Financials Centrais Eletricas Brasileiras S.A.

Equities

ELET6

BRELETACNPB7

Electric Utilities

Market Closed - Sao Paulo Other stock markets 04:07:39 2024-06-07 pm EDT			5-day change	1st Jan Change
39.89 ^BRL	-2.43%		+1.94%	-15.09%

Jun. 06	Centrais Elétricas Brasileiras S.A. - Eletrobrás Raises Financial Resources from Citibank N.A	CI
Jun. 06	Centrais Elétricas Brasileiras S.A. - Eletrobrás Signs Memorandum of Understanding on Renewable Hydrogen with Prumo Log Stica	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	51,247	57,626	52,311	97,242	96,843	81,554	-	-
Enterprise Value (EV) ¹	85,643	92,185	82,613	130,317	138,209	121,681	114,179	108,040
P/E ratio	5.61 x	9.25 x	9.49 x	24 x	20.3 x	10.7 x	7.9 x	6.37 x
Yield	4.58%	2.81%	4.52%	-	-	2.19%	4.65%	8.22%
Capitalization / Revenue	1.85 x	1.98 x	1.39 x	2.85 x	2.61 x	2.08 x	2.04 x	1.89 x
EV / Revenue	3.09 x	3.17 x	2.2 x	3.82 x	3.72 x	3.1 x	2.85 x	2.51 x
EV / EBITDA	6.48 x	6.6 x	4.35 x	7.33 x	7.17 x	5.57 x	4.94 x	4.22 x
EV / FCF	-42 x	47.4 x	14.6 x	16.9 x	31.6 x	8.28 x	8.12 x	6.2 x
FCF Yield	-2.38%	2.11%	6.85%	5.9%	3.17%	12.1%	12.3%	16.1%
Price to Book	0.73 x	0.77 x	0.68 x	0.9 x	0.88 x	0.77 x	0.72 x	0.67 x
Nbr of stocks (in thousands)	1,352,634	1,568,931	1,568,931	2,301,228	2,253,003	2,250,448	-	-
Reference price ²	38.24	37.00	33.01	43.23	46.98	39.89	39.89	39.89
Announcement Date	3/28/20	3/19/21	3/18/22	3/13/23	3/14/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,726	29,081	37,616	34,074	37,159	39,284	39,996	43,082
EBITDA ¹	13,210	13,978	19,007	17,780	19,274	21,854	23,131	25,594
EBIT ¹	10,262	10,444	18,173	15,090	10,525	18,210	20,248	23,117
Operating Margin	37.01%	35.91%	48.31%	44.29%	28.33%	46.36%	50.62%	53.66%
Earnings before Tax (EBT) ¹	6,369	6,953	10,994	3,347	1,728	12,808	14,032	16,586
Net income ¹	10,697	6,387	5,714	3,638	4,882	9,444	10,531	12,217
Net margin	38.58%	21.96%	15.19%	10.68%	13.14%	24.04%	26.33%	28.36%
EPS ²	6.820	4.000	3.480	1.800	2.310	3.721	5.048	6.258
Free Cash Flow ¹	-2,041	1,944	5,657	7,690	4,380	14,699	14,067	17,436
FCF margin	-7.36%	6.68%	15.04%	22.57%	11.79%	37.42%	35.17%	40.47%
FCF Conversion (EBITDA)	-	13.91%	29.76%	43.25%	22.73%	67.26%	60.81%	68.13%
FCF Conversion (Net income)	-	30.44%	99.01%	211.36%	89.73%	155.65%	133.58%	142.73%
Dividend per Share ²	1.750	1.040	1.494	-	-	0.8756	1.855	3.278
Announcement Date	3/28/20	3/19/21	3/18/22	3/13/23	3/14/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	11,492	9,181	8,856	8,033	9,009	9,210	9,246	8,781	9,922	8,718	9,682	11,088	11,050	-	-
