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    ELET6   BRELETACNPB7

CENTRAIS ELETRICAS BRASILEIRAS S.A.

(ELET6)
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Delayed Bolsa de Valores de Sao Paulo  -  04:07 2022-06-24 pm EDT
44.30 BRL   +1.54%
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Brazil should speed up Eletrobras privatization before Fed hikes rates, official says

05/18/2022 | 09:54am EDT
FILE PHOTO: Logos of Eletrobras, a hydroelectric power generation company based in Brazil, is seen on the floor at the New York Stock Exchange (NYSE) in Manhattan

BRASILIA (Reuters) - Monetary tightening in the United States makes it all the more pressing to speed up the privatization of Brazil's largest utility, state-run power company Eletrobras, according to a high-ranking Economy Ministry official.

Diogo Mac Cord, special secretary for privatization at the ministry, told Reuters that the Federal Reserve's stance of taming inflation will reduce global liquidity and force Brazil to offer higher returns to attract investors.

Brazil's federal audit court (TCU) is expected to give its approval on Wednesday afternoon to the most important privatization planned by President Jair Bolsonaro's government.

Mac Cord said the Northern Hemisphere summer time could reduce international appetite for Eletrobras shares floated in the privatization, but he highlighted that the Fed's upcoming rate decisions are the Brazilian government's main concern.

"The most worrying thing is this rising curve in American interest rates. Every half a percentage point they increase drains a lot of money, squeezes liquidity. So the race against time is because of that," he said in an interview.

The Fed is likely to raise its policy rate by 50 basis points at its June 15 and July 27 meetings.

The privatization of Eletrobras was planned for May, but was held up by the TCU audit court's questioning of the potential transaction value.

Mac Cord attended meetings on Tuesday with Economy Minister Paulo Guedes and the new Energy Minister Adolfo Sachsida to discuss the deal, which involves floating shares to dilute the government's majority stake down to 45% or less.

Eletrobras Chief Executive Rodrigo Limp said the company could be privatized by June.

Mac Cord believes Brazil should also privatize state-run oil company Petrobras while the commodity still has worldwide relevance, though he said his office has not yet received any formal instructions to study such an operation.

(Reporting by Marcela Ayres and Bernardo Caram; Editing by Bernadette Baum)

By Marcela Ayres and Bernardo Caram


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.12% 0.6939 Delayed Quote.-4.93%
BRITISH POUND / US DOLLAR (GBP/USD) 0.04% 1.2272 Delayed Quote.-9.39%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) -0.01% 0.7751 Delayed Quote.-2.67%
CENTRAIS ELETRICAS BRASILEIRAS S.A. 1.54% 44.3 Delayed Quote.34.20%
EURO / BRAZILIAN REAL (EUR/BRL) 0.71% 5.5524 Delayed Quote.-13.08%
EURO / US DOLLAR (EUR/USD) -0.01% 1.0553 Delayed Quote.-7.48%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.15% 0.012783 Delayed Quote.-4.67%
LONDON BRENT OIL 2.22% 112.44 Delayed Quote.44.36%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.45% 0.63123 Delayed Quote.-8.10%
PETROBRAS -0.76% 26.29 Delayed Quote.-7.59%
WTI 3.07% 107.53 Delayed Quote.38.53%
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Financials
Sales 2022 34 528 M 6 604 M 6 604 M
Net income 2022 7 985 M 1 527 M 1 527 M
Net Debt 2022 14 713 M 2 814 M 2 814 M
P/E ratio 2022 10,3x
Yield 2022 3,37%
Capitalization 97 217 M 18 595 M 18 595 M
EV / Sales 2022 3,24x
EV / Sales 2023 2,94x
Nbr of Employees 12 126
Free-Float 61,8%
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Number of Analysts 7
Last Close Price 44,30 BRL
Average target price 51,78 BRL
Spread / Average Target 16,9%
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Managers and Directors
Rodrigo Limp Nascimento Chief Executive Officer & Director
Elvira Baracuhy Cavalcanti Presta Chief Financial & Investor Relations Officer
Ruy Flaks Schneider Chairman
Camila Gualda Sampaio Araujo Chief Compliance Officer
Luiz Augusto Pereira de Andrade Figueira Chief Administrative & Sustainability Officer