Stock CMIG4 COMPANHIA ENERGÉTICA DE MINAS GERAIS - CEMIG
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Financials Companhia Energética de Minas Gerais - CEMIG

Equities

CMIG4

BRCMIGACNPR3

Electric Utilities

Market Closed - Sao Paulo
Other stock markets
 04:07:42 2024-04-26 pm EDT 		5-day change 1st Jan Change
12.59 BRL -3.00% Intraday chart for Companhia Energética de Minas Gerais - CEMIG -3.97% +9.67%
Mar. 22 Transcript : Companhia Energética de Minas Gerais - CEMIG, Q4 2023 Earnings Call, Mar 22, 2024
Mar. 21 Companhia Energética de Minas Gerais - CEMIG 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 20,986 23,039 25,254 28,200 27,948 29,257 - -
Enterprise Value (EV) 1 34,473 39,784 40,170 41,253 27,948 41,377 41,733 44,375
P/E ratio 6.44 x 7.7 x 5.91 x 5.99 x 4.38 x 5.84 x 6.29 x 6.18 x
Yield 3.77% 6.73% 8.85% 9.07% - 8.94% 8.41% 8.54%
Capitalization / Revenue 0.83 x 0.91 x 0.75 x 0.82 x 0.76 x 0.85 x 0.81 x 0.79 x
EV / Revenue 1.36 x 1.58 x 1.19 x 1.2 x 0.76 x 1.21 x 1.15 x 1.2 x
EV / EBITDA 7.88 x 8.16 x 6.77 x 5.95 x 3.46 x 5.3 x 5.33 x 5.71 x
EV / FCF 17.5 x 5.63 x 11.5 x 6.41 x - 12.7 x -178 x -171 x
FCF Yield 5.7% 17.8% 8.72% 15.6% - 7.88% -0.56% -0.59%
Price to Book 1.27 x 1.27 x 1.14 x 1.13 x - 1.03 x 0.94 x 0.88 x
Nbr of stocks (in thousands) 2,200,548 2,200,539 2,200,525 2,200,525 2,200,525 2,200,525 - -
Reference price 2 9.138 10.05 10.08 11.14 11.48 12.59 12.59 12.59
Announcement Date 3/20/20 3/26/21 3/29/22 3/25/23 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 25,390 25,228 33,646 34,463 36,850 34,304 36,154 36,856
EBITDA 1 4,376 4,875 5,933 6,928 8,078 7,802 7,826 7,771
EBIT 1 3,109 3,886 4,884 5,746 6,804 6,618 6,393 6,281
Operating Margin 12.25% 15.4% 14.52% 16.67% 18.47% 19.29% 17.68% 17.04%
Earnings before Tax (EBT) 1 4,470 3,801 4,698 4,121 6,851 5,985 5,914 6,135
Net income 1 3,127 2,864 3,751 4,092 5,764 4,683 4,329 4,195
Net margin 12.32% 11.35% 11.15% 11.87% 15.64% 13.65% 11.97% 11.38%
EPS 2 1.418 1.304 1.708 1.860 2.620 2.155 2.002 2.038
Free Cash Flow 1 1,967 7,072 3,505 6,440 - 3,259 -235 -260
FCF margin 7.75% 28.03% 10.42% 18.69% - 9.5% -0.65% -0.71%
FCF Conversion (EBITDA) 44.94% 145.06% 59.07% 92.95% - 41.77% - -
FCF Conversion (Net income) 62.88% 246.9% 93.43% 157.36% - 69.59% - -
Dividend per Share 2 0.3446 0.6761 0.8923 1.010 - 1.125 1.058 1.075
Announcement Date 3/20/20 3/26/21 3/29/22 3/25/23 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 9,525 9,657 7,847 8,213 9,223 9,753 8,647 8,820 9,427 9,957 7,489 9,040 9,970 9,214 7,429
EBITDA 1 1,468 1,396 1,916 1,809 1,535 1,658 2,073 1,878 1,965 2,163 1,817 2,767 2,087 1,934 1,414
EBIT 1 1,184 1,131 1,448 1,521 1,237 1,346 1,770 1,575 1,645 1,811 1,361 2,473 1,764 1,625 1,227
Operating Margin 12.44% 11.71% 18.46% 18.52% 13.42% 13.8% 20.47% 17.86% 17.45% 18.19% 18.17% 27.36% 17.7% 17.64% 16.52%
Earnings before Tax (EBT) 1 471.2 1,058 1,947 -805.3 1,392 1,587 1,753 1,615 1,480 1,722 1,296 2,341 1,674 1,541 1,201
Net income 1 421.1 962 1,455 49.52 1,182 1,406 1,398 1,245 1,237 1,885 1,613 1,668 1,239 1,149 930.5
Net margin 4.42% 9.96% 18.54% 0.6% 12.81% 14.41% 16.16% 14.11% 13.13% 18.94% 21.53% 18.45% 12.43% 12.47% 12.52%
EPS 2 0.1923 0.4385 0.6600 0.0200 0.5400 0.6400 0.6400 0.5700 0.5600 0.8600 0.8317 0.7576 0.5630 0.5221 -
Dividend per Share 2 - 0.8923 - - - 1.010 - - - - 0.0950 - 0.0950 1.144 -
Announcement Date 11/11/21 3/29/22 5/13/22 8/12/22 11/11/22 3/25/23 5/4/23 8/3/23 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 13,487 16,745 14,917 13,052 - 12,120 12,476 15,118
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.082 x 3.435 x 2.514 x 1.884 x - 1.553 x 1.594 x 1.945 x
Free Cash Flow 1 1,967 7,072 3,505 6,440 - 3,259 -235 -260
ROE (net income / shareholders' equity) 20.5% 17.1% 20.3% 19.8% - 17.9% 15.5% 14.5%
ROA (Net income/ Total Assets) 5.7% 5.48% 7.07% 7.74% - 9.57% 7.3% 6.04%
Assets 1 54,891 52,305 53,064 52,858 - 48,949 59,298 69,443
Book Value Per Share 2 7.220 7.940 8.840 9.900 - 12.20 13.40 14.30
Cash Flow per Share 2 0.9300 3.910 1.670 3.010 - 3.540 4.120 4.390
Capex 1 1,927 1,538 2,032 3,405 - 4,774 5,258 6,359
Capex / Sales 7.59% 6.09% 6.04% 9.88% - 13.92% 14.54% 17.25%
Announcement Date 3/20/20 3/26/21 3/29/22 3/25/23 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 Energética de Minas Gerais - CEMIG

Trading Rating
Investor Rating
ESG Refinitiv
A-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
11
Last Close Price
12.59 BRL
Average target price
13.97 BRL
Spread / Average Target
+10.98%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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