# Companhia Energética de Minas Gerais (CMIG4.SA)

Canonical: https://gigainvestors.com/s/CMIG4.SA

Analysis as of: 2026-10-16T07:36:50.409Z. Financial observations: FY2000–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 11.76 per share; close as of 2026-10-15.

Estimated value: low BRL 14.88 per share, central BRL 17.12 per share, high BRL 18.39 per share. Buy at or below the central value BRL 17.12 per share. Valuation as of 2026-10-16T07:36:50.409Z; scenarios are not confidence intervals.

Expected annual return: 23.7% at the stated quote. About 23.7% 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: pass

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

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 0

- Operating margin variation: 0.23×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.10×

- FY2017: 0.12×

- FY2018: 0.13×

- FY2019: 0.12×

- FY2020: 0.19×

- FY2021: 0.21×

- FY2022: 0.16×

- FY2023: 0.17×

- FY2024: 0.19×

- FY2025: 0.14×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 12.1%

- ROIC, second-lowest year: 6.7%

- Typical minus recent gross margin: 3.5 pp

- Typical gross margin (annual median): 20.4%

- Recent gross margin (lower of latest and 3-year median): 16.9%

- Years with nonpositive capital: 0

- Capital spending / revenue: 2.6%

- ROIC including acquisitions, ten-year median: 12.6%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 6.6%

- FY2017: 6.7%

- FY2018: 7.5%

- FY2019: 6.8%

- FY2020: 12.9%

- FY2021: 20.6%

- FY2022: 19.8%

- FY2023: 16.5%

- FY2024: 13.1%

- FY2025: 11.4%

### economics: pass

- Owner earnings / net income, 5-yr: 1.11×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 29B

- Net income, five-year total: BRL 26B

- Return on incremental invested capital: 116.5%

- Working capital / revenue, annual change: -0.4 pp

- Working capital / revenue, change between three-year averages: -2.1 pp

- Working capital / revenue, final three-year average: 10.0%

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

- FY2021: 1.20×

- FY2022: 1.20×

- FY2023: 0.99×

- FY2024: 1.09×

- FY2025: 1.15×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 6.7% vs 13.1%

- Per-share earnings: 0.37 to 2.01 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 1.5%

- Ordinary dilution, 5-year annual growth: -0.0%

- Market cap gain: BRL 13B

- Cumulative retained earnings: BRL 6.3B

- Diluted shares, 10-year annual growth: 1.5%

- Diluted shares, 5-year annual growth: -0.0%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 23.5%

- Per-share value change: BRL 1.64

- Per-share value, starting three-year median: BRL 0.37

- Per-share value, ending three-year median: BRL 2.01

- Buyback history: 0 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 14B

- Cumulative net income, 10 years: BRL 35B

- ROIC, first three-year median: 6.7%

- ROIC, last three-year median: 13.1%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.13

- FY2017: BRL 0.37

- FY2018: BRL 0.60

- FY2019: BRL 1.12

- FY2020: BRL 1.00

- FY2021: BRL 1.71

- FY2022: BRL 1.43

- FY2023: BRL 2.01

- FY2024: BRL 2.49

- FY2025: BRL 1.71

### accounting: pass

- Sloan accruals: 1.2%

- Receivables to sales index (DSRI): 1.21×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 0.83×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.65×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.1%

- FY2017: 1.0%

- FY2018: 1.2%

- FY2019: 2.3%

- FY2020: -10.6%

- FY2021: 0.1%

- FY2022: -4.7%

- FY2023: -1.6%

- FY2024: 2.7%

- FY2025: 1.2%

## Holders

## Price story

Down 23% since Mar 2022 · sales +7.4%

Story as of 2026-10-16T10:00:08.217Z; price observation 2026-10-15.