EBITDA ¹	4,775	5,428	4,861	3,197	4,401	5,616	5,431	4,560	3,840	4,505	6,605	6,703	6,038	-	-
EBIT ¹	3,352	4,230	2,144	2,385	3,522	3,987	4,994	3,635	-	3,509	4,845	5,445	5,291	-	-
Operating Margin	29.17%	46.07%	24.21%	29.69%	39.09%	43.29%	54.01%	41.4%	-	40.25%	50.04%	49.1%	47.88%	-	-
Earnings before Tax (EBT) ¹	795	3,585	1,295	-212.6	-1,138	854.1	2,139	771	-2,371	635.6	2,336	3,505	3,505	-	-
Net income ¹	610	2,716	1,401	-14.53	-478.6	488.6	1,619	1,477	1,048	328.1	2,295	2,535	2,641	-	-
Net margin	5.31%	29.58%	15.82%	-0.18%	-5.31%	5.31%	17.51%	16.82%	10.57%	3.76%	23.7%	22.86%	23.9%	-	-
EPS ²	0.0640	1.830	0.9646	-0.008500	-0.3400	0.2300	0.7800	0.5000	0.4300	0.1500	1.007	1.112	1.156	-	-
Dividend per Share ²	1.494	-	-	-	-	-	-	-	-	-	-	-	1.126	-	-
Announcement Date	3/18/22	5/16/22	8/12/22	11/10/22	3/13/23	5/5/23	8/9/23	11/8/23	3/14/24	5/9/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	34,396	34,559	30,302	33,075	41,366	40,128	32,625	26,486
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.604 x	2.472 x	1.594 x	1.86 x	2.146 x	1.836 x	1.41 x	1.035 x
Free Cash Flow ¹	-2,041	1,944	5,657	7,690	4,380	14,699	14,067	17,437
ROE (net income / shareholders' equity)	16.9%	13.2%	16.3%	11.2%	4.24%	7.82%	9.63%	11%
ROA (Net income/ Total Assets)	-	5.31%	6.62%	4.56%	1.76%	3.57%	3.76%	4.92%
Assets ¹	-	120,321	86,270	79,730	277,437	264,826	280,440	248,508
Book Value Per Share ²	52.40	48.00	48.50	48.00	53.20	51.60	55.80	59.60
Cash Flow per Share ²	-	2.700	5.160	4.590	3.900	2.580	5.540	-
Capex ¹	1,955	2,255	2,573	1,586	3,863	3,143	4,396	4,057
Capex / Sales	7.05%	7.75%	6.84%	4.65%	10.4%	8%	10.99%	9.42%
Announcement Date	3/28/20	3/19/21	3/18/22	3/13/23	3/14/24	-	-	-

¹BRL in Million²BRL

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Centrais Eletricas Brasileiras S.A.

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

39.89 BRL

Average target price

57.24 BRL

Spread / Average Target

+43.48%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hydroelectric & Tidal Utilities

	1st Jan change	Capi.
CENTRAIS ELETRICAS BRASILEIRAS S.A.	-15.09%	15.48B
CHINA YANGTZE POWER CO., LTD.	+21.29%	95.59B
BROOKFIELD RENEWABLE PARTNERS L.P.	+5.29%	12.88B
SICHUAN CHUANTOU ENERGY CO.LTD	+23.54%	12.57B
MERIDIAN ENERGY LIMITED	+13.72%	9.96B
GUANGXI GUIGUAN ELECTRIC POWERCO.,LTD.	+30.87%	7.89B
MERCURY NZ LIMITED	+0.76%	5.66B
CHINA SOUTHERN POWER GRID ENERGY STORAGE CO., LTD.	+7.91%	4.69B
FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO	-.--%	3.98B
CHONGQING THREE GORGES WATER CONSERVANCY AND ELECTRIC POWER CO., LTD.	-2.12%	1.93B

Hydroelectric & Tidal Utilities