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    TAEE11   BRTAEECDAM10

TRANSMISSORA ALIANÇA DE ENERGIA ELÉTRICA S.A.

(TAEE11)
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Brazil's Cemig plans gas distribution IPO, Alianca stake sale

04/28/2021 | 11:41am EDT

SAO PAULO, April 28 (Reuters) - Brazilian power utility Cemig is planning an initial public offering of its gas distribution unit and a wave of divestments, executives said on Wednesday, and the company's shares rose over 4% after the news.

During an online investors' event, executives said they planned to sell off some 9 billion reais ($1.66 billion) in assets through 2025, including the company's stake in the massive Belo Monte and Santo Antonio hydroelectric dams.

As part of that divestment drive, the company, formally Cia Energetica de Minas Gerais SA, also plans to sell its stake in Alianca Energia, a joint power generation venture with Brazilian mining company Vale SA, the executives said.

Cemig is the public power company of Minas Gerais, Brazil's second most populous state.

Sao Paulo-listed shares in the company were up 4.4% in mid-day trade, the second biggest gainer on Brazil's benchmark Bovespa equities index.

Earlier in the event, Minas Gerais Governor Romeu Zema re-affirmed his stated intentions to privatize the company, saying he wanted it completed by the end of his term in 2022.

"I would like the company to be privatized during my tenure," Zema said. "Perhaps not to outright sell it, but for it to receive a (private) capital injection and therefore dilute the state, which has always interfered inappropriately, so it loses its controlling stake and stops hurting Cemig." (Reporting by Luciano Costa; Writing by Gram Slattery; Editing by Louise Heavens and David Gregorio)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
COMPANHIA ENERGÉTICA DE MINAS GERAIS 3.40% 12.18 End-of-day quote.-6.73%
TRANSMISSORA ALIANÇA DE ENERGIA ELÉTRICA S.A. 5.28% 40.11 End-of-day quote.20.34%
VALE S.A. -1.72% 110.56 End-of-day quote.26.43%
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Financials
Sales 2021 1 694 M 321 M 321 M
Net income 2021 1 055 M 200 M 200 M
Net Debt 2021 5 684 M 1 078 M 1 078 M
P/E ratio 2021 11,7x
Yield 2021 8,51%
Capitalization 13 818 M 2 627 M 2 621 M
EV / Sales 2021 11,5x
EV / Sales 2022 10,8x
Nbr of Employees 673
Free-Float 99,0%
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Technical analysis trends TRANSMISSORA ALIANÇA DE ENERGIA ELÉTRICA S.A.
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 11
Average target price 32,95 BRL
Last Close Price 40,11 BRL
Spread / Highest target -5,26%
Spread / Average Target -17,9%
Spread / Lowest Target -27,7%
EPS Revisions
Managers and Directors
NameTitle
Marco Antônio Resende Faria CEO, Chief Technical, Legal & Regulatory Officer
Fábio Antunes Fernandes Chief Financial Officer & IR Officer
Hermes Jorge Chipp Independent Director
Celso Maia de Barros Independent Director
François Moreau Independent Director
Sector and Competitors
1st jan.Capitalization (M$)
TRANSMISSORA ALIANÇA DE ENERGIA ELÉTRICA S.A.20.34%2 627
NEXTERA ENERGY-5.22%143 421
ENEL S.P.A.-0.87%101 202
IBERDROLA, S.A.-3.55%86 731
DUKE ENERGY CORPORATION12.56%79 276
SOUTHERN COMPANY7.00%68 927