# Auren Energia (AURE3.SA)

Canonical: https://gigainvestors.com/s/AURE3.SA

Analysis as of: 2026-10-16T07:39:10.679Z. Financial observations: FY2018–FY2025.

Listing currency: BRL. Reporting currency: BRL.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: BRL 14.85 per share; close as of 2026-10-15.

Estimated value: low BRL 4.96 per share, central BRL 5.07 per share, high BRL 5.21 per share. Buy at or below the central value BRL 5.07 per share. Valuation as of 2026-10-16T07:39:10.679Z; scenarios are not confidence intervals.

Expected annual return: 5.1% at the stated quote. About 5.1% a year at today's price (required return 17.0%). required return 17.0% a year (BR 10-year bond 13.0% + 4 points).

## Checklist

### understandable: fail

- 0 revenue declines in the last 10 years (informational)

- operating margin variation exceeds 0.35

- Financial history: 8 years

- Years with declining revenue: 0

- Years with a net loss: 2

- Operating margin variation: 0.54×

Chart: Operating margin; fiscal year observations.

- FY2018: 0.50×

- FY2019: 0.60×

- FY2020: 0.40×

- FY2021: 0.47×

- FY2022: 0.23×

- FY2023: 0.16×

- FY2024: 0.14×

- FY2025: 0.11×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 11.9pp below the typical margin (limit 4pp)

- ROIC, median of available years: 5.3%

- ROIC, second-lowest year: 3.2%

- Typical minus recent gross margin: 11.9 pp

- Typical gross margin (annual median): 27.9%

- Recent gross margin (lower of latest and 3-year median): 16.1%

- Years with nonpositive capital: 0

- Capital spending / revenue: 8.0%

- ROIC including acquisitions, ten-year median: 2.2%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2018: 3.2%

- FY2019: 18.0%

- FY2020: 14.0%

- FY2021: 11.0%

- FY2022: 6.3%

- FY2023: 4.3%

- FY2024: 2.3%

- FY2025: 3.6%

### economics: pass

- Owner earnings / net income, 5-yr: 1.44×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 2.9B

- Net income, five-year total: BRL 2.0B

- Return on incremental invested capital: 76.1%

- Working capital / revenue, annual change: -5.5 pp

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.98×

- FY2022: 1.00×

- FY2023: 1.04×

- FY2024: 2.41×

- FY2025: 0.18×

### management: fail

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 14.0% vs 3.6%

- Per-share earnings: 1.18 to -0.32 (three-year endpoint medians)

- per-share value declined or ends nonpositive

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 5-year annual growth: 17.5%

- Diluted shares, 5-year annual growth: 17.5%

- Per-share value change: BRL -1.50

- Per-share value, starting three-year median: BRL 1.18

- Per-share value, ending three-year median: BRL -0.32

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.4%

- Buyback history: 3 years

- Debt-funded buybacks: No

- ROIC, first three-year median: 14.0%

- ROIC, last three-year median: 3.6%

Chart: Earnings per share; fiscal year observations.

- FY2018: BRL 0.07

- FY2019: BRL 1.18

- FY2020: BRL 2.20

- FY2021: BRL 0.06

- FY2022: BRL 2.55

- FY2023: BRL -0.32

- FY2024: BRL 0.21

- FY2025: BRL -0.63

### accounting: pass

- Sloan accruals: -4.7%

- Receivables to sales index (DSRI): 0.91×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.58×

Chart: Sloan accruals; fiscal year observations.

- FY2018: -0.9%

- FY2019: -2.2%

- FY2020: 0.5%

- FY2021: -4.9%

- FY2022: 6.3%

- FY2023: -17.2%

- FY2024: -0.7%

- FY2025: -4.7%

## Holders

## Price story

Price needs cash profits to grow 28% a year for ten years · sales +63.5%

Story as of 2026-10-16T10:00:10.566Z; price observation 2026-10-15.

Price needs cash profits to grow 28% a year for ten years

### Sales · FY2024–2025

sales +63.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: BRL 440M 

- FY2019: BRL 2.0B 

- FY2020: BRL 2.3B 

- FY2021: BRL 2.6B 

- FY2022: BRL 5.5B 

- FY2023: BRL 6.2B 

- FY2024: BRL 8.1B 

- FY2025: BRL 13B 

### Gross margin · FY2025

gross margin 16.1%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2018: 59.2% 

