Intrinsic value of Companhia Energetica de Minas Gerais-Cem - CIG

Previous Close

$2.54

  Intrinsic Value

$6.68

stock screener

  Rating & Target

str. buy

+163%

  Value-price divergence*

-70%

Previous close

$2.54

 
Intrinsic value

$6.68

 
Up/down potential

+163%

 
Rating

str. buy

 
Value-price divergence*

-70%

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of CIG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2016), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2016(a)
   2017
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  -14.16
  8.10
  7.79
  7.51
  7.26
  7.03
  6.83
  6.65
  6.48
  6.33
  6.20
  6.08
  5.97
  5.88
  5.79
  5.71
  5.64
  5.57
  5.52
  5.47
  5.42
  5.38
  5.34
  5.31
  5.27
  5.25
  5.22
  5.20
  5.18
  5.16
  5.15
Revenue, $m
  5,935
  6,416
  6,916
  7,435
  7,975
  8,536
  9,119
  9,725
  10,355
  11,011
  11,694
  12,405
  13,146
  13,918
  14,724
  15,565
  16,442
  17,359
  18,317
  19,318
  20,364
  21,459
  22,605
  23,804
  25,060
  26,375
  27,752
  29,196
  30,708
  32,293
  33,955
Variable operating expenses, $m
 
  1,007
  1,086
  1,167
  1,252
  1,340
  1,432
  1,527
  1,626
  1,729
  1,836
  1,948
  2,064
  2,185
  2,312
  2,444
  2,581
  2,725
  2,876
  3,033
  3,197
  3,369
  3,549
  3,737
  3,934
  4,141
  4,357
  4,584
  4,821
  5,070
  5,331
Fixed operating expenses, $m
 
  4,562
  4,676
  4,793
  4,913
  5,036
  5,162
  5,291
  5,423
  5,559
  5,698
  5,840
  5,986
  6,136
  6,289
  6,446
  6,608
  6,773
  6,942
  7,116
  7,293
  7,476
  7,663
  7,854
  8,051
  8,252
  8,458
  8,670
  8,886
  9,109
  9,336
Total operating expenses, $m
  5,365
  5,569
  5,762
  5,960
  6,165
  6,376
  6,594
  6,818
  7,049
  7,288
  7,534
  7,788
  8,050
  8,321
  8,601
  8,890
  9,189
  9,498
  9,818
  10,149
  10,490
  10,845
  11,212
  11,591
  11,985
  12,393
  12,815
  13,254
  13,707
  14,179
  14,667
Operating income, $m
  571
  846
  1,153
  1,474
  1,810
  2,160
  2,525
  2,907
  3,306
  3,724
  4,160
  4,617
  5,096
  5,598
  6,123
  6,675
  7,253
  7,861
  8,499
  9,169
  9,874
  10,614
  11,393
  12,213
  13,075
  13,982
  14,937
  15,942
  17,000
  18,115
  19,288
EBITDA, $m
  835
  1,131
  1,460
  1,804
  2,163
  2,538
  2,930
  3,338
  3,765
  4,212
  4,679
  5,167
  5,679
  6,215
  6,776
  7,365
  7,982
  8,630
  9,311
  10,026
  10,777
  11,566
  12,396
  13,268
  14,186
  15,151
  16,167
  17,237
  18,362
  19,546
  20,793
Interest expense (income), $m
  749
  631
  739
  850
  966
  1,086
  1,210
  1,340
  1,475
  1,615
  1,761
  1,912
  2,071
  2,235
  2,407
  2,586
  2,773
  2,968
  3,172
  3,385
  3,607
  3,840
  4,083
  4,338
  4,604
  4,884
  5,176
  5,482
  5,803
  6,139
  6,491
Earnings before tax, $m
  116
  215
  414
  624
  844
  1,074
  1,315
  1,567
  1,832
  2,109
  2,400
  2,705
  3,026
  3,362
  3,716
  4,089
  4,480
  4,893
  5,327
  5,785
  6,267
  6,775
  7,310
  7,875
  8,470
  9,099
  9,761
  10,460
  11,198
  11,975
  12,796
Tax expense, $m
  10
  58
  112
  169
  228
  290
  355
  423
  495
  569
  648
  730
  817
  908
  1,003
  1,104
  1,210
  1,321
  1,438
  1,562
  1,692
  1,829
  1,974
  2,126
  2,287
  2,457
  2,636
  2,824
  3,023
  3,233
  3,455
Net income, $m
  106
  157
  302
  456
  616
  784
  960
  1,144
  1,337
  1,540
  1,752
  1,975
  2,209
  2,454
  2,713
  2,985
  3,271
  3,572
  3,889
  4,223
  4,575
  4,945
  5,336
  5,749
  6,183
  6,642
  7,126
  7,636
  8,174
  8,742
  9,341

