Stock CSMG3 COMPANHIA DE SANEAMENTO DE MINAS GERAIS
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Financials Companhia de Saneamento de Minas Gerais

Equities

CSMG3

BRCSMGACNOR5

Water Utilities

Market Closed - Sao Paulo
Other stock markets
 04:07:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
21.57 BRL +1.51% Intraday chart for Companhia de Saneamento de Minas Gerais +0.19% +5.32%
Mar. 22 Transcript : Companhia de Saneamento de Minas Gerais, Q4 2023 Earnings Call, Mar 22, 2024
Mar. 22 Companhia de Saneamento de Minas Gerais Reports Earnings Results for the Full Year Ended December 31, 2023 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,594 6,219 4,819 5,949 7,766 8,179 - -
Enterprise Value (EV) 1 11,412 9,258 7,571 9,073 7,766 12,000 12,235 11,455
P/E ratio 11.4 x 7.63 x 8.95 x 7.07 x 5.63 x 5.91 x 6.23 x 5.52 x
Yield 2.45% - 5.87% 4.12% - 6.95% 6.05% 4.82%
Capitalization / Revenue 1.69 x 1.18 x 0.83 x 0.96 x 1.06 x 1.14 x 1.03 x 0.97 x
EV / Revenue 2.24 x 1.75 x 1.3 x 1.47 x 1.06 x 1.67 x 1.55 x 1.36 x
EV / EBITDA 6.49 x 4.81 x 3.9 x 4.58 x 2.9 x 4.02 x 4.19 x 3.45 x
EV / FCF 12.1 x 5.36 x 4.61 x 8.74 x - 14 x 16.3 x 14.5 x
FCF Yield 8.26% 18.6% 21.7% 11.4% - 7.13% 6.13% 6.9%
Price to Book 1.27 x 0.96 x 0.71 x 0.82 x - 0.97 x 0.9 x 0.85 x
Nbr of stocks (in thousands) 379,182 379,182 379,181 379,181 379,181 379,181 - -
Reference price 2 22.66 16.40 12.71 15.69 20.48 21.57 21.57 21.57
Announcement Date 3/20/20 3/2/21 3/29/22 3/21/23 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 5,093 5,289 5,830 6,177 7,326 7,183 7,912 8,450
EBITDA 1 1,758 1,927 1,941 1,982 2,676 2,982 2,923 3,318
EBIT 1 1,156 1,281 849 1,252 1,886 2,152 2,013 2,376
Operating Margin 22.7% 24.23% 14.56% 20.27% 25.74% 29.96% 25.44% 28.11%
Earnings before Tax (EBT) 1 1,022 1,105 654.4 1,046 1,786 1,986 1,897 2,114
Net income 1 754.4 816.5 537.6 843.4 1,379 1,387 1,325 1,485
Net margin 14.81% 15.44% 9.22% 13.65% 18.83% 19.31% 16.74% 17.58%
EPS 2 1.990 2.150 1.420 2.220 3.640 3.650 3.463 3.905
Free Cash Flow 1 942.2 1,726 1,644 1,038 - 855 750 790
FCF margin 18.5% 32.64% 28.19% 16.81% - 11.9% 9.48% 9.35%
FCF Conversion (EBITDA) 53.58% 89.61% 84.7% 52.38% - 28.67% 25.66% 23.81%
FCF Conversion (Net income) 124.9% 211.43% 305.76% 123.13% - 61.65% 56.61% 53.19%
Dividend per Share 2 0.5553 - 0.7455 0.6471 - 1.499 1.306 1.040
Announcement Date 3/20/20 3/2/21 3/29/22 3/21/23 3/21/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 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
Net sales 1 1,495 1,520 1,420 1,521 1,622 1,588 1,712 1,783 1,859 1,971 1,826 - - - -
EBITDA 1 471.9 456.1 445.3 492.2 515 530 677.5 647.8 638.9 712 723 - - - -
EBIT 64.97 110.9 261.6 315.9 333.9 343.1 485.6 441.6 444.5 514.1 - - - - -
Operating Margin 4.35% 7.3% 18.42% 20.77% 20.59% 21.6% 28.36% 24.77% 23.91% 26.08% - - - - -
Earnings before Tax (EBT) - - 239.3 235.8 303.6 267.2 485.6 - - 459.8 - - - - -
Net income 1 16.37 64.3 167.5 180.4 227.2 268.3 337.7 249.3 437.1 355.2 412.3 320 323 339 -
Net margin 1.1% 4.23% 11.79% 11.86% 14.01% 16.89% 19.72% 13.98% 23.51% 18.02% 22.58% - - - -
EPS 2 0.0400 0.1700 0.4400 0.4800 0.6000 0.7000 0.8900 0.6600 1.150 0.9400 0.9665 0.8408 0.8484 0.8926 -
Dividend per Share 2 0.1513 - - - - - - - - - - - - 1.563 -
Announcement Date 11/3/21 3/29/22 5/2/22 8/2/22 11/3/22 3/21/23 5/2/23 7/31/23 10/26/23 3/21/24 - - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 2,819 3,040 2,751 3,124 - 3,821 4,056 3,276
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 1.603 x 1.578 x 1.418 x 1.576 x - 1.281 x 1.388 x 0.9876 x
Free Cash Flow 1 942 1,726 1,644 1,038 - 855 750 790
ROE (net income / shareholders' equity) 11.6% 12.4% 8.14% 12% - 16.9% 12.9% 15%
ROA (Net income/ Total Assets) - 3.5% 4.39% 6.51% - 9.15% 8.26% 8.14%
Assets 1 - 23,301 12,246 12,956 - 15,162 16,042 18,256
Book Value Per Share 2 17.80 17.00 17.80 19.10 - 22.20 24.00 25.20
Cash Flow per Share 2 3.280 4.590 4.420 2.950 - 8.370 - -
Capex 1 302 - 1,012 1,264 - 1,632 1,812 1,857
Capex / Sales 5.94% - 17.36% 20.46% - 22.72% 22.9% 21.98%
Announcement Date 3/20/20 3/2/21 3/29/22 3/21/23 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 de Saneamento de Minas Gerais

Trading Rating
Investor Rating
ESG Refinitiv
D
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
21.57 BRL
Average target price
21.98 BRL
Spread / Average Target
+1.90%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Water Supply & Irrigation Systems

1st Jan change Capi.
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Water Supply & Irrigation Systems
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