 is Neutral, neither overbought nor oversold. The STOCH value of 43.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for EDN.
Edenor SA Risk Analysis
Edenor SA disclosed 53 risk factors in its most recent earnings report. Edenor SA reported the most risks in the "Macro & Political" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Edenor SA Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $10.30B | 16.78 | 12.91% | 3.75% | 26.97% | 11.70% | |
67 Neutral | $7.90B | 11.17 | 15.93% | 8.14% | 12.93% | -24.59% | |
67 Neutral | $6.05B | 10.78 | 10.70% | 4.36% | 9.54% | 294.77% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
64 Neutral | $2.10B | 6.44 | 18.17% | 8.41% | 50.81% | 107.08% | |
58 Neutral | $990.54M | 5.82 | 10.46% | ― | 1.93% | -35.13% | |
53 Neutral | $1.47B | 6.50 | 13.70% | 11.89% | 1.69% | ― |
* Utilities Sector Average
EDN
Edenor SA
20.66
1.18
6.06%
CIG
Companhia Energetica Minas Gerais
2.34
0.56
31.17%
HE
Hawaiian Electric
8.45
-2.85
-25.22%
ENIC
Enel Chile SA
4.42
0.81
22.51%
CEPU
Central Puerto SA
12.80
3.72
41.00%
ELPC
Companhia Paranaense de Energia Sponsored ADR
13.89
6.03
76.79%
Edenor SA Corporate Events
Edenor Calls Remote Ordinary Shareholders’ Meeting for November 12, 2026
Oct 9, 2026
On October 9, 2026, Edenor announced that its Board of Directors had resolved to convene an Ordinary General Shareholders’ Meeting, underscoring routine governance and regulatory compliance in Argentina’s capital markets. The meeting i...
Edenor to Acquire YPF Stakes in MetroGAS and MetroENERGÍA for US$780 Million
Aug 11, 2026
On August 10, 2026, Edenor announced that YPF S.A. had accepted its offer to acquire a controlling stake in gas distributor MetroGAS S.A. and a minority stake in MetroENERGÍA S.A., for a total purchase price of US$780 million. The transaction...
Edenor Publishes Mid‑Year 2026 Condensed Interim Financial Statements
Aug 11, 2026
Edenor has filed its condensed interim consolidated financial statements for the six- and three-month periods ended June 30, 2026, prepared in constant pesos and under International Financial Reporting Standards. The filing details its comprehensi...
Edenor Reports Strong June 2026 Profit and Details Capital Structure
Aug 11, 2026
On August 10, 2026, Edenor’s board approved its condensed interim financial statements for the period ended June 30, 2026, reporting a profit attributable to shareholders of ARS 157,132 million and no other comprehensive income, resulting in...
Edenor Posts ARS 157 Billion Profit and Ramps Up Investment in First Half of 2026
Aug 11, 2026
Edenor reported strong interim results as its board approved financial statements for the six months ended June 30, 2026, showing a profit of ARS 157,132 million and an EBITDA of ARS 313,747 million, as restated under inflation accounting. The imp...
Edenor Board Approves Interim Financial Statements for First Half of 2026
Aug 11, 2026
On August 10, 2026, Edenor’s board of directors held a remote meeting in Buenos Aires under its bylaws allowing virtual sessions, with directors and supervisory committee members participating via Microsoft Teams. The board confirmed that th...
Edenor Posts Strong 2Q 2026 Revenue on Tariff Normalization Despite One-Off Profit Drop
Aug 10, 2026
In its second-quarter 2026 earnings release dated August 10, 2026, edenor reported that tariff normalization under the 2025–2030 review and monthly CPI/WPI-linked adjustments have strengthened financial indicators, with revenues up 10% year-...
Edenor Gains Moody’s Local AR Upgrade to AA-.ar on Long-Term Ratings
Aug 7, 2026
On August 7, 2026, Edenor reported that Moody’s Local AR upgraded the company’s long-term local and foreign currency ratings from “A.ar” to “AA-.ar”. The rating agency also affirmed Edenor’s equity rating ...
Edenor Bids for Controlling Stake in Metrogas to Expand into Gas Distribution
Jul 24, 2026
On July 23, 2026, Edenor said it has entered the competitive sale process run by YPF S.A. to acquire a controlling stake in Metrogas S.A., Argentina’s largest gas distributor, alongside a minority stake in subsidiary MetroEnergia S.A. Edenor...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.