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  751
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  13,291
  13,564
  14,621
  15,719
  16,860
  18,046
  19,278
  20,560
  21,893
  23,280
  24,723
  26,226
  27,793
  29,426
  31,129
  32,906
  34,762
  36,699
  38,724
  40,841
  43,054
  45,369
  47,791
  50,326
  52,981
  55,761
  58,673
  61,724
  64,922
  68,273
  71,786
Adjusted assets (=assets-cash), $m
  12,540
  13,564
  14,621
  15,719
  16,860
  18,046
  19,278
  20,560
  21,893
  23,280
  24,723
  26,226
  27,793
  29,426
  31,129
  32,906
  34,762
  36,699
  38,724
  40,841
  43,054
  45,369
  47,791
  50,326
  52,981
  55,761
  58,673
  61,724
  64,922
  68,273
  71,786
Revenue / Adjusted assets
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
Average production assets, $m
  4,555
  4,921
  5,304
  5,703
  6,117
  6,547
  6,994
  7,459
  7,942
  8,446
  8,969
  9,515
  10,083
  10,675
  11,293
  11,938
  12,611
  13,314
  14,049
  14,817
  15,619
  16,459
  17,338
  18,258
  19,221
  20,230
  21,286
  22,393
  23,553
  24,769
  26,043
Working capital, $m
  -999
  -237
  -256
  -275
  -295
  -316
  -337
  -360
  -383
  -407
  -433
  -459
  -486
  -515
  -545
  -576
  -608
  -642
  -678
  -715
  -753
  -794
  -836
  -881
  -927
  -976
  -1,027
  -1,080
  -1,136
  -1,195
  -1,256
Total debt, $m
  4,799
  4,738
  5,450
  6,190
  6,960
  7,759
  8,590
  9,453
  10,352
  11,286
  12,259
  13,273
  14,328
  15,429
  16,577
  17,775
  19,025
  20,331
  21,696
  23,123
  24,614
  26,174
  27,807
  29,516
  31,305
  33,179
  35,142
  37,198
  39,353
  41,612
  43,980
Total liabilities, $m
  9,202
  9,142
  9,854
  10,594
  11,364
  12,163
  12,994
  13,857
  14,756
  15,690
  16,663
  17,677
  18,732
  19,833
  20,981
  22,179
  23,429
  24,735
  26,100
  27,527
  29,018
  30,578
  32,211
  33,920
  35,709
  37,583
  39,546
  41,602
  43,757
  46,016
  48,384
Total equity, $m
  4,088
  4,422
  4,766
  5,124
  5,496
  5,883
  6,285
  6,703
  7,137
  7,589
  8,060
  8,550
  9,061
  9,593
  10,148
  10,727
  11,332
  11,964
  12,624
  13,314
  14,035
  14,790
  15,580
  16,406
  17,272
  18,178
  19,127
  20,122
  21,164
  22,257
  23,402
Total liabilities and equity, $m
  13,290
  13,564
  14,620
  15,718
  16,860
  18,046
  19,279
  20,560
  21,893
  23,279
  24,723
  26,227
  27,793
  29,426
  31,129
  32,906
  34,761
  36,699
  38,724
  40,841
  43,053
  45,368
  47,791
  50,326
  52,981
  55,761
  58,673
  61,724
  64,921
  68,273
  71,786
Debt-to-equity ratio
  1.174
  1.070
  1.140
  1.210
  1.270
  1.320
  1.370
  1.410
  1.450
  1.490
  1.520
  1.550
  1.580
  1.610
  1.630
  1.660
  1.680
  1.700
  1.720
  1.740
  1.750
  1.770
  1.780
  1.800
  1.810
  1.830
  1.840
  1.850
  1.860
  1.870
  1.880
Adjusted equity ratio
  0.266
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  106
  157
  302
  456
  616
  784
  960
  1,144
  1,337
  1,540
  1,752
  1,975
  2,209
  2,454
  2,713
  2,985
  3,271
  3,572
  3,889
  4,223
  4,575
  4,945
  5,336
  5,749
  6,183
  6,642
  7,126
  7,636
  8,174
  8,742
  9,341
Depreciation, amort., depletion, $m
  264
  284
  307
  330
  354
  378
  404
  431
  459
  488
  518
  550
  583
  617
  653
  690
  729
  770
  812
  856
  903
  951
  1,002
  1,055
  1,111
  1,169
  1,230
  1,294
  1,361
  1,432
  1,505
Funds from operations, $m
  -504
  441
  609
  785
  970
  1,162
  1,364
  1,575
  1,796
  2,028
  2,270
  2,525
