CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS

Financials Centrais Elétricas Brasileiras S.A. - Eletrobrás Sao Paulo

Equities

ELET3

BRELETACNOR6

Electric Utilities

Market Closed - Sao Paulo Other stock markets 04:07:30 2024-05-28 pm EDT			5-day change	1st Jan Change
35.86 ^BRL	-0.94%		-4.50%	-15.48%

May. 15	Centrais Elétricas Brasileiras S.A. - Eletrobrás Signs Memorandum of Understanding on Renewable Energy	CI
May. 14	Green Energy Park Signs Memorandum of Understanding with Eletrobras to Collaborate in Renewable Hydrogen Production in Brazil	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	82,609	-	-
Enterprise Value (EV) ¹	85,643	92,185	82,613	130,317	138,209	119,101	112,065	110,501
P/E ratio	5.61 x	9.25 x	9.49 x	24 x	20.3 x	9.98 x	8.2 x	6.08 x
Yield	4.58%	2.81%	4.52%	-	-	3.14%	5.21%	11%
Capitalization / Revenue	1.85 x	1.98 x	1.39 x	2.85 x	2.61 x	2.23 x	2.12 x	2.03 x
EV / Revenue	3.09 x	3.17 x	2.2 x	3.82 x	3.72 x	3.21 x	2.88 x	2.72 x
EV / EBITDA	6.48 x	6.6 x	4.35 x	7.33 x	7.17 x	5.87 x	4.92 x	4.32 x
EV / FCF	-42 x	47.4 x	14.6 x	16.9 x	31.6 x	8.1 x	7.97 x	6.34 x
FCF Yield	-2.38%	2.11%	6.85%	5.9%	3.17%	12.3%	12.6%	15.8%
Price to Book	0.73 x	0.77 x	0.68 x	0.9 x	0.88 x	0.72 x	0.69 x	0.68 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	39.85	39.85	39.85
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	37,064	38,951	40,610
EBITDA ¹	13,210	13,978	19,007	17,780	19,274	20,306	22,800	25,557
EBIT ¹	10,262	10,444	18,173	15,090	10,525	16,615	19,933	23,216
Operating Margin	37.01%	35.91%	48.31%	44.29%	28.33%	44.83%	51.18%	57.17%
Earnings before Tax (EBT) ¹	6,369	6,953	10,994	3,347	1,728	11,521	13,639	16,709
Net income ¹	10,697	6,387	5,714	3,638	4,882	9,143	10,233	12,077
Net margin	38.58%	21.96%	15.19%	10.68%	13.14%	24.67%	26.27%	29.74%
EPS ²	6.820	4.000	3.480	1.800	2.310	3.994	4.863	6.551
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%	39.66%	36.11%	42.94%
FCF Conversion (EBITDA)	-	13.91%	29.76%	43.25%	22.73%	72.39%	61.7%	68.22%
FCF Conversion (Net income)	-	30.44%	99.01%	211.36%	89.73%	160.77%	137.46%	144.38%
Dividend per Share ²	1.750	1.040	1.494	-	-	1.250	2.074	4.369
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	10,197	10,386	10,341	-	-
EBITDA ¹	4,775	5,428	4,861	3,197	4,401	5,616	5,431	4,560	3,840	4,505	5,973	6,023	5,809	-	-
EBIT ¹	3,352	4,230	2,144	2,385	3,522	3,987	4,994	3,635	-	3,509	5,064	5,100	4,883	-	-
Operating Margin	29.17%	46.07%	24.21%	29.69%	39.09%	43.29%	54.01%	41.4%	-	40.25%	49.66%	49.11%	47.21%	-	-
Earnings before Tax (EBT) ¹	795	3,585	1,295	-212.6	-1,138	854.1	2,139	771	-2,371	635.6	2,779	2,841	2,660	-	-
Net income ¹	610	2,716	1,401	-14.53	-478.6	488.6	1,619	1,477	1,048	328.1	2,485	2,547	2,713	-	-
Net margin	5.31%	29.58%	15.82%	-0.18%	-5.31%	5.31%	17.51%	16.82%	10.57%	3.76%	24.37%	24.52%	26.23%	-	-
EPS ²	0.0640	1.830	0.9646	-0.008500	-0.3400	0.2300	0.7800	0.5000	0.4300	0.1500	1.093	1.122	1.191	-	-
Dividend per Share ²	1.494	-	-	-	-	-	-	-	-	-	-	-	1.357	-	-
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	36,492	29,457	27,892
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.604 x	2.472 x	1.594 x	1.86 x	2.146 x	1.797 x	1.292 x	1.091 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%	7.83%	9.74%	11.6%
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	256,385	272,528	245,662
Book Value Per Share ²	52.40	48.00	48.50	48.00	53.20	55.20	57.90	58.50
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	4,913	4,171	4,449
Capex / Sales	7.05%	7.75%	6.84%	4.65%	10.4%	13.26%	10.71%	10.96%
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 Elétricas Brasileiras S.A. - Eletrobrás

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

39.85 BRL

Average target price

57.86 BRL

Spread / Average Target

+45.19%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hydroelectric & Tidal Utilities

	1st Jan change	Capi.
CHINA YANGTZE POWER CO., LTD.	+14.44%	90.2B
BROOKFIELD RENEWABLE PARTNERS L.P.	+8.68%	13.42B
SICHUAN CHUANTOU ENERGY CO.LTD	+17.92%	12B
MERIDIAN ENERGY LIMITED	+11.37%	9.83B
GUANGXI GUIGUAN ELECTRIC POWERCO.,LTD.	+29.78%	7.82B
MERCURY NZ LIMITED	-2.58%	5.52B
CHINA SOUTHERN POWER GRID ENERGY STORAGE CO., LTD.	+13.69%	4.94B
FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO	-.--%	4B
CHONGQING THREE GORGES WATER CONSERVANCY AND ELECTRIC POWER CO., LTD.	+1.46%	2B

Hydroelectric & Tidal Utilities