COMPANHIA DE SANEAMENTO BÁSICO DO ESTADO DE SÃO PAULO - SABESP

Financials Companhia de Saneamento Básico do Estado de São Paulo - SABESP Nyse

Equities

SBS

US20441A1025

Water Utilities

Market Closed - Nyse Other stock markets 04:00:01 2024-04-26 pm EDT			5-day change	1st Jan Change
16 ^USD	+2.70%		+3.29%	+5.06%

Apr. 19	Phoenix outbids EDF for control of Brazil power firm EMAE	RE
Apr. 11	Companhia de Saneamento Básico do Estado de São Paulo - SABESP Announces Management Changes	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	41,393	30,375	27,463	39,069	51,516	56,253	-	-
Enterprise Value (EV) ¹	52,385	43,826	42,036	54,483	67,787	74,191	79,178	83,969
P/E ratio	12.3 x	31.3 x	11.9 x	12.5 x	14.6 x	13.1 x	12.1 x	9.32 x
Yield	2.27%	0.9%	2.35%	2.23%	1.91%	1.85%	1.9%	2.51%
Capitalization / Revenue	2.3 x	1.71 x	1.41 x	1.77 x	2.01 x	2.07 x	1.78 x	1.5 x
EV / Revenue	2.91 x	2.46 x	2.16 x	2.47 x	2.65 x	2.73 x	2.5 x	2.23 x
EV / EBITDA	6.97 x	6.82 x	6.6 x	7.69 x	7.44 x	6.98 x	6.68 x	6.1 x
EV / FCF	56.7 x	26.8 x	252 x	159 x	94.7 x	23.8 x	21.2 x	16.9 x
FCF Yield	1.76%	3.73%	0.4%	0.63%	1.06%	4.19%	4.71%	5.91%
Price to Book	1.91 x	1.33 x	1.1 x	1.43 x	1.73 x	1.69 x	1.51 x	1.33 x
Nbr of stocks (in thousands)	683,510	683,510	683,510	683,510	683,510	683,510	-	-
Reference price ²	60.56	44.44	40.18	57.16	75.37	82.30	82.30	82.30
Announcement Date	3/27/20	3/25/21	3/24/22	3/23/23	3/22/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,984	17,798	19,491	22,056	25,572	27,167	31,685	37,587
EBITDA ¹	7,510	6,422	6,373	7,088	9,108	10,626	11,855	13,756
EBIT ¹	5,730	4,492	4,098	4,645	6,346	7,611	8,585	10,105
Operating Margin	31.86%	25.24%	21.02%	21.06%	24.82%	28.02%	27.09%	26.88%
Earnings before Tax (EBT) ¹	4,678	1,326	3,170	4,273	4,754	5,847	5,940	7,605
Net income ¹	3,368	973.3	2,306	3,121	3,524	4,342	4,885	5,959
Net margin	18.73%	5.47%	11.83%	14.15%	13.78%	15.98%	15.42%	15.85%
EPS ²	4.930	1.420	3.370	4.570	5.160	6.299	6.796	8.831
Free Cash Flow ¹	923.8	1,636	166.8	343.4	715.8	3,112	3,731	4,963
FCF margin	5.14%	9.19%	0.86%	1.56%	2.8%	11.45%	11.78%	13.21%
FCF Conversion (EBITDA)	12.3%	25.48%	2.62%	4.84%	7.86%	29.28%	31.47%	36.08%
FCF Conversion (Net income)	27.43%	168.1%	7.23%	11%	20.31%	71.67%	76.38%	83.3%
Dividend per Share ²	1.377	0.3979	0.9427	1.276	1.440	1.519	1.562	2.066
Announcement Date	3/27/20	3/25/21	3/24/22	3/23/23	3/22/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	-	5,154	5,064	4,870	5,265	5,988	5,932	-	5,698	6,155	6,453	7,266	5,358	6,502	6,634	6,726	-
EBITDA ¹	4,734	1,789	1,494	1,721	1,510	2,136	1,720	-	2,035	1,691	2,414	2,438	2,498	2,665	2,784	2,895	2,560
EBIT ¹	-	1,224	878.8	1,134	914.1	1,522	1,077	2,597	1,392	1,071	1,702	2,174	1,764	1,980	2,021	2,099	-
Operating Margin	-	23.76%	17.35%	23.29%	17.36%	25.43%	18.16%	-	24.44%	17.4%	26.37%	29.92%	32.92%	30.46%	30.46%	31.21%	-
Earnings before Tax (EBT) ¹	-	-	565.1	-	-	1,638	570.6	-	1,133	1,057	-	1,287	1,533	1,659	1,738	1,752	-
Net income ¹	-	468.6	567.5	975.5	422.5	1,081	642.2	-	747.2	743.7	846.3	1,186	1,039	1,110	1,140	1,449	-
Net margin	-	9.09%	11.21%	20.03%	8.02%	18.05%	10.83%	-	13.11%	12.08%	13.11%	16.33%	19.39%	17.08%	17.19%	21.54%	-
EPS ²	-	0.6900	0.8300	1.430	0.6200	1.582	0.9430	-	1.090	1.090	1.238	1.740	1.565	1.626	1.667	2.119	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.682	-
Announcement Date	3/27/20	11/12/21	3/24/22	5/6/22	8/12/22	11/10/22	3/23/23	3/23/23	5/15/23	8/10/23	11/9/23	3/22/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,991	13,451	14,573	15,413	16,271	17,938	22,926	27,716
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.463 x	2.095 x	2.287 x	2.175 x	1.786 x	1.688 x	1.934 x	2.015 x
Free Cash Flow ¹	924	1,636	167	343	716	3,112	3,731	4,963
ROE (net income / shareholders' equity)	16.4%	4.38%	9.66%	11.9%	6.16%	14.3%	14.2%	14.4%
ROA (Net income/ Total Assets)	7.48%	2.01%	4.45%	5.66%	2.97%	8.45%	9.2%	8.85%
Assets ¹	45,011	48,437	51,792	55,187	118,679	51,398	53,107	67,346
Book Value Per Share ²	31.70	33.30	36.50	40.00	43.50	48.70	54.70	61.70
Cash Flow per Share ²	6.140	7.280	5.730	5.800	7.070	12.70	17.60	19.00
Capex ¹	3,273	3,342	3,747	3,624	4,139	7,805	10,554	11,367
Capex / Sales	18.2%	18.78%	19.22%	16.43%	16.18%	28.73%	33.31%	30.24%
Announcement Date	3/27/20	3/25/21	3/24/22	3/23/23	3/22/24	-	-	-

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 Básico do Estado de São Paulo - SABESP

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

82.3 BRL

Average target price

95.34 BRL

Spread / Average Target

+15.85%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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