  2,791
  3,072
  3,366
  3,675
  4,000
  4,341
  4,701
  5,079
  5,477
  5,897
  6,339
  6,804
  7,294
  7,811
  8,356
  8,930
  9,536
  10,174
  10,847
Change in working capital, $m
  -888
  -18
  -18
  -19
  -20
  -21
  -22
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -32
  -34
  -35
  -37
  -39
  -41
  -42
  -44
  -46
  -49
  -51
  -53
  -56
  -59
  -61
Cash from operations, $m
  384
  459
  628
  805
  990
  1,183
  1,386
  1,598
  1,820
  2,052
  2,296
  2,551
  2,819
  3,100
  3,396
  3,706
  4,032
  4,375
  4,736
  5,116
  5,516
  5,937
  6,381
  6,848
  7,341
  7,860
  8,407
  8,984
  9,592
  10,232
  10,908
Maintenance CAPEX, $m
  0
  -263
  -284
  -307
  -330
  -354
  -378
  -404
  -431
  -459
  -488
  -518
  -550
  -583
  -617
  -653
  -690
  -729
  -770
  -812
  -856
  -903
  -951
  -1,002
  -1,055
  -1,111
  -1,169
  -1,230
  -1,294
  -1,361
  -1,432
New CAPEX, $m
  -361
  -366
  -383
  -398
  -414
  -430
  -447
  -465
  -484
  -503
  -524
  -545
  -568
  -592
  -618
  -645
  -673
  -703
  -735
  -768
  -803
  -840
  -879
  -920
  -963
  -1,009
  -1,056
  -1,107
  -1,160
  -1,216
  -1,275
Cash from investing activities, $m
  -194
  -629
  -667
  -705
  -744
  -784
  -825
  -869
  -915
  -962
  -1,012
  -1,063
  -1,118
  -1,175
  -1,235
  -1,298
  -1,363
  -1,432
  -1,505
  -1,580
  -1,659
  -1,743
  -1,830
  -1,922
  -2,018
  -2,120
  -2,225
  -2,337
  -2,454
  -2,577
  -2,707
Free cash flow, $m
  190
  -171
  -40
  99
  246
  399
  560
  728
  905
  1,090
  1,284
  1,487
  1,701
  1,925
  2,161
  2,408
  2,669
  2,943
  3,232
  3,536
  3,857
  4,195
  4,551
  4,926
  5,322
  5,740
  6,181
  6,646
  7,137
  7,655
  8,202
Issuance/(repayment) of debt, $m
  46
  690
  712
  740
  769
  799
  831
  864
  898
  935
  973
  1,013
  1,056
  1,101
  1,148
  1,198
  1,251
  1,306
  1,365
  1,426
  1,492
  1,560
  1,633
  1,709
  1,789
  1,874
  1,963
  2,056
  2,155
  2,259
  2,368
Issuance/(repurchase) of shares, $m
  0
  177
  42
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  46
  867
  754
  740
  769
  799
  831
  864
  898
  935
  973
  1,013
  1,056
  1,101
  1,148
  1,198
  1,251
  1,306
  1,365
  1,426
  1,492
  1,560
  1,633
  1,709
  1,789
  1,874
  1,963
  2,056
  2,155
  2,259
  2,368
Total cash flow (excl. dividends), $m
  235
  697
  714
  840
  1,015
  1,199
  1,391
  1,592
  1,803
  2,024
  2,257
  2,500
  2,756
  3,025
  3,308
  3,606
  3,919
  4,249
  4,597
  4,963
  5,348
  5,755
  6,183
  6,635
  7,112
  7,614
  8,144
  8,703
  9,292
  9,914
  10,570
Retained Cash Flow (-), $m
  17
  -334
  -344
  -358
  -372
  -387
  -402
  -418
  -435
  -452
  -471
  -490
  -511
  -532
  -555
  -579
  -605
  -632
  -660
  -690
  -721
  -755
  -790
  -827
  -865
  -906
  -949
  -995
  -1,042
  -1,093
  -1,145
Prev. year cash balance distribution, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  363
  369
  482
  643
  812
  989
  1,174
  1,369
  1,572
  1,786
  2,010
  2,246
  2,493
  2,753
  3,027
  3,315
  3,618
  3,937
  4,273
  4,627
  5,000
  5,394
  5,809
  6,246
  6,708
  7,195
  7,708
  8,250
  8,821
  9,424
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  340
  322
  388
  475
  546
  600
  638
  659
  664
  655
  633
  600
  557
  509
  455
  400
  344
  290
  240
  194
  154
  119
  90
  66
  47
  33
  22
  15
  9
  6
Current shareholders' claim on cash, %
  100
  95.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3
  94.3