Price needs cash profits to shrink 2.7% a year for ten years

### Sales · FY2024–2025

sales +7.4%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: BRL 19B 

- FY2017: BRL 22B 

- FY2018: BRL 22B 

- FY2019: BRL 25B 

- FY2020: BRL 25B 

- FY2021: BRL 34B 

- FY2022: BRL 34B 

- FY2023: BRL 37B 

- FY2024: BRL 40B 

- FY2025: BRL 43B 

### Gross margin · FY2025

gross margin 16.9%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 23.1% 

- FY2017: 19.5% 

- FY2018: 20.7% 

- FY2019: 23.1% 

- FY2020: 21.3% 

- FY2021: 20.0% 

- FY2022: 19.8% 

- FY2023: 22.8% 

- FY2024: 19.7% 

- FY2025: 16.9% 

## Owner memo

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

### How it makes money

Operates in utilities regulated electric; annual sales are BRL 42.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2025: revenue 42751283000; grossProfit 7207165000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 16.9% to 22.8% during 2023–25; it earns 12.1% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2023: grossProfit / revenue = 22.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2024: grossProfit / revenue = 19.7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2025: grossProfit / revenue = 16.9%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); 10-year return on capital observations [[2016,0.06566268145273671],[2017,0.0668674650475081],[2018,0.07515600908853778],[2019,0.06752869401942961],[2020,0.1293491907210319],[2021,0.20553010876507288],[2022,0.19845166926796232],[2023,0.16452067063734854],[2024,0.13095796602591322],[2025,0.11361955308454065]]; median 0.12148437190278627. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2016: growth capex 0; upkeep 1141000000; owner earnings 27000000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2017: growth capex 6000000; upkeep 850000000; owner earnings 1001000000. Growth capex / owner earnings = 0.005994005994005994.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2018: growth capex 27000000; upkeep 850000000; owner earnings 1722000000. Growth capex / owner earnings = 0.0156794425087108.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2019: growth capex 468391375.0974734; upkeep 1458608624.9025266; owner earnings 2635791375.097473. Growth capex / owner earnings = 0.17770426731142633.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2020: growth capex 0; upkeep 173000000; owner earnings 3634600000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2021: growth capex 0; upkeep 233000000; owner earnings 4518200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2022: growth capex 0; upkeep 292000000; owner earnings 4911200000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2023: growth capex 0; upkeep 1263539000; owner earnings 5687861000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2024: growth capex 0; upkeep 671293000; owner earnings 7735907000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); FY2025: growth capex 0; upkeep 699182000; owner earnings 5647781200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); Dividend observations: [[2016,675000000],[2017,539632000],[2018,509000000],[2019,701000000],[2020,598000000],[2021,1416000000],[2022,2093000000],[2023,1823019000],[2024,4294458000],[2025,3968306000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own <0.1% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CMIG4.SA SharesStats.PercentInsiders = 0.001 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits shrink 2.7% yearly over ten years; actual growth was 7%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:50.409Z); Ten-year compound average after fade. Initial solved rate -0.05071191365732902. Price 11.76; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 1.0001933545111819 → FY2025 1.9742779510018222. Closing-price date 2026-10-15.

