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

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$2.23

  Intrinsic Value

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  Rating & Target

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  Value-price divergence*

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$2.23

 
Intrinsic value

$10.19

 
Up/down potential

+357%

 
Rating

str. buy

 
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*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 2015), $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 3.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2015(a)
   2016
   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

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.97
  2.20
  2.48
  2.73
  2.96
  3.16
  3.35
  3.51
  3.66
  3.79
  3.92
  4.02
  4.12
  4.21
  4.29
  4.36
  4.42
  4.48
  4.53
  4.58
  4.62
  4.66
  4.69
  4.72
  4.75
  4.78
  4.80
  4.82
  4.84
  4.85
  4.87
Revenue, $m
  6,732
  6,880
  7,051
  7,243
  7,458
  7,694
  7,951
  8,230
  8,532
  8,855
  9,202
  9,572
  9,967
  10,386
  10,832
  11,304
  11,804
  12,333
  12,892
  13,482
  14,105
  14,763
  15,456
  16,186
  16,955
  17,765
  18,617
  19,515
  20,458
  21,451
  22,496
Variable operating expenses, $m
 
  4,912
  5,034
  5,172
  5,325
  5,493
  5,677
  5,876
  6,092
  6,323
  6,570
  6,835
  7,116
  7,416
  7,734
  8,071
  8,428
  8,806
  9,205
  9,626
  10,071
  10,541
  11,035
  11,557
  12,106
  12,684
  13,293
  13,933
  14,607
  15,316
  16,062
Fixed operating expenses, $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
Total operating expenses, $m
  5,437
  4,912
  5,034
  5,172
  5,325
  5,493
  5,677
  5,876
  6,092
  6,323
  6,570
  6,835
  7,116
  7,416
  7,734
  8,071
  8,428
  8,806
  9,205
  9,626
  10,071
  10,541
  11,035
  11,557
  12,106
  12,684
  13,293
  13,933
  14,607
  15,316
  16,062
Operating income, $m
  1,295
  1,968
  2,017
  2,072
  2,133
  2,200
  2,274
  2,354
  2,440
  2,533
  2,632
  2,738
  2,850
  2,970
  3,098
  3,233
  3,376
  3,527
  3,687
  3,856
  4,034
  4,222
  4,420
  4,629
  4,849
  5,081
  5,325
  5,581
  5,851
  6,135
  6,434
EBITDA, $m
  1,559
  2,236
  2,292
  2,355
  2,424
  2,501
  2,585
  2,675
  2,773
  2,879
  2,991
  3,112
  3,240
  3,376
  3,521
  3,674
  3,837
  4,009
  4,191
  4,383
  4,585
  4,799
  5,024
  5,261
  5,511
  5,775
  6,052
  6,343
  6,650
  6,973
  7,313
Interest expense (income), $m
  421
  347
  363
  381
  402
  425
  450
  478
  508
  540
  575
  612
  651
  694
  739
  786
  837
  890
  947
  1,007
  1,070
  1,137
  1,207
  1,281
  1,360
  1,442
  1,529
  1,620
  1,716
  1,817
  1,923
Earnings before tax, $m
  1,063
  1,620
  1,653
  1,690
  1,731
  1,775
  1,824
  1,876
  1,932
  1,993
  2,057
  2,126
  2,199
  2,277
  2,359
  2,447
  2,539
  2,637
  2,740
  2,849
  2,964
  3,085
  3,213
  3,348
  3,490
  3,639
  3,796
  3,961
  4,135
  4,318
  4,510
Tax expense, $m
  282
  437
  446
  456
  467
  479
  492
  507
  522
  538
  555
  574
  594
  615
  637
  661
  686
  712
  740
  769
  800
  833
  868
  904
  942
  982
  1,025
  1,070
  1,116
  1,166
  1,218
Net income, $m
  780
  1,183
  1,207
  1,234
  1,264
  1,296
  1,331
  1,370
  1,411
  1,455
  1,502
  1,552
  1,605
  1,662
  1,722
  1,786
  1,854
  1,925
  2,000
  2,080
  2,164
  2,252
  2,346
  2,444
  2,547
  2,656
  2,771
  2,892
  3,019
  3,152
  3,293

