# Companhia Paranaense de Energia - COPEL (CPLE3.SA)

Canonical: https://gigainvestors.com/s/CPLE3.SA

Analysis as of: 2026-10-16T07:35:53.496Z. Financial observations: FY1998–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 17.37 per share; close as of 2026-10-15.

Estimated value: low BRL 10.05 per share, central BRL 11.38 per share, high BRL 12.18 per share. Buy at or below the central value BRL 11.38 per share. Valuation as of 2026-10-16T07:35:53.496Z; scenarios are not confidence intervals.

Expected annual return: 11.9% at the stated quote. About 11.9% 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: 0.31×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.14×

- FY2017: 0.15×

- FY2018: 0.15×

- FY2019: 0.17×

- FY2020: 0.27×

- FY2021: 0.15×

- FY2022: 0.06×

- FY2023: 0.15×

- FY2024: 0.16×

- FY2025: 0.18×

### moat: fail

- ROIC median below threshold

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

- ROIC, median of available years: 7.7%

- ROIC, second-lowest year: 5.2%

- Typical minus recent gross margin: -0.5 pp

- Typical gross margin (annual median): 20.8%

- Recent gross margin (lower of latest and 3-year median): 21.3%

- Years with nonpositive capital: 0

- Capital spending / revenue: 4.0%

- ROIC including acquisitions, ten-year median: 6.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 5.2%

- FY2017: 7.2%

- FY2018: 6.6%

- FY2019: 8.0%

- FY2020: 14.3%

- FY2021: 8.9%

- FY2022: 4.1%

- FY2023: 8.2%

- FY2024: 7.4%

- FY2025: 9.3%

### economics: pass

- Owner earnings / net income, 5-yr: 1.08×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: BRL 14B

- Net income, five-year total: BRL 13B

- Return on incremental invested capital: 65.2%

- Working capital / revenue, annual change: 0.9 pp

- Working capital / revenue, change between three-year averages: 8.1 pp

- Working capital / revenue, final three-year average: 19.3%

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

- FY2021: 1.18×

- FY2022: 1.20×

- FY2023: 1.49×

- FY2024: 0.19×

- FY2025: 1.47×

### management: pass

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

- buybacks leaned toward cheaper years (informational)

- ROIC first 3 years vs last 3 years: 6.6% vs 8.2%

- Per-share earnings: 0.38 to 0.91 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 0.8%

- Ordinary dilution, 5-year annual growth: 1.7%

- Market cap gain: BRL 34B

- Cumulative retained earnings: BRL 2.4B

- Diluted shares, 10-year annual growth: 0.8%

- Diluted shares, 5-year annual growth: 1.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 11.5%

- Per-share value change: BRL 0.53

- Per-share value, starting three-year median: BRL 0.38

- Per-share value, ending three-year median: BRL 0.91

- Buybacks concentrated in cheaper years (correlation): 0.50

- Average buyback yield: 0.2%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: BRL 13B

- Cumulative net income, 10 years: BRL 22B

- ROIC, first three-year median: 6.6%

- ROIC, last three-year median: 8.2%

Chart: Earnings per share; fiscal year observations.

- FY2016: BRL 0.35

- FY2017: BRL 0.38

- FY2018: BRL 0.51

- FY2019: BRL 0.73

- FY2020: BRL 1.43

- FY2021: BRL 1.41

- FY2022: BRL 0.41

- FY2023: BRL 0.76

- FY2024: BRL 0.94

- FY2025: BRL 0.91

### accounting: pass

- Sloan accruals: -0.6%

- Receivables to sales index (DSRI): 0.96×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.13×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.83×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -1.7%

- FY2017: 0.1%

- FY2018: -1.0%

- FY2019: -2.5%

- FY2020: -0.2%

- FY2021: 1.0%

- FY2022: -5.6%

- FY2023: -2.3%

- FY2024: -1.0%

- FY2025: -0.6%

## Holders

## Price story

Price needs cash profits to grow 9.5% a year for ten years · sales +15.3%

Story as of 2026-10-16T10:00:06.284Z; price observation 2026-10-15.

Price needs cash profits to grow 9.5% a year for ten years

### Sales · FY2024–2025

sales +15.3%; source https://www.sec.gov/Archives/edgar/data/1041792/000207097926000155/elpc-20251231.htm; observed 2026-04-16.

- FY2016: BRL 13B 

- FY2017: BRL 14B 

- FY2018: BRL 15B 

- FY2019: BRL 16B 

- FY2020: BRL 19B 

- FY2021: BRL 24B 

- FY2022: BRL 21B 

- FY2023: BRL 21B 

- FY2024: BRL 23B 

- FY2025: BRL 26B 

### Gross margin · FY2025

gross margin 21.3%; source https://www.sec.gov/Archives/edgar/data/1041792/000207097926000155/elpc-20251231.htm; observed 2026-04-16.