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

- 2016-10: BRL 9.45 per share

- 2016-11: BRL 7.66 per share

- 2016-12: BRL 7.47 per share

- 2017-01: BRL 8.86 per share

- 2017-02: BRL 10.36 per share

- 2017-03: BRL 10.00 per share

- 2017-04: BRL 8.61 per share

- 2017-05: BRL 7.41 per share

- 2017-06: BRL 7.83 per share

- 2017-07: BRL 8.26 per share

- 2017-08: BRL 8.12 per share

- 2017-09: BRL 7.74 per share

- 2017-10: BRL 7.73 per share

- 2017-11: BRL 6.60 per share

- 2017-12: BRL 6.87 per share

- 2018-01: BRL 7.50 per share

- 2018-02: BRL 8.21 per share

- 2018-03: BRL 8.56 per share

- 2018-04: BRL 8.46 per share

- 2018-05: BRL 7.67 per share

- 2018-06: BRL 7.30 per share

- 2018-07: BRL 8.23 per share

- 2018-08: BRL 7.46 per share

- 2018-09: BRL 7.16 per share

- 2018-10: BRL 11.03 per share

- 2018-11: BRL 12.71 per share

- 2018-12: BRL 13.86 per share

- 2019-01: BRL 13.85 per share

- 2019-02: BRL 14.40 per share

- 2019-03: BRL 13.90 per share

- 2019-04: BRL 14.74 per share

- 2019-05: BRL 14.76 per share

- 2019-06: BRL 14.85 per share

- 2019-07: BRL 14.14 per share

- 2019-08: BRL 14.76 per share

- 2019-09: BRL 14.33 per share

- 2019-10: BRL 13.65 per share

- 2019-11: BRL 13.05 per share

- 2019-12: BRL 13.79 per share

- 2020-01: BRL 14.95 per share

- 2020-02: BRL 13.96 per share

- 2020-03: BRL 8.91 per share

- 2020-04: BRL 9.52 per share

- 2020-05: BRL 10.80 per share

- 2020-06: BRL 11.02 per share

- 2020-07: BRL 12.00 per share

- 2020-08: BRL 10.53 per share

- 2020-09: BRL 10.10 per share

- 2020-10: BRL 10.25 per share

- 2020-11: BRL 12.63 per share

- 2020-12: BRL 14.56 per share

- 2021-01: BRL 13.70 per share

- 2021-02: BRL 11.96 per share

- 2021-03: BRL 13.03 per share

- 2021-04: BRL 13.84 per share

- 2021-05: BRL 13.58 per share

- 2021-06: BRL 12.13 per share

- 2021-07: BRL 11.94 per share

- 2021-08: BRL 13.51 per share

- 2021-09: BRL 14.03 per share

- 2021-10: BRL 12.88 per share

- 2021-11: BRL 13.14 per share

- 2021-12: BRL 13.11 per share

- 2022-01: BRL 13.13 per share

- 2022-02: BRL 12.80 per share

- 2022-03: BRL 15.21 per share

- 2022-04: BRL 14.67 per share

- 2022-05: BRL 11.65 per share

- 2022-06: BRL 10.38 per share

- 2022-07: BRL 11.24 per share

- 2022-08: BRL 12.10 per share

- 2022-09: BRL 10.76 per share

- 2022-10: BRL 11.37 per share

- 2022-11: BRL 11.48 per share

- 2022-12: BRL 11.14 per share

- 2023-01: BRL 11.46 per share

- 2023-02: BRL 10.48 per share

- 2023-03: BRL 11.44 per share

- 2023-04: BRL 12.35 per share

- 2023-05: BRL 11.70 per share

- 2023-06: BRL 12.86 per share

- 2023-07: BRL 12.67 per share

- 2023-08: BRL 12.33 per share

- 2023-09: BRL 12.41 per share

- 2023-10: BRL 11.74 per share

- 2023-11: BRL 11.07 per share

- 2023-12: BRL 11.48 per share

- 2024-01: BRL 11.52 per share

- 2024-02: BRL 11.97 per share

- 2024-03: BRL 12.56 per share

- 2024-04: BRL 9.77 per share

- 2024-05: BRL 9.95 per share

- 2024-06: BRL 9.89 per share

- 2024-07: BRL 10.86 per share

- 2024-08: BRL 11.63 per share

- 2024-09: BRL 11.40 per share

- 2024-10: BRL 11.37 per share

- 2024-11: BRL 11.90 per share

- 2024-12: BRL 11.11 per share

- 2025-01: BRL 10.96 per share

- 2025-02: BRL 11.13 per share

- 2025-03: BRL 10.26 per share

- 2025-04: BRL 10.95 per share

- 2025-05: BRL 10.84 per share

- 2025-06: BRL 10.80 per share

- 2025-07: BRL 10.33 per share

- 2025-08: BRL 11.11 per share

- 2025-09: BRL 11.15 per share

- 2025-10: BRL 11.34 per share

- 2025-11: BRL 11.50 per share

- 2025-12: BRL 11.20 per share

- 2026-01: BRL 11.48 per share

- 2026-02: BRL 12.07 per share

- 2026-03: BRL 12.61 per share

- 2026-04: BRL 12.54 per share

- 2026-05: BRL 10.76 per share

- 2026-06: BRL 10.87 per share

- 2026-07: BRL 11.34 per share

- 2026-08: BRL 10.70 per share

- 2026-09: BRL 11.16 per share

- 2026-10: BRL 11.76 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 8.21 per share, central BRL 8.70 per share, high BRL 9.26 per share

- FY2017: low BRL 6.43 per share, central BRL 6.80 per share, high BRL 7.23 per share

- FY2018: low BRL 4.38 per share, central BRL 4.63 per share, high BRL 4.92 per share

- FY2019: low BRL 4.70 per share, central BRL 4.99 per share, high BRL 5.31 per share

- FY2020: low BRL 5.84 per share, central BRL 6.21 per share, high BRL 6.55 per share

- FY2021: low BRL 12.32 per share, central BRL 14.64 per share, high BRL 15.69 per share

- FY2022: low BRL 10.94 per share, central BRL 11.61 per share, high BRL 12.37 per share

- FY2023: low BRL 13.10 per share, central BRL 15.52 per share, high BRL 16.68 per share

- FY2024: low BRL 14.06 per share, central BRL 16.32 per share, high BRL 17.52 per share

- FY2025: low BRL 14.44 per share, central BRL 16.63 per share, high BRL 17.88 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

Prior published observations retained from 2026-10-15T06:42:31.945Z where newer inputs omit a numeric field or fiscal period.