- FY2019: 34.4% 

- FY2020: 39.0% 

- FY2021: 53.1% 

- FY2022: 20.7% 

- FY2023: 21.5% 

- FY2024: 17.7% 

- FY2025: 16.1% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in utilities renewable; annual sales are BRL 13.2 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2025: revenue 13176952000; grossProfit 2115592000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 16.1% to 21.5% during 2023–25; it earns 5.3% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2023: grossProfit / revenue = 21.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2024: grossProfit / revenue = 17.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2025: grossProfit / revenue = 16.1%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); 8-year return on capital observations [[2018,0.03162636987032013],[2019,0.17998551822485778],[2020,0.13992116944742078],[2021,0.1098366051085229],[2022,0.06327325732040501],[2023,0.04299211542876384],[2024,0.02281297188593848],[2025,0.03603173048752386]]; median 0.053132686374584424. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 7 of 8 years; bought back BRL 5.5 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2018: growth capex 0; upkeep 13837000; owner earnings 120582000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2019: growth capex 0; upkeep 165470000; owner earnings 894286000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2020: growth capex 0; upkeep 179080000; owner earnings 1411630600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2021: growth capex 78707000; upkeep 593954000; owner earnings 57639400. Growth capex / owner earnings = 1.365506927553028.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2022: growth capex 992538000; upkeep 580092000; owner earnings 2665539200. Growth capex / owner earnings = 0.3723591834627681.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2024: growth capex 0; upkeep 248264000; owner earnings 605924400. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); Dividend observations: [[2018,0],[2019,297164000],[2020,363749000],[2021,502362000],[2022,99994000],[2023,2999626000],[2024,399950000],[2025,241835000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); FY2025: cash repurchases 5543000 BRL.

### Are managers owners

Insiders own 38.7% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); AURE3.SA SharesStats.PercentInsiders = 38.667 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 28% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:39:10.679Z); Ten-year compound average after fade. Initial solved rate 0.39753454557571455. Price 14.85; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03.  Closing-price date 2026-10-15.

## Monthly share-price history (BRL per share)

- 2022-03: BRL 15.99 per share

- 2022-04: BRL 14.66 per share

- 2022-05: BRL 13.96 per share

- 2022-06: BRL 13.62 per share

- 2022-07: BRL 14.19 per share

- 2022-08: BRL 15.37 per share

- 2022-09: BRL 13.55 per share

- 2022-10: BRL 14.92 per share

- 2022-11: BRL 13.83 per share

- 2022-12: BRL 14.73 per share

- 2023-01: BRL 15.41 per share

- 2023-02: BRL 14.80 per share

- 2023-03: BRL 14.67 per share

- 2023-04: BRL 15.78 per share

- 2023-05: BRL 14.08 per share

- 2023-06: BRL 14.33 per share

- 2023-07: BRL 14.00 per share

- 2023-08: BRL 13.61 per share

- 2023-09: BRL 13.73 per share

- 2023-10: BRL 13.42 per share

- 2023-11: BRL 14.69 per share

- 2023-12: BRL 13.31 per share

- 2024-01: BRL 13.18 per share

- 2024-02: BRL 12.83 per share

- 2024-03: BRL 11.90 per share

- 2024-04: BRL 11.59 per share

- 2024-05: BRL 11.94 per share

- 2024-06: BRL 12.34 per share

- 2024-07: BRL 11.88 per share

- 2024-08: BRL 11.39 per share

- 2024-09: BRL 10.46 per share

- 2024-10: BRL 10.25 per share

- 2024-11: BRL 9.86 per share

- 2024-12: BRL 8.77 per share

- 2025-01: BRL 8.11 per share

- 2025-02: BRL 7.79 per share

- 2025-03: BRL 7.44 per share

- 2025-04: BRL 8.93 per share

- 2025-05: BRL 9.88 per share

- 2025-06: BRL 10.17 per share

- 2025-07: BRL 9.27 per share

- 2025-08: BRL 10.86 per share

- 2025-09: BRL 10.27 per share

- 2025-10: BRL 10.99 per share

- 2025-11: BRL 12.27 per share

- 2025-12: BRL 11.87 per share

- 2026-01: BRL 11.26 per share

- 2026-02: BRL 11.86 per share

- 2026-03: BRL 11.94 per share

- 2026-04: BRL 13.89 per share

- 2026-05: BRL 12.37 per share

- 2026-06: BRL 11.60 per share

- 2026-07: BRL 10.98 per share

- 2026-08: BRL 11.19 per share

- 2026-09: BRL 13.02 per share

- 2026-10: BRL 15.30 per share

## Annual estimated value (BRL per share)

- FY2022: low BRL 17.04 per share, central BRL 18.01 per share, high BRL 19.11 per share

- FY2023: low BRL 19.66 per share, central BRL 20.79 per share, high BRL 22.10 per share

- FY2024: low BRL 8.88 per share, central BRL 9.09 per share, high BRL 9.33 per share

- FY2025: low BRL 5.71 per share, central BRL 5.82 per share, high BRL 5.95 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

## Reported holder observations