Pampa Energía 3Q18

Pampa Energía (PAMP) Strong quarterly EBITDA figure, higher than our estimates. Quarterly EBITDA rose to $ 9,078 million, +108% YoY. The only segment with negative EBITDA (- $ 155 million) was the petrochemical due to the peso devaluation. The energy generation sector was the largest contributor with $ 3,509 million, + 149.2% YoY.

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