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  1,060
  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
  12,918
  12,113
  12,413
  12,752
  13,130
  13,545
  13,998
  14,490
  15,020
  15,590
  16,201
  16,853
  17,547
  18,286
  19,070
  19,901
  20,782
  21,713
  22,697
  23,737
  24,834
  25,991
  27,211
  28,496
  29,850
  31,276
  32,777
  34,357
  36,018
  37,767
  39,605
Adjusted assets (=assets-cash), $m
  11,858
  12,113
  12,413
  12,752
  13,130
  13,545
  13,998
  14,490
  15,020
  15,590
  16,201
  16,853
  17,547
  18,286
  19,070
  19,901
  20,782
  21,713
  22,697
  23,737
  24,834
  25,991
  27,211
  28,496
  29,850
  31,276
  32,777
  34,357
  36,018
  37,767
  39,605
Revenue / Adjusted assets
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
  0.568
Average production assets, $m
  3,658
  3,736
  3,829
  3,933
  4,050
  4,178
  4,317
  4,469
  4,633
  4,808
  4,997
  5,198
  5,412
  5,640
  5,882
  6,138
  6,410
  6,697
  7,000
  7,321
  7,659
  8,016
  8,392
  8,789
  9,207
  9,646
  10,109
  10,596
  11,109
  11,648
  12,215
Working capital, $m
  -1,169
  -241
  -247
  -254
  -261
  -269
  -278
  -288
  -299
  -310
  -322
  -335
  -349
  -364
  -379
  -396
  -413
  -432
  -451
  -472
  -494
  -517
  -541
  -567
  -593
  -622
  -652
  -683
  -716
  -751
  -787
Total debt, $m
  4,795
  3,904
  4,100
  4,322
  4,569
  4,840
  5,137
  5,458
  5,805
  6,178
  6,577
  7,004
  7,458
  7,941
  8,454
  8,997
  9,573
  10,182
  10,826
  11,506
  12,223
  12,980
  13,778
  14,618
  15,504
  16,437
  17,418
  18,451
  19,538
  20,681
  21,884
Total liabilities, $m
  8,813
  7,922
  8,118
  8,340
  8,587
  8,858
  9,155
  9,476
  9,823
  10,196
  10,595
  11,022
  11,476
  11,959
  12,472
  13,015
  13,591
  14,200
  14,844
  15,524
  16,241
  16,998
  17,796
  18,636
  19,522
  20,455
  21,436
  22,469
  23,556
  24,699
  25,902
Total equity, $m
  4,105
  4,191
  4,295
  4,412
  4,543
  4,687
  4,843
  5,014
  5,197
  5,394
  5,605
  5,831
  6,071
  6,327
  6,598
  6,886
  7,190
  7,513
  7,853
  8,213
  8,592
  8,993
  9,415
  9,860
  10,328
  10,822
  11,341
  11,887
  12,462
  13,067
  13,703
Total liabilities and equity, $m
  12,918
  12,113
  12,413
  12,752
  13,130
  13,545
  13,998
  14,490
  15,020
  15,590
  16,200
  16,853
  17,547
  18,286
  19,070
  19,901
  20,781
  21,713
  22,697
  23,737
  24,833
  25,991
  27,211
  28,496
  29,850
  31,277
  32,777
  34,356
  36,018
  37,766
  39,605
Debt-to-equity ratio
  1.168
  0.930
  0.950
  0.980
  1.010
  1.030
  1.060
  1.090
  1.120
  1.150
  1.170
  1.200
  1.230
  1.260
  1.280
  1.310
  1.330
  1.360
  1.380
  1.400
  1.420
  1.440
  1.460
  1.480
  1.500
  1.520
  1.540
  1.550
  1.570
  1.580
  1.600
Adjusted equity ratio
  0.257
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346
  0.346