## 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.

Companhia Energética de Minas Gerais

CMIG4 · SA

Ibovespa

Not a wonderful business

1 quality test fails. A lower price would not fix the business.

Share price: BRL 11.76
Buy up to: BRL 17.12
Expected / yr: 23.7% at today's price (17.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 22.5% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 15.3%
Worst year: 9.6%
Latest · 2025: 14.1%

Capital return excluding acquisitions: median 12.1% (minimum 15%), and the second-worst year 6.7% (minimum 10%).

ROIC excluding acquisitions

10y median: 12.1%
Worst year: 6.6%
Latest · 2025: 11.4%

Each $1 of profit left $1.11 for owners over five years (minimum $0.80).

Annual owner cash / profit

Five-year totals: 1.11×
Annual median: 1.15×
Latest · 2025: 1.15×

Per-share value rose from 0.37 to 2.01, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: BRL 1.27
Worst year: BRL 0.13
Latest · 2025: BRL 1.71

Profits were backed by cash: accruals were 1.2% of assets (limit 10%).

Sloan accruals

10y median: 0.6%
Worst year: 2.7%
Latest · 2025: 1.2%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 15.2%, three-year average owner earnings per share 2.22 BRL.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price BRL 9.45 · Value 8.70 · Buy at or below 8.70; 2016-11 · Price BRL 7.66 · Value 8.70 · Buy at or below 8.70; 2016-12 · Price BRL 7.47 · Value 8.70 · Buy at or below 8.70; 2017-01 · Price BRL 8.86 · Value 8.70 · Buy at or below 8.70; 2017-02 · Price BRL 10.36 · Value 6.80 · Buy at or below 6.80; 2017-03 · Price BRL 10.00 · Value 6.80 · Buy at or below 6.80; 2017-04 · Price BRL 8.61 · Value 6.80 · Buy at or below 6.80; 2017-05 · Price BRL 7.41 · Value 6.80 · Buy at or below 6.80; 2017-06 · Price BRL 7.83 · Value 6.80 · Buy at or below 6.80; 2017-07 · Price BRL 8.26 · Value 6.80 · Buy at or below 6.80; 2017-08 · Price BRL 8.12 · Value 6.80 · Buy at or below 6.80; 2017-09 · Price BRL 7.74 · Value 6.80 · Buy at or below 6.80; 2017-10 · Price BRL 7.73 · Value 6.80 · Buy at or below 6.80; 2017-11 · Price BRL 6.60 · Value 6.80 · Buy at or below 6.80; 2017-12 · Price BRL 6.87 · Value 6.80 · Buy at or below 6.80; 2018-01 · Price BRL 7.50 · Value 6.80 · Buy at or below 6.80; 2018-02 · Price BRL 8.21 · Value 4.63 · Buy at or below 4.63; 2018-03 · Price BRL 8.56 · Value 4.63 · Buy at or below 4.63; 2018-04 · Price BRL 8.46 · Value 4.63 · Buy at or below 4.63; 2018-05 · Price BRL 7.67 · Value 4.63 · Buy at or below 4.63; 2018-06 · Price BRL 7.30 · Value 4.63 · Buy at or below 4.63; 2018-07 · Price BRL 8.23 · Value 4.63 · Buy at or below 4.63; 2018-08 · Price BRL 7.46 · Value 4.63 · Buy at or below 4.63; 2018-09 · Price BRL 7.16 · Value 4.63 · Buy at or below 4.63; 2018-10 · Price BRL 11.03 · Value 4.63 · Buy at or below 4.63; 2018-11 · Price BRL 12.71 · Value 4.63 · Buy at or below 4.63; 2018-12 · Price BRL 13.86 · Value 4.63 · Buy at or below 4.63; 2019-01 · Price BRL 13.85 · Value 4.63 · Buy at or below 4.63; 2019-02 · Price BRL 14.40 · Value 4.99 · Buy at or below 4.99; 2019-03 · Price BRL 13.90 · Value 4.99 · Buy at or below 4.99; 2019-04 · Price BRL 14.74 · Value 4.99 · Buy at or below 4.99; 2019-05 · Price BRL 14.76 · Value 4.99 · Buy at or below 4.99; 2019-06 · Price BRL 14.85 · Value 4.99 · Buy at or below 4.99; 2019-07 · Price BRL 14.14 · Value 4.99 · Buy at or below 4.99; 2019-08 · Price BRL 14.76 · Value 4.99 · Buy at or below 4.99; 2019-09 · Price BRL 14.33 · Value 4.99 · Buy at or below 4.99; 2019-10 · Price BRL 13.65 · Value 4.99 · Buy at or below 4.99; 2019-11 · Price BRL 13.05 · Value 4.99 · Buy at or below 4.99; 2019-12 · Price BRL 13.79 · Value 4.99 · Buy at or below 4.99; 2020-01 · Price BRL 14.95 · Value 4.99 · Buy at or below 4.99; 2020-02 · Price BRL 13.96 · Value 6.21 · Buy at or below 6.21; 2020-03 · Price BRL 8.91 · Value 6.21 · Buy at or below 6.21; 2020-04 · Price BRL 9.52 · Value 6.21 · Buy at or below 6.21; 2020-05 · Price BRL 10.80 · Value 6.21 · Buy at or below 6.21; 2020-06 · Price BRL 11.02 · Value 6.21 · Buy at or below 6.21; 2020-07 · Price BRL 12.00 · Value 6.21 · Buy at or below 6.21; 2020-08 · Price BRL 10.53 · Value 6.21 · Buy at or below 6.21; 2020-09 · Price BRL 10.10 · Value 6.21 · Buy at or below 6.21; 2020-10 · Price BRL 10.25 · Value 6.21 · Buy at or below 6.21; 2020-11 · Price BRL 12.63 · Value 6.21 · Buy at or below 6.21; 2020-12 · Price BRL 14.56 · Value 6.21 · Buy at or below 6.21; 2021-01 · Price BRL 13.70 · Value 6.21 · Buy at or below 6.21; 2021-02 · Price BRL 11.96 · Value 14.64 · Buy at or below 14.64; 2021-03 · Price BRL 13.03 · Value 14.64 · Buy at or below 14.64; 2021-04 · Price BRL 13.84 · Value 14.64 · Buy at or below 14.64; 2021-05 · Price BRL 13.58 · Value 14.64 · Buy at or below 14.64; 2021-06 · Price BRL 12.13 · Value 14.64 · Buy at or below 14.64; 2021-07 · Price BRL 11.94 · Value 14.64 · Buy at or below 14.64; 2021-08 · Price BRL 13.51 · Value 14.64 · Buy at or below 14.64; 2021-09 · Price BRL 14.03 · Value 14.64 · Buy at or below 14.64; 2021-10 · Price BRL 12.88 · Value 14.64 · Buy at or below 14.64; 2021-11 · Price BRL 13.14 · Value 14.64 · Buy at or below 14.64; 2021-12 · Price BRL 13.11 · Value 14.64 · Buy at or below 14.64; 2022-01 · Price BRL 13.13 · Value 14.64 · Buy at or below 14.64; 2022-02 · Price BRL 12.80 · Value 11.61 · Buy at or below 11.61; 2022-03 · Price BRL 15.21 · Value 11.61 · Buy at or below 11.61; 2022-04 · Price BRL 14.67 · Value 11.61 · Buy at or below 11.61; 2022-05 · Price BRL 11.65 · Value 11.61 · Buy at or below 11.61; 2022-06 · Price BRL 10.38 · Value 11.61 · Buy at or below 11.61; 2022-07 · Price BRL 11.24 · Value 11.61 · Buy at or below 11.61; 2022-08 · Price BRL 12.10 · Value 11.61 · Buy at or below 11.61; 2022-09 · Price BRL 10.76 · Value 11.61 · Buy at or below 11.61; 2022-10 · Price BRL 11.37 · Value 11.61 · Buy at or below 11.61; 2022-11 · Price BRL 11.48 · Value 11.61 · Buy at or below 11.61; 2022-12 · Price BRL 11.14 · Value 11.61 · Buy at or below 11.61; 2023-01 · Price BRL 11.46 · Value 11.61 · Buy at or below 11.61; 2023-02 · Price BRL 10.48 · Value 15.52 · Buy at or below 15.52; 2023-03 · Price BRL 11.44 · Value 15.52 · Buy at or below 15.52; 2023-04 · Price BRL 12.35 · Value 15.52 · Buy at or below 15.52; 2023-05 · Price BRL 11.70 · Value 15.52 · Buy at or below 15.52; 2023-06 · Price BRL 12.86 · Value 15.52 · Buy at or below 15.52; 2023-07 · Price BRL 12.67 · Value 15.52 · Buy at or below 15.52; 2023-08 · Price BRL 12.33 · Value 15.52 · Buy at or below 15.52; 2023-09 · Price BRL 12.41 · Value 15.52 · Buy at or below 15.52; 2023-10 · Price BRL 11.74 · Value 15.52 · Buy at or below 15.52; 2023-11 · Price BRL 11.07 · Value 15.52 · Buy at or below 15.52; 2023-12 · Price BRL 11.48 · Value 15.52 · Buy at or below 15.52; 2024-01 · Price BRL 11.52 · Value 15.52 · Buy at or below 15.52; 2024-02 · Price BRL 11.97 · Value 16.32 · Buy at or below 16.32; 2024-03 · Price BRL 12.56 · Value 16.32 · Buy at or below 16.32; 2024-04 · Price BRL 9.77 · Value 16.32 · Buy at or below 16.32; 2024-05 · Price BRL 9.95 · Value 16.32 · Buy at or below 16.32; 2024-06 · Price BRL 9.89 · Value 16.32 · Buy at or below 16.32; 2024-07 · Price BRL 10.86 · Value 16.32 · Buy at or below 16.32; 2024-08 · Price BRL 11.63 · Value 16.32 · Buy at or below 16.32; 2024-09 · Price BRL 11.40 · Value 16.32 · Buy at or below 16.32; 2024-10 · Price BRL 11.37 · Value 16.32 · Buy at or below 16.32; 2024-11 · Price BRL 11.90 · Value 16.32 · Buy at or below 16.32; 2024-12 · Price BRL 11.11 · Value 16.32 · Buy at or below 16.32; 2025-01 · Price BRL 10.96 · Value 16.32 · Buy at or below 16.32; 2025-02 · Price BRL 11.13 · Value 16.63 · Buy at or below 16.63; 2025-03 · Price BRL 10.26 · Value 16.63 · Buy at or below 16.63; 2025-04 · Price BRL 10.95 · Value 16.63 · Buy at or below 16.63; 2025-05 · Price BRL 10.84 · Value 16.63 · Buy at or below 16.63; 2025-06 · Price BRL 10.80 · Value 16.63 · Buy at or below 16.63; 2025-07 · Price BRL 10.33 · Value 16.63 · Buy at or below 16.63; 2025-08 · Price BRL 11.11 · Value 16.63 · Buy at or below 16.63; 2025-09 · Price BRL 11.15 · Value 16.63 · Buy at or below 16.63; 2025-10 · Price BRL 11.34 · Value 16.63 · Buy at or below 16.63; 2025-11 · Price BRL 11.50 · Value 16.63 · Buy at or below 16.63; 2025-12 · Price BRL 11.20 · Value 16.63 · Buy at or below 16.63; 2026-01 · Price BRL 11.48 · Value 16.63 · Buy at or below 16.63; 2026-02 · Price BRL 12.07 · Value 17.12 · Buy at or below 17.12; 2026-03 · Price BRL 12.61 · Value 17.12 · Buy at or below 17.12; 2026-04 · Price BRL 12.54 · Value 17.12 · Buy at or below 17.12; 2026-05 · Price BRL 10.76 · Value 17.12 · Buy at or below 17.12; 2026-06 · Price BRL 10.87 · Value 17.12 · Buy at or below 17.12; 2026-07 · Price BRL 11.34 · Value 17.12 · Buy at or below 17.12; 2026-08 · Price BRL 10.70 · Value 17.12 · Buy at or below 17.12; 2026-09 · Price BRL 11.16 · Value 17.12 · Buy at or below 17.12; 2026-10 · Price BRL 11.76 · Value 17.12 · Buy at or below 17.12; 2026-10 · Price BRL 11.76 · Value 17.12 · Buy at or below 17.12

BRL per share · annual estimates

Price & return math
Value range	BRL 14.88 – BRL 18.39
Buy at or below	Central value BRL 17.12
Discount to value	1 − 11.76 / 17.12 = 31.3%
Return / year	About 23.7% a year at today's price (required return 17.0%)
Cash-flow inputs	Owner cash BRL 2.18/share; 3.4% growth for 5 years, then fades to 3.0%; excess cash BRL 0.77/share today.
Required return	17.0% / year, earned by construction at the central value

RevenueBRL 43B

Revenue

Owner earningsBRL 5.6B

Owner earnings

Operating margin14.1%

Operating margin

Net cash / debtBRL -17B

Net cash / debt

Diluted shares2.9B

Diluted shares

Prices 15 Oct 2026 · FY2025