Companhia Energética de Minas Gerais S.A., through its subsidiaries, engages in the generation, transmission, distribution, and trading of electric energy in Brazil. It also distributes natural gas. The company was founded in 1952 and is headquartered in Belo Horizonte, Brazil.

FINANCIAL RATIOS  of  Companhia Energetica de Minas Gerais-Cem (CIG)

Valuation Ratios
P/E Ratio 30.2
Price to Sales 0.5
Price to Book 0.8
Price to Tangible Book
Price to Cash Flow 8.3
Price to Free Cash Flow 139
Growth Rates
Sales Growth Rate -14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 80%
Total Debt to Equity 117.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8%
Return On Equity 2.6%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 23.1%
Gross Margin - 3 Yr. Avg. 28.5%
EBITDA Margin 19%
EBITDA Margin - 3 Yr. Avg. 25.1%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 19.9%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate 8.6%
Eff/ Tax Rate - 3 Yr. Avg. 21.7%
Payout Ratio 200.9%

CIG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIG stock intrinsic value calculation we used $5935 million for the last fiscal year's total revenue generated by Companhia Energetica de Minas Gerais-Cem. The default revenue input number comes from 2016 income statement of Companhia Energetica de Minas Gerais-Cem. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CIG stock valuation model: a) initial revenue growth rate of 8.1% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 6.8%, whose default value for CIG is calculated based on our internal credit rating of Companhia Energetica de Minas Gerais-Cem, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Companhia Energetica de Minas Gerais-Cem.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CIG stock the variable cost ratio is equal to 15.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4451 million in the base year in the intrinsic value calculation for CIG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 15.6% for Companhia Energetica de Minas Gerais-Cem.

Corporate tax rate of 27% is the nominal tax rate for Companhia Energetica de Minas Gerais-Cem. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CIG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CIG are equal to 76.7%.

Life of production assets of 17.3 years is the average useful life of capital assets used in Companhia Energetica de Minas Gerais-Cem operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CIG is equal to -3.7%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $4088 million for Companhia Energetica de Minas Gerais-Cem - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 1423.53 million for Companhia Energetica de Minas Gerais-Cem is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Companhia Energetica de Minas Gerais-Cem at the current share price and the inputted number of shares is $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
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EDN Empresa Distri 34.30 3,467.55  str.buy

COMPANY NEWS

▶ Cemig Files 2016 20-F Form with the SEC   [May-17-17 02:02PM  PR Newswire]
▶ Shares of CEMIG Slump Following Court Injunction   [Mar-22-17 02:03PM  Motley Fool]
▶ Filing of 2015 20-F Form with the SEC   [Feb-22-17 07:08PM  PR Newswire]
▶ Hedge Funds Are Dumping Deluxe Corporation (DLX)   [Dec-06-16 10:29AM  at Insider Monkey]
▶ Brazil's Cemig reiterates plans for asset sales   [Aug-09-16 04:45PM  Reuters]
▶ Brazil: Olympics Boosting Consumer Confidence?   [Jul-25-16 01:29PM  at Barrons.com]
Stock chart of CIG Financial statements of CIG
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