Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Brazil
  4. Bolsa de Valores de Sao Paulo
  5. Companhia Paranaense de Energia - COPEL
  6. News
  7. Summary
    CPLE6   BRCPLEACNPB9

COMPANHIA PARANAENSE DE ENERGIA - COPEL

(CPLE6)
  Report
Delayed Bolsa de Valores de Sao Paulo  -  04:07:45 2023-02-03 pm EST
7.460 BRL   -1.45%
04:39pCompanhia Paranaense De Energia Copel : Notice to the Market 02/23 - Copel Distribuição's Grid Market grows 2.4% in 2022
PU
02/01Companhia Paranaense De Energia Copel : SUMMARY OF THE TWO HUNDRED AND TWENTY-SECOND EXTRAORDINARY BOARD OF DIRECTORS' MEETING - Form 6-K
PU
02/01Companhia Paranaense De Energia Copel : Summary of the 234th Board of Directors' Meeting
PU
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsOther languagesPress ReleasesOfficial PublicationsSector news

Brazilian state to seek privatization of power firm Copel, shares soar

11/21/2022 | 07:55am EST

SAO PAULO, Nov 21 (Reuters) - Brazilian power company Copel could be turned into a firm with dispersed ownership and no controlling shareholder by local authorities, a move that would in practice privatize the state-run utility, according to a securities filing on Monday.

Shares of the company surged more than 25% after the announcement, making it the top gainer on Brazil's Bovespa stock index, which was near flat.

Companhia Paranaense de Energia, as Copel is formally known, said it received a letter from the recently re-elected Governor Ratinho Junior of the state of Parana, saying his administration would seek to privatize it through a secondary follow-on share offering to raise money for the state's investment needs.

The Southern Brazilian state currently owns nearly 70% of Copel's voting capital, but under the proposed move, would retain at least 10% of its voting capital, the company added.

Parana also plans to hold on to at least 15% of Copel's share capital, with no shareholder able to hold more than 10% of the total voting capital.

The move would mark yet another high-profile privatization in Brazil's power sector after the federal government diluted its stake in Eletrobras, Latin America's largest utility, earlier this year.

Copel has a market capitalization of 19.14 billion reais ($3.58 billion), according to Refinitiv data, with the company's stock up by more than 45% so far this year.

It posted an adjusted net income of 403.4 million reais in the third quarter, down 46.9% year-on-year.

Copel noted in a securities filing that a potential privatization would still require approval from Parana's state legislature, adding that Ratinho said he would propose a bill "in due time" for legislators to vote on the matter.

The head of the leftist Workers Party in the state, Arilson Chiorato, said on social media he would oppose a privatization.

"It's outrageous," he said. "Copel is a public company and belongs to the people of Parana. We cannot accept the dismantling of a company that generates huge profits for our state."

Analysts at JPMorgan, however, said they did not view opposition from the state assembly as a concern given Ratinho's landslide re-election in October.

JPMorgan added that a potential privatization would unlock operational, financial and governance gains for the company.

"Timing remains uncertain, but we believe the potential re-rating of Copel and our very positive view on the outcome should outshine the overhang from the secondary offering in the short term".

Ilan Arbetman, an analyst at Ativa Investimentos, said the proposal was "extremely positive" for Copel's shares and had a strong potential to unlock value for the stock.

Shares of Sanepar, Parana's state-controlled water utility, also jumped 12% on Monday.

Investors had already been envisioning a privatization after the October election results and as Parana requested information "to analyze a potential capital markets transaction aimed at optimizing its investment in the firm..

Copel will hold an investor day on Tuesday at 9 a.m. local time (1200 GMT). ($1 = 5.3496 reais) (Reporting by Gabriel Araujo and Leticia Fucuchima in Sao Paulo Editing by Steven Grattan Emelia Sithole-Matarise and Matthew Lewis)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRAZIL IBOVESPA -1.47% 108523.47 Delayed Quote.0.25%
CENTRAIS ELETRICAS BRASILEIRAS S.A. -2.68% 39.99 Delayed Quote.-5.32%
COMPANHIA DE SANEAMENTO DO PARANÁ - SANEPAR -0.56% 3.52 Delayed Quote.-2.74%
COMPANHIA PARANAENSE DE ENERGIA - COPEL -1.45% 7.46 Delayed Quote.-4.80%
All news about COMPANHIA PARANAENSE DE ENERGIA - COPEL
04:39pCompanhia Paranaense De Energia Cope : Notice to the Market 02/23 - Copel Distribuição's G..
PU
02/01Companhia Paranaense De Energia Cope : SUMMARY OF THE TWO HUNDRED AND TWENTY-SECOND EXTRAO..
PU
02/01Companhia Paranaense De Energia Cope : Summary of the 234th Board of Directors' Meeting
PU
02/01Companhia Paranaense De Energia Cope : Summary of the 222th Extraordinary Board of Directo..
PU
02/01Companhia Paranaense De Energia Cope : Hiring of Advisors - Form 6-K
PU
01/31Companhia Paranaense De Energia Cope : Notice to the Market 01/23 - Hiring of Advisors
PU
01/31Companhia Paranaense De Energia Cope : Apresentação Copel Jan/23 eng
PU
01/30Companhia Paranaense De Energia Cope : Copel Completes Acquisition of Aventura and Santa R..
PU
01/30Companhia Paranaense De Energia Cope : MF 01/23 - Copel Completes Acquisition of Aventura ..
PU
01/30Companhia Paranaense de Energia - COPEL (BOVESPA:CP..
CI
More news
Financials
Sales 2022 19 419 M 3 789 M 3 789 M
Net income 2022 947 M 185 M 185 M
Net Debt 2022 10 240 M 1 998 M 1 998 M
P/E ratio 2022 24,9x
Yield 2022 5,72%
Capitalization 19 588 M 3 822 M 3 822 M
EV / Sales 2022 1,54x
EV / Sales 2023 1,40x
Nbr of Employees 6 056
Free-Float 44,4%
Chart COMPANHIA PARANAENSE DE ENERGIA - COPEL
Duration : Period :
Companhia Paranaense de Energia - COPEL Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends COMPANHIA PARANAENSE DE ENERGIA - COPEL
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 10
Last Close Price 7,46 BRL
Average target price 9,09 BRL
Spread / Average Target 21,8%
EPS Revisions
Managers and Directors
Daniel Pimentel Slaviero Chief Executive Officer & Director
Adriano Rudek de Moura Chief Financial & Investor Relations Officer
Marcel Martins Malczewski Chairman
Vicente Loißcono Neto Chief Governance, Risk & Compliance Officer
Leila Abraham Loria Independent Director
Sector and Competitors
1st jan.Capi. (M$)
COMPANHIA PARANAENSE DE ENERGIA - COPEL-4.80%3 968
NEXTERA ENERGY-9.57%150 230
DUKE ENERGY CORPORATION-0.44%78 577
SOUTHERN COMPANY-3.91%74 636
IBERDROLA, S.A.-1.74%73 611
ENEL S.P.A.7.00%59 786