Stock CPFE3 CPFL ENERGIA S.A.
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Financials CPFL Energia S.A.

Equities

CPFE3

BRCPFEACNOR0

Electric Utilities

Market Closed - Sao Paulo
Other stock markets
 04:07:45 2024-04-26 pm EDT 		5-day change 1st Jan Change
34.94 BRL +1.04% Intraday chart for CPFL Energia S.A. +0.03% -9.27%
Mar. 22 CPFL Energia S.A Proposes Dividend CI
Mar. 22 Transcript : CPFL Energia S.A., Q4 2023 Earnings Call, Mar 22, 2024

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 40,963 37,506 30,915 38,255 44,373 40,260 - -
Enterprise Value (EV) 1 57,935 52,436 50,689 38,255 44,373 65,460 67,715 67,492
P/E ratio 14.4 x 10.3 x 6.51 x 7.49 x 8.02 x 8.36 x 8.7 x 7.65 x
Yield 5.07% 4.61% 12.1% - - 9.26% 8.98% 9.49%
Capitalization / Revenue 1.37 x 1.21 x 0.79 x 0.97 x 1.12 x 1.03 x 0.98 x 0.96 x
EV / Revenue 1.94 x 1.7 x 1.29 x 0.97 x 1.12 x 1.67 x 1.65 x 1.6 x
EV / EBITDA 9.06 x 7.73 x 5.53 x 3.12 x 3.46 x 5.69 x 5.77 x 5.32 x
EV / FCF 16.4 x 14.2 x 196 x - - 24.9 x 23.4 x 19 x
FCF Yield 6.09% 7.04% 0.51% - - 4.02% 4.28% 5.27%
Price to Book 3.15 x 2.69 x 2.04 x - - 2.2 x 2.07 x 1.75 x
Nbr of stocks (in thousands) 1,152,254 1,152,254 1,152,254 1,152,254 1,152,254 1,152,254 - -
Reference price 2 35.55 32.55 26.83 33.20 38.51 34.94 34.94 34.94
Announcement Date 3/9/20 3/25/21 3/17/22 3/16/23 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 29,932 30,898 39,210 39,354 39,743 39,197 40,916 42,106
EBITDA 1 6,394 6,780 9,160 12,263 12,830 11,496 11,731 12,678
EBIT 1 4,363 4,704 6,886 9,740 10,261 9,212 9,089 9,792
Operating Margin 14.58% 15.22% 17.56% 24.75% 25.82% 23.5% 22.21% 23.26%
Earnings before Tax (EBT) 1 3,986 4,797 6,615 7,320 8,023 7,154 6,839 7,503
Net income 1 2,703 3,643 4,748 5,219 5,527 4,818 4,735 5,253
Net margin 9.03% 11.79% 12.11% 13.26% 13.91% 12.29% 11.57% 12.48%
EPS 2 2.470 3.160 4.120 4.430 4.800 4.180 4.016 4.570
Free Cash Flow 1 3,526 3,691 258.4 - - 2,633 2,895 3,560
FCF margin 11.78% 11.94% 0.66% - - 6.72% 7.08% 8.45%
FCF Conversion (EBITDA) 55.15% 54.43% 2.82% - - 22.9% 24.68% 28.08%
FCF Conversion (Net income) 130.47% 101.3% 5.44% - - 54.65% 61.14% 67.77%
Dividend per Share 2 1.801 1.502 3.242 - - 3.234 3.138 3.315
Announcement Date 3/9/20 3/25/21 3/17/22 3/16/23 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
Net sales 1 11,190 10,919 9,287 9,324 10,006 10,737 9,839 9,389 9,975 10,540 8,390 9,491 9,721 10,127
EBITDA 1 2,596 2,544 2,643 2,848 2,967 3,805 3,530 3,054 3,134 3,111 3,080 2,751 2,996 3,280
EBIT 1,955 1,560 2,057 2,247 2,307 3,129 2,911 2,414 2,488 2,569 - 2,134 2,359 2,624
Operating Margin 17.47% 14.29% 22.15% 24.1% 23.05% 29.15% 29.59% 25.72% 24.94% 24.37% - 22.48% 24.27% 25.91%
Earnings before Tax (EBT) - 1,609 1,741 1,725 1,970 1,884 2,440 1,813 1,894 1,877 - 1,642 1,869 2,143
Net income 1 1,402 1,292 1,102 1,252 1,408 1,375 1,594 1,189 1,248 1,497 1,234 1,171 1,322 1,504
Net margin 12.53% 11.83% 11.87% 13.43% 14.07% 12.81% 16.2% 12.66% 12.51% 14.2% 14.71% 12.34% 13.6% 14.85%
EPS 2 1.220 1.120 0.9600 1.090 1.220 1.160 1.380 1.030 1.080 1.310 1.070 1.020 1.150 1.300
Dividend per Share 2 - 3.242 - - - - - - - - - 1.250 - 1.930
Announcement Date 11/11/21 3/17/22 5/12/22 8/11/22 11/10/22 3/16/23 5/11/23 8/10/23 11/9/23 3/21/24 - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 16,972 14,930 19,774 - - 25,200 27,456 27,232
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.654 x 2.202 x 2.159 x - - 2.192 x 2.34 x 2.148 x
Free Cash Flow 1 3,526 3,691 258 - - 2,633 2,895 3,560
ROE (net income / shareholders' equity) 23.2% 27.1% 32.7% - - 27.4% 26.2% 23.3%
ROA (Net income/ Total Assets) 6.26% 7.82% 8.24% - - 6.8% 6.3% 6.1%
Assets 1 43,146 46,594 57,613 - - 70,848 75,162 86,120
Book Value Per Share 2 11.30 12.10 13.10 - - 15.90 16.90 20.00
Cash Flow per Share 2 - 5.520 3.350 - - 6.430 - -
Capex 1 2,262 2,671 4,207 - - 6,129 6,496 6,498
Capex / Sales 7.56% 8.64% 10.73% - - 15.64% 15.88% 15.43%
Announcement Date 3/9/20 3/25/21 3/17/22 3/16/23 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 CPFL Energia S.A.

Trading Rating
Investor Rating
ESG Refinitiv
B+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
12
Last Close Price
34.94 BRL
Average target price
39.38 BRL
Spread / Average Target
+12.69%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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