COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG

Financials Companhia Energética de Minas Gerais - CEMIG Nyse

Equities

CIG.C

US2044098828

Electric Utilities

Market Closed - Nyse Other stock markets 04:00:09 2024-06-14 pm EDT			5-day change	1st Jan Change
2.28 ^USD	+0.66%		-1.30%	-5.91%

May. 14	Transcript : Companhia Energética de Minas Gerais - CEMIG, Q1 2024 Earnings Call, May 14, 2024
May. 10	Companhia Energética de Minas Gerais - CEMIG Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	20,986	23,039	25,254	28,200	27,948	31,217	-	-
Enterprise Value (EV) ¹	34,473	39,784	40,170	41,253	38,452	38,992	43,281	46,235
P/E ratio	6.44 x	7.7 x	5.91 x	5.99 x	4.38 x	5.7 x	6.37 x	6.42 x
Yield	3.77%	6.73%	8.85%	9.07%	-	8.99%	8.07%	8.21%
Capitalization / Revenue	0.83 x	0.91 x	0.75 x	0.82 x	0.76 x	0.9 x	0.85 x	0.83 x
EV / Revenue	1.36 x	1.58 x	1.19 x	1.2 x	1.04 x	1.13 x	1.18 x	1.24 x
EV / EBITDA	7.88 x	8.16 x	6.77 x	5.95 x	4.76 x	5.01 x	5.5 x	5.99 x
EV / FCF	17.5 x	5.63 x	11.5 x	6.41 x	22.6 x	10.5 x	-142 x	-106 x
FCF Yield	5.7%	17.8%	8.72%	15.6%	4.43%	9.52%	-0.7%	-0.94%
Price to Book	1.27 x	1.27 x	1.14 x	1.13 x	1.02 x	1.08 x	0.99 x	0.92 x
Nbr of stocks (in thousands)	2,860,712	2,860,701	2,860,682	2,860,682	2,860,682	2,860,682	-	-
Reference price ²	7.029	7.727	7.757	8.569	8.831	10.14	10.14	10.14
Announcement Date	3/20/20	3/26/21	3/29/22	3/25/23	3/21/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	25,390	25,228	33,646	34,463	36,850	34,521	36,567	37,436
EBITDA ¹	4,376	4,875	5,933	6,928	8,078	7,785	7,875	7,713
EBIT ¹	3,109	3,886	4,884	5,746	6,804	6,513	6,473	6,342
Operating Margin	12.25%	15.4%	14.52%	16.67%	18.47%	18.87%	17.7%	16.94%
Earnings before Tax (EBT) ¹	4,470	3,801	4,698	4,121	6,851	6,457	6,028	5,963
Net income ¹	3,127	2,864	3,751	4,092	5,764	4,879	4,450	4,224
Net margin	12.32%	11.35%	11.15%	11.87%	15.64%	14.13%	12.17%	11.28%
EPS ²	1.091	1.003	1.314	1.431	2.015	1.780	1.591	1.579
Free Cash Flow ¹	1,967	7,072	3,505	6,440	1,702	3,712	-304	-435
FCF margin	7.75%	28.03%	10.42%	18.69%	4.62%	10.75%	-0.83%	-1.16%
FCF Conversion (EBITDA)	44.94%	145.06%	59.07%	92.95%	21.07%	47.68%	-	-
FCF Conversion (Net income)	62.88%	246.9%	93.43%	157.36%	29.53%	76.09%	-	-
Dividend per Share ²	0.2651	0.5201	0.6864	0.7769	-	0.9116	0.8178	0.8327
Announcement Date	3/20/20	3/26/21	3/29/22	3/25/23	3/21/24	-	-	-

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	9,657	7,847	8,213	9,223	9,753	8,647	8,820	9,427	9,957	9,058	9,362	9,342	9,896	7,429	9,286
EBITDA ¹	1,396	1,916	1,809	1,535	1,658	2,073	1,878	1,965	2,163	1,991	3,611	1,935	2,004	1,414	1,767
EBIT ¹	1,131	1,448	1,521	1,237	1,346	1,770	1,575	1,645	1,811	1,662	3,282	1,592	1,646	1,227	1,534
Operating Margin	11.71%	18.46%	18.52%	13.42%	13.8%	20.47%	17.86%	17.45%	18.19%	18.35%	35.06%	17.04%	16.63%	16.52%	16.52%
Earnings before Tax (EBT) ¹	1,058	1,947	-805.3	1,392	1,587	1,753	1,615	1,480	1,722	1,502	3,154	1,554	1,605	1,201	1,501
Net income ¹	962	1,455	49.52	1,182	1,406	1,398	1,245	1,237	1,885	1,152	2,287	1,250	1,290	930.5	1,163
Net margin	9.96%	18.54%	0.6%	12.81%	14.41%	16.16%	14.11%	13.13%	18.94%	12.72%	24.43%	13.38%	13.04%	12.52%	12.52%
EPS ²	0.3373	0.5077	0.0154	0.4154	0.4923	0.4923	0.4385	0.4308	0.6615	0.5200	0.8000	0.4400	0.4500	-	-
Dividend per Share ²	0.6864	-	-	-	0.7769	-	-	-	-	-	-	0.0750	0.9956	-	-
Announcement Date	3/29/22	5/13/22	8/12/22	11/11/22	3/25/23	5/4/23	8/3/23	11/9/23	3/21/24	5/10/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	13,487	16,745	14,917	13,052	10,504	7,775	12,064	15,018
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.082 x	3.435 x	2.514 x	1.884 x	1.3 x	0.9987 x	1.532 x	1.947 x
Free Cash Flow ¹	1,967	7,072	3,505	6,440	1,702	3,712	-304	-435
ROE (net income / shareholders' equity)	20.5%	17.1%	20.3%	19.8%	24.8%	20.2%	16.2%	14.7%
ROA (Net income/ Total Assets)	5.7%	5.48%	7.07%	7.74%	10.6%	10.2%	7.2%	6%
Assets ¹	54,891	52,305	53,064	52,858	54,335	47,829	61,809	70,401
Book Value Per Share ²	5.550	6.110	6.800	7.610	8.620	9.420	10.20	11.00
Cash Flow per Share ²	0.7100	3.010	1.290	2.310	2.320	2.720	3.220	3.440
Capex ¹	1,927	1,538	2,032	3,405	4,942	6,216	5,258	6,359
Capex / Sales	7.59%	6.09%	6.04%	9.88%	13.41%	18.01%	14.38%	16.99%
Announcement Date	3/20/20	3/26/21	3/29/22	3/25/23	3/21/24	-	-	-

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 Companhia Energética de Minas Gerais - CEMIG

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

10.14 BRL

Average target price

11.25 BRL

Spread / Average Target

+10.99%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Electric Utilities

	1st Jan change	Capi.
NEXTERA ENERGY	+20.28%	150B
SOUTHERN COMPANY	+12.16%	86.04B
IBERDROLA, S.A.	+2.15%	82.56B
DUKE ENERGY CORPORATION	+5.48%	78.15B
CONSTELLATION ENERGY CORPORATION	+83.85%	69.33B
GE VERNOVA INC.	0.00%	48.29B
AMERICAN ELECTRIC POWER COMPANY, INC.	+8.35%	46.33B
DOMINION ENERGY, INC.	+7.30%	42.49B
PG&E CORPORATION	+1.22%	39.26B

Other Electric Utilities