- FY2016: 13.9% 

- FY2017: 14.5% 

- FY2018: 15.1% 

- FY2019: 19.0% 

- FY2020: 21.8% 

- FY2021: 20.3% 

- FY2022: 24.0% 

- FY2023: 22.8% 

- FY2024: 21.6% 

- FY2025: 21.3% 

## Owner memo

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

### How it makes money

Operates in utilities regulated electric; annual sales are BRL 26.1 billion.

- Source: https://www.sec.gov/Archives/edgar/data/1041792/000207097926000155/elpc-20251231.htm (filed 2026-04-16); FY2025: revenue 26116856000; grossProfit 5553665000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 21.3% to 22.8% during 2023–25; it earns 7.7% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2023: grossProfit / revenue = 22.8%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2024: grossProfit / revenue = 21.6%.

- Source: https://www.sec.gov/Archives/edgar/data/1041792/000207097926000155/elpc-20251231.htm (filed 2026-04-16); FY2025: grossProfit / revenue = 21.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); 10-year return on capital observations [[2016,0.05161995568110111],[2017,0.07183181265847081],[2018,0.0662041687600393],[2019,0.07951636938758672],[2020,0.14296342578694685],[2021,0.08894919612657959],[2022,0.04147768792787899],[2023,0.08162013551268275],[2024,0.07360117448930804],[2025,0.09330714410921277]]; median 0.07655877193844737. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back BRL 70 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2017: growth capex 634768132.3480635; upkeep 1376979867.6519365; owner earnings 388245132.34806347. Growth capex / owner earnings = 1.6349673942054501.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2018: growth capex 599916554.7679294; upkeep 896739445.2320706; owner earnings 1259502554.7679296. Growth capex / owner earnings = 0.4763122968642707.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2019: growth capex 0; upkeep 548162000; owner earnings 2373189200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2020: growth capex 0; upkeep 249533000; owner earnings 4636909800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2021: growth capex 0; upkeep 342683000; owner earnings 4556354200. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2022: growth capex 0; upkeep 957271000; owner earnings 1333081800. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2023: growth capex 0; upkeep 218193000; owner earnings 3368568600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); FY2024: growth capex 552175281.2692428; upkeep 3683745718.730757; owner earnings 525662081.26924276. Growth capex / owner earnings = 1.0504377259550133.

- Source: https://www.sec.gov/Archives/edgar/data/1041792/000207097926000155/elpc-20251231.htm (filed 2026-04-16); FY2025: growth capex 0; upkeep 162100000; owner earnings 3949807600. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Dividend observations: [[2016,368956000],[2017,506404000],[2018,300722000],[2019,380421000],[2020,702758000],[2021,3874318000],[2022,2167769000],[2023,750371000],[2024,1586565000],[2025,2522772000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://www.sec.gov/Archives/edgar/data/1041792/000207097926000155/elpc-20251231.htm (filed 2026-04-16); FY2025: cash repurchases 70046000 BRL.

### Are managers owners

Insiders own 15.9% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CPLE3.SA SharesStats.PercentInsiders = 15.913 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 9.5% yearly over ten years; actual growth was 16.6%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-04-16); Ten-year compound average after fade. Initial solved rate 0.1241449599553407. Price 17.37; FX 1; discount 0.1695; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 0.28516754047463694 → FY2025 1.3299045041648914. Closing-price date 2026-10-15.

