ENIA

Is the Chilean market cheap on the political scenario i.e., the leftist government and great uncertainty surrounding the not yet finished new constitution or is there something else impacting valuations?At present the IPSA (30 most traded shares) is down 20% in the last 12 months and trading at 8.5x forward PE (consensus estimates) which is a far cry from the 15x average in the last 15 years. In fact, only 2 stocks in the index are positive, SQM and Vapores, which are up near 100% each.