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Key Info

Eneva SA Web - www.eneva.com.br

Tel - 55-21-3721-3030

Next Reporting Date - 15.05.2019

Select Equity Data Snapshot

Independent Power Producers & Sector Link to Midlincoln Rural Investment Banking Ideas

From Water into Utilities Sec

Heating, Water, ElectrInstallation and Rep


Rural Investment Banking Craft News

  • Water Is Not A Fuel
  • Residents give water to help with crisis
  • Residents warned of planned water shut down on Wednesday

    Eneva

    Utilit


    DCF Model Assumptions

    Risk Free Rate

    5.92%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    5.33%

    Cost of Debt

    5.33%

    Long Term Growth

    2.00%

    Beta Assumption

    Current Market Cap mln$

    Net Debt mln$

    0.00

    WACC Estimate

    0.00%

    Ordinary Current Price $

    DCF Model

    DCF20152016201720182019F2020F2021F2022F2023F2024F2025F2026F2027F2028F2029F
    Revenue462.71624.06852.72861.59751.18874.971004.001140.631284.541459.971659.361885.982143.552436.302769.03
    EBITDA Costs363.79347.56492.12428.79422.35457.08493.28531.62571.99616.39664.24715.80771.36831.23895.75
    EBITDA98.92276.50360.60432.80328.83417.89510.72609.01712.54843.58995.121170.181372.191605.071873.28
    EBITDA Margin21.3844.3142.2950.2343.7847.7650.8753.3955.4757.7859.9762.0564.0265.8867.65
    Operating Costs408.76450.53623.32551.28532.45590.75651.52715.87783.65861.05946.101039.541142.221255.041379.00
    Operating Profit53.95173.53229.40310.31218.73284.22352.48424.76500.89598.92713.26846.431001.331181.261390.03
    Operating Margin11.6627.8126.9036.0229.1232.4835.1137.2438.9941.0242.9844.8846.7148.4950.20
    Pretax Costs417.66620.68794.74692.59670.85766.73866.67972.491083.951216.581365.431532.501720.001930.452166.65
    PTP45.053.3857.98169.0080.33108.24137.33168.14200.58243.39293.93353.48423.55505.85602.38
    Pretax Margin9.740.546.8019.6110.6912.3713.6814.7415.6216.6717.7118.7419.7620.7621.75
    Net Income Costs462.71624.06822.80641.73670.46749.82832.52920.101012.361118.911236.681366.851510.721669.731845.48
    Net Income0.000.0029.92219.8680.72125.16171.48220.52272.18341.06422.68519.13632.83766.57923.55
    Net Margin0.000.003.5125.5210.7514.3017.0819.3321.1923.3625.4727.5329.5231.4633.35
    Revenue Less Capex533.84669.33949.49987.03842.52982.571128.541283.101445.911644.681870.782127.952420.482753.223131.71
    Capex-71.13-45.27-96.77-125.44-91.34-107.59-124.54-142.48-161.38-184.71-211.42-241.97-276.93-316.93-362.68
    Capex to Revenues-15.37-7.25-11.35-14.56-12.16-12.30-12.40-12.49-12.56-12.65-12.74-12.83-12.92-13.01-13.10
    Revenue less FCF458.65477.29633.15566.46553.33600.59649.86702.02756.97817.67883.24954.061030.561113.201202.47
    FCF4.06146.77219.57295.13197.85274.38354.14438.60527.57642.30776.12931.921112.991323.091566.56
    FCF to Revenue0.8823.5225.7534.2526.3431.3635.2738.4541.0743.9946.7749.4151.9254.3156.57

    BRAZIL Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    ELET3 BZCentrais Eletricas Brasileiras SABRAZIL 11500.2513.538.197.987.701.362.8034.660.892.5532.15
    ELET6 BZCentrais Eletricas Brasileiras SABRAZIL 11500.2514.548.807.987.701.363.5634.660.962.5527.41
    SBSP3 BZCia de Saneamento Basico do Estado de Sao PauloBRAZIL 7634.5710.279.426.556.121.942.4239.611.3814.1547.78
    CPFE3 BZCPFL Energia SABRAZIL 7468.0612.8212.829.118.551.23-23.03-19.506.67
    CMIG4 BZCia Energetica de Minas GeraisBRAZIL 5673.7110.458.778.537.571.003.9119.151.3112.7313.04
    ENBR3 BZEDP - Energias do Brasil SABRAZIL 2680.7211.6410.566.786.190.824.3319.111.2210.3619.44
    CPLE6 BZCia Paranaense de EnergiaBRAZIL 2602.387.566.945.875.460.664.9321.670.668.8149.33
    TAEE11 BZTransmissora Alianca de Energia Eletrica SABRAZIL 2267.7711.7512.3910.4010.036.058.1279.432.0619.9413.39
    CESP6 BZCia Energetica de Sao PauloBRAZIL 2116.8739.7625.6211.128.765.393.7947.351.232.8430.41
    CSMG3 BZCia de Saneamento de Minas Gerais-COPASABRAZIL 2109.1113.5711.376.886.171.833.8336.201.319.3516.14
    ENEV3 BZEneva SABRAZIL 1568.5612.2110.006.606.221.860.0045.250.946.4032.44
    GETI4 BZAES Tiete SABRAZIL ------68.57-30.00#N/A N/A
    MPXE3 BZEneva SABRAZIL ------45.25-6.40#N/A N/A
    TBLE3 BZEngie Brasil Energia SABRAZIL ------54.76-37.98#N/A N/A