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

- 2016-11: BRL 2.10 per share

- 2016-12: BRL 1.91 per share

- 2017-01: BRL 2.27 per share

- 2017-02: BRL 2.57 per share

- 2017-03: BRL 2.59 per share

- 2017-04: BRL 2.34 per share

- 2017-05: BRL 2.22 per share

- 2017-06: BRL 1.90 per share

- 2017-07: BRL 2.12 per share

- 2017-08: BRL 2.27 per share

- 2017-09: BRL 2.33 per share

- 2017-10: BRL 2.15 per share

- 2017-11: BRL 1.98 per share

- 2017-12: BRL 2.14 per share

- 2018-01: BRL 2.17 per share

- 2018-02: BRL 2.29 per share

- 2018-03: BRL 2.30 per share

- 2018-04: BRL 2.29 per share

- 2018-05: BRL 1.99 per share

- 2018-06: BRL 1.92 per share

- 2018-07: BRL 1.90 per share

- 2018-08: BRL 1.86 per share

- 2018-09: BRL 2.01 per share

- 2018-10: BRL 2.60 per share

- 2018-11: BRL 3.15 per share

- 2018-12: BRL 2.98 per share

- 2019-01: BRL 3.31 per share

- 2019-02: BRL 3.25 per share

- 2019-03: BRL 3.21 per share

- 2019-04: BRL 3.81 per share

- 2019-05: BRL 4.61 per share

- 2019-06: BRL 4.69 per share

- 2019-07: BRL 4.82 per share

- 2019-08: BRL 5.63 per share

- 2019-09: BRL 5.11 per share

- 2019-10: BRL 5.49 per share

- 2019-11: BRL 6.70 per share

- 2019-12: BRL 6.91 per share

- 2020-01: BRL 7.85 per share

- 2020-02: BRL 7.84 per share

- 2020-03: BRL 5.84 per share

- 2020-04: BRL 5.32 per share

- 2020-05: BRL 5.96 per share

- 2020-06: BRL 6.04 per share

- 2020-07: BRL 6.64 per share

- 2020-08: BRL 6.08 per share

- 2020-09: BRL 5.78 per share

- 2020-10: BRL 5.49 per share

- 2020-11: BRL 6.52 per share

- 2020-12: BRL 7.00 per share

- 2021-01: BRL 6.22 per share

- 2021-02: BRL 5.75 per share

- 2021-03: BRL 7.00 per share

- 2021-04: BRL 5.50 per share

- 2021-05: BRL 5.79 per share

- 2021-06: BRL 5.55 per share

- 2021-07: BRL 5.74 per share

- 2021-08: BRL 5.95 per share

- 2021-09: BRL 6.66 per share

- 2021-10: BRL 5.38 per share

- 2021-11: BRL 5.56 per share

- 2021-12: BRL 6.12 per share

- 2022-01: BRL 6.35 per share

- 2022-02: BRL 6.09 per share

- 2022-03: BRL 6.80 per share

- 2022-04: BRL 6.52 per share

- 2022-05: BRL 6.63 per share

- 2022-06: BRL 6.37 per share

- 2022-07: BRL 6.47 per share

- 2022-08: BRL 6.56 per share

- 2022-09: BRL 6.20 per share

- 2022-10: BRL 7.01 per share

- 2022-11: BRL 7.51 per share

- 2022-12: BRL 6.87 per share

- 2023-01: BRL 6.88 per share

- 2023-02: BRL 6.32 per share

- 2023-03: BRL 6.24 per share

- 2023-04: BRL 7.11 per share

- 2023-05: BRL 6.64 per share

- 2023-06: BRL 8.23 per share

- 2023-07: BRL 8.18 per share

- 2023-08: BRL 8.10 per share

- 2023-09: BRL 8.41 per share

- 2023-10: BRL 7.86 per share

- 2023-11: BRL 8.79 per share

- 2023-12: BRL 9.49 per share

- 2024-01: BRL 8.97 per share

- 2024-02: BRL 9.18 per share

- 2024-03: BRL 8.65 per share

- 2024-04: BRL 8.20 per share

- 2024-05: BRL 8.14 per share

- 2024-06: BRL 8.29 per share

- 2024-07: BRL 8.98 per share

- 2024-08: BRL 9.38 per share

- 2024-09: BRL 9.19 per share

- 2024-10: BRL 8.71 per share

- 2024-11: BRL 8.73 per share

- 2024-12: BRL 8.24 per share

- 2025-01: BRL 8.67 per share

- 2025-02: BRL 8.91 per share

- 2025-03: BRL 9.37 per share

- 2025-04: BRL 10.44 per share

- 2025-05: BRL 11.66 per share

- 2025-06: BRL 11.66 per share

- 2025-07: BRL 11.04 per share

- 2025-08: BRL 11.20 per share

- 2025-09: BRL 12.08 per share

- 2025-10: BRL 13.11 per share

- 2025-11: BRL 13.62 per share

- 2025-12: BRL 13.08 per share

- 2026-01: BRL 13.18 per share

- 2026-02: BRL 14.66 per share

- 2026-03: BRL 15.43 per share

- 2026-04: BRL 15.90 per share

- 2026-05: BRL 14.56 per share

- 2026-06: BRL 15.02 per share

- 2026-07: BRL 14.83 per share

- 2026-08: BRL 14.95 per share

- 2026-09: BRL 16.00 per share

- 2026-10: BRL 17.51 per share

## Annual estimated value (BRL per share)

- FY2016: low BRL 1.91 per share, central BRL 2.05 per share, high BRL 2.18 per share

- FY2017: low BRL 1.91 per share, central BRL 2.02 per share, high BRL 2.15 per share

- FY2018: low BRL 2.56 per share, central BRL 2.91 per share, high BRL 3.09 per share

- FY2019: low BRL 3.23 per share, central BRL 3.90 per share, high BRL 4.15 per share

- FY2020: low BRL 5.19 per share, central BRL 6.42 per share, high BRL 6.86 per share

- FY2021: low BRL 10.34 per share, central BRL 13.09 per share, high BRL 14.08 per share

- FY2022: low BRL 7.89 per share, central BRL 8.97 per share, high BRL 9.60 per share

- FY2023: low BRL 9.46 per share, central BRL 11.19 per share, high BRL 11.94 per share

- FY2024: low BRL 8.47 per share, central BRL 8.96 per share, high BRL 9.52 per share

- FY2025: low BRL 9.40 per share, central BRL 10.64 per share, high BRL 11.40 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 2026-10-15T06:41:35.983Z where newer inputs omit a numeric field or fiscal period.

## Sources

[Original 20-F filing](https://www.sec.gov/Archives/edgar/data/1041792/000207097926000155/elpc-20251231.htm); period 2025-12-31, filed 2026-04-16.

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.