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Quarterly Results: EEB (HOLD) - Financial results with no surprises; the natural gas business continued to boost growth

Price: COP 1,620; Target Price: COP 1,800

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May 15, 2014 (www.investorideas.com newswire) Revenues grew 20.6% y/y and were in line with our estimates. Top-line figures continued to be boosted by the natural gas business (Distribution: +41.9% y/y and Transportation: +13.3% y/y). On the other hand, the power business kept showing lower growth rates (Transmission +6.1% y/y and Distribution +2.8% y/y).

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We maintain our 2014 T.P. of COP 1,800 and our HOLD rating as broadly speaking, results came in line with our expectations. We are still waiting for new information regarding Isagen’s selling process (currently temporarily suspended) as EEB’s Board of Directors confirmed its interest to participate and to acquire control.

Regards,
Credicorp Capital

La información contenida en este mensaje es confidencial y para conocimiento exclusivo del destinatario. La información y opiniones contenidas en este mensaje pertenecen únicamente al remitente, excepto cuando en el cuerpo del mensaje se establezca lo contrario y el remitente esté autorizado para enviar dicha información con carácter definitivo y oficial de Credicorp Capital. La información relacionada con su cuenta, los extractos, informes financieros y de productos, sólo será vinculante en la medida en que sea remitida por los canales y en los formatos que Credicorp Capital determine. Las opiniones, conclusiones o cualquier otra clase de información contenida en este correo no relacionadas con los fines del negocio de Credicorp Capital, deben entenderse como personales y bajo ninguna circunstancia son avaladas por Credicorp Capital. Si usted ha recibido este mensaje por error por favor proceda a eliminarlo, y notificar al remitente. De cualquier manera, usted no debe usar, divulgar, revelar, distribuir, imprimir, copiar o adulterar en forma parcial o total este mensaje. Credicorp Capital no se hace responsable por la eventual transmisión de virus o programas dañinos por este medio. Credicorp Capital, no se responsabiliza por eventuales daños o alteraciones como consecuencia de la recepción o uso del presente mensaje.

To View Complete Report: Quarterly Results: EEB

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