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    NEE USNextEra Energy IncUNITED STATES 91227.6022.6420.9713.5912.524.962.6253.642.3210.7713.58
    DUK USDuke Energy CorpUNITED STATES 65815.5418.3217.3611.9911.262.594.1940.531.468.0212.82
    ENEL IMEnel SpAITALY 63084.0111.9411.027.046.720.725.8322.111.6012.6627.62
    D USDominion Energy IncUNITED STATES 61193.9418.1917.3411.8610.953.424.7846.242.2421.449.34
    IBE SMIberdrola SASPAIN 58373.4415.8014.659.508.871.414.5626.371.318.1727.36
    SO USSouthern Co/TheUNITED STATES 54581.2917.2816.6512.2711.742.424.7137.881.9611.5119.86
    EXC USExelon CorpUNITED STATES 48875.8916.0115.949.499.361.502.8727.761.469.4517.28
    AEP USAmerican Electric Power Co IncUNITED STATES 41858.1420.5519.2912.0211.212.553.1934.712.0910.4818.67
    EDF FPElectricite de France SAFRANCE 41653.3017.0013.064.353.960.532.9122.750.855.21-15.30
    3 HKHong Kong & China Gas Co LtdHONG KONG 36678.2132.4130.0626.8124.737.202.0430.284.1713.7325.59
    SRE USSempra EnergyUNITED STATES 34914.3721.1217.9814.2913.002.793.0435.981.9410.0014.70
    PEG USPublic Service Enterprise Group IncUNITED STATES 29794.9718.1016.8011.5610.762.853.1837.331.9511.1110.25
    XEL USXcel Energy IncUNITED STATES 28816.2021.4620.0611.5910.672.362.8932.522.2210.7217.14
    2 HKCLP Holdings LtdHONG KONG 28695.7617.9517.3511.4311.062.453.4527.551.8710.976.38
    ED USConsolidated Edison IncUNITED STATES 27633.5219.5018.5311.1110.432.183.5033.671.558.1612.78
    WEC USWEC Energy Group IncUNITED STATES 24542.0422.1420.8514.2213.243.103.0232.372.4111.2114.72
    EOAN GRE.ON SEGERMANY 23708.7514.0412.875.353.640.634.7314.743.2121.6911.83
    DTE USDTE Energy CoUNITED STATES 22749.7419.9218.8712.7211.661.603.0720.922.0010.4511.76
    PPL USPPL CorpUNITED STATES 22206.3612.6712.1210.229.662.765.3953.041.7216.365.50
    FE USFirstEnergy CorpUNITED STATES 21868.8515.9216.5110.7010.331.873.7033.572.9319.4514.28
    EIX USEdison InternationalUNITED STATES 20715.0814.3413.528.097.531.573.8635.841.8613.16-4.81
    AWK USAmerican Water Works Co IncUNITED STATES 19229.8429.7227.3615.1214.035.301.8650.473.1810.7921.94
    NTPC INNTPC LtdINDIA 18947.4311.769.899.608.361.373.2727.081.2210.388.26
    ETR USEntergy CorpUNITED STATES 18134.6517.9717.3010.589.751.573.8629.461.8610.6217.93
    AEE USAmeren CorpUNITED STATES 17733.9722.0420.5911.3410.452.792.7037.282.2010.2213.70
    TNB MKTenaga Nasional BhdMALAYSIA 16680.0812.3611.766.776.641.374.5630.591.119.50-11.19
    VER AVVerbund AGAUSTRIA 16498.4627.6320.7514.9312.284.491.7035.802.659.5810.64
    384 HKChina Gas Holdings LtdHONG KONG 16304.4416.2013.9512.9611.071.951.8518.373.7024.263.74
    FTS CNFortis Inc/CanadaCANADA 15746.9218.8317.8512.4411.722.383.6844.361.437.1113.61
    RWE GRRWE AGGERMANY 15639.1125.4512.1010.164.611.043.4610.931.173.5229.68