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  780
  1,183
  1,207
  1,234
  1,264
  1,296
  1,331
  1,370
  1,411
  1,455
  1,502
  1,552
  1,605
  1,662
  1,722
  1,786
  1,854
  1,925
  2,000
  2,080
  2,164
  2,252
  2,346
  2,444
  2,547
  2,656
  2,771
  2,892
  3,019
  3,152
  3,293
Depreciation, amort., depletion, $m
  264
  269
  275
  283
  291
  301
  311
  322
  333
  346
  359
  374
  389
  406
  423
  442
  461
  482
  504
  527
  551
  577
  604
  632
  662
  694
  727
  762
  799
  838
  879
Funds from operations, $m
  198
  1,452
  1,482
  1,517
  1,555
  1,597
  1,642
  1,691
  1,744
  1,801
  1,861
  1,926
  1,995
  2,068
  2,145
  2,228
  2,315
  2,407
  2,504
  2,607
  2,715
  2,829
  2,949
  3,076
  3,210
  3,350
  3,498
  3,654
  3,818
  3,990
  4,171
Change in working capital, $m
  -753
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -31
  -33
  -35
  -37
Cash from operations, $m
  951
  2,294
  1,488
  1,524
  1,562
  1,605
  1,651
  1,701
  1,754
  1,812
  1,873
  1,939
  2,009
  2,083
  2,161
  2,244
  2,332
  2,425
  2,523
  2,627
  2,737
  2,852
  2,974
  3,102
  3,237
  3,379
  3,528
  3,685
  3,851
  4,025
  4,208
Maintenance CAPEX, $m
  0
  -263
  -269
  -275
  -283
  -291
  -301
  -311
  -322
  -333
  -346
  -359
  -374
  -389
  -406
  -423
  -442
  -461
  -482
  -504
  -527
  -551
  -577
  -604
  -632
  -662
  -694
  -727
  -762
  -799
  -838
New CAPEX, $m
  -342
  -78
  -93
  -105
  -116
  -128
  -140
  -152
  -164
  -176
  -188
  -201
  -214
  -228
  -242
  -256
  -272
  -287
  -304
  -321
  -338
  -357
  -376
  -396
  -418
  -440
  -463
  -487
  -513
  -539
  -567
Cash from investing activities, $m
  -1,017
  -341
  -362
  -380
  -399
  -419
  -441
  -463
  -486
  -509
  -534
  -560
  -588
  -617
  -648
  -679
  -714
  -748
  -786
  -825
  -865
  -908
  -953
  -1,000
  -1,050
  -1,102
  -1,157
  -1,214
  -1,275
  -1,338
  -1,405
Free cash flow, $m
  -66
  1,953
  1,127
  1,144
  1,163
  1,185
  1,211
  1,239
  1,269
  1,303
  1,339
  1,378
  1,420
  1,465
  1,513
  1,565
  1,619
  1,677
  1,738
  1,803
  1,872
  1,944
  2,021
  2,101
  2,187
  2,277
  2,371
  2,471
  2,576
  2,687
  2,803
Issuance/(repayment) of debt, $m
  330
  169
  196
  222
  247
  272
  296
  322
  347
  373
  399
  426
  454
  483
  513
  544
  576
  609
  644
  680
  717
  757
  798
  841
  886
  932
  982
  1,033
  1,087
  1,143
  1,202
Issuance/(repurchase) of shares, $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
  0
Cash from financing (excl. dividends), $m  
  330
  169
  196
  222
  247
  272
  296
  322
  347
  373
  399
  426
  454
  483
  513
  544
  576
  609
  644
  680
  717
  757
  798
  841
  886
  932
  982
  1,033
  1,087
  1,143
  1,202
Total cash flow (excl. dividends), $m
  264
  2,122
  1,323
  1,365
  1,410
  1,457
  1,507
  1,560
  1,616
  1,676
  1,738
  1,805
  1,875
  1,948
  2,026
  2,108
  2,195
  2,286
  2,382
  2,483
  2,589
  2,701
  2,819
  2,942
  3,072
  3,209
  3,353
  3,504
  3,663
  3,830
  4,005
Retained Cash Flow (-), $m
  -538
  -86
  -104
  -117
  -131
  -144
  -157
  -170
  -184
  -197
  -211
  -226
  -240
  -256
  -271
  -288
  -305
  -322
  -341
  -360
  -380
  -400
  -422
  -445
  -469
  -493
  -519
  -547
  -575
  -605
  -636
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
 
  2,036
  1,220
  1,248
  1,279
  1,313
  1,350
  1,390
  1,433
  1,478
  1,527
  1,579
  1,634
  1,693
  1,755
  1,821
  1,890
  1,964
  2,041
  2,123
  2,210
  2,301
  2,396
  2,497
  2,604
  2,716
  2,834
  2,958
  3,088
  3,225
  3,369
Discount rate, %
 
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
 
  1,926
  1,086
  1,039
  991
  940
  886
  830
  773
  714
  654
  595
  535
  477
  420
  366
  315
  267
  224
  185
  150
  119
  94
  72
  54
  40
  29
  20
  14
  9
  6
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

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 3.6
Price to Sales 0.4
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 3
Price to Free Cash Flow 4.6
Growth Rates
Sales Growth Rate 9%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 17.5%
Cap. Spend. - 3 Yr. Gr. Rate -4.7%
Financial Strength
Quick Ratio 1
Current Ratio 0.1
LT Debt to Equity 68.3%
Total Debt to Equity 116.8%
Interest Coverage 4
Management Effectiveness
Return On Assets 9.1%
Ret/ On Assets - 3 Yr. Avg. 10.8%
Return On Total Capital 9.3%
Ret/ On T. Cap. - 3 Yr. Avg. 12.3%
Return On Equity 20.3%
Return On Equity - 3 Yr. Avg. 24.1%
Asset Turnover 0.6
Profitability Ratios
Gross Margin 25.9%
Gross Margin - 3 Yr. Avg. 31%
EBITDA Margin 26%
EBITDA Margin - 3 Yr. Avg. 32%
Operating Margin 19.2%
Oper. Margin - 3 Yr. Avg. 25.9%
Pre-Tax Margin 15.8%
Pre-Tax Margin - 3 Yr. Avg. 22.1%
Net Profit Margin 11.6%
Net Profit Margin - 3 Yr. Avg. 16.3%
Effective Tax Rate 26.5%
Eff/ Tax Rate - 3 Yr. Avg. 26.7%
Payout Ratio 32.3%

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 $6732 million for the last fiscal year's total revenue generated by Companhia Energetica de Minas Gerais-Cem. The default revenue input number comes from 2015 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 2.2% 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 5.7%, 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 71.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 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 9.3% 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 54.3%.

Life of production assets of 13.9 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 -3.5%. 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 - $4105 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 1358.66 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 $3.0 billion.


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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]
▶ The most dangerous thing that could push the S&P below 700   [Jun-20-16 09:07AM  at MarketWatch]
▶ Will it really hurt competition if Humana and Aetna merge?   [Apr-07-16 04:51PM  at bizjournals.com]
Stock chart of CIG Financial statements of CIG Annual reports of CIG
Valuation of Stocks

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