Intrinsic value of Companhia Paranaense de Energia-COPEL AD - ELP

Previous Close

$8.97

  Intrinsic Value

$4.87

stock screener

  Rating & Target

sell

-46%

  Value-price divergence*

+240%

Previous close

$8.97

 
Intrinsic value

$4.87

 
Up/down potential

-46%

 
Rating

sell

 
Value-price divergence*

+240%

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

We calculate the intrinsic value of ELP 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 2.2

 

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, %
  -12.34
  6.90
  6.71
  6.54
  6.39
  6.25
  6.12
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.43
  5.39
  5.35
  5.32
  5.29
  5.26
  5.23
  5.21
  5.19
  5.17
  5.15
  5.14
  5.12
  5.11
  5.10
  5.09
Revenue, $m
  4,782
  4,428
  4,725
  5,034
  5,355
  5,690
  6,038
  6,401
  6,779
  7,174
  7,585
  8,015
  8,463
  8,932
  9,421
  9,933
  10,469
  11,029
  11,616
  12,230
  12,872
  13,546
  14,251
  14,991
  15,765
  16,577
  17,429
  18,322
  19,258
  20,240
  21,270
Variable operating expenses, $m
 
  3,799
  4,054
  4,319
  4,595
  4,882
  5,181
  5,492
  5,817
  6,155
  6,508
  6,877
  7,261
  7,663
  8,084
  8,523
  8,982
  9,463
  9,966
  10,493
  11,045
  11,622
  12,228
  12,862
  13,527
  14,223
  14,954
  15,720
  16,523
  17,366
  18,250
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
  3,496
  3,799
  4,054
  4,319
  4,595
  4,882
  5,181
  5,492
  5,817
  6,155
  6,508
  6,877
  7,261
  7,663
  8,084
  8,523
  8,982
  9,463
  9,966
  10,493
  11,045
  11,622
  12,228
  12,862
  13,527
  14,223
  14,954
  15,720
  16,523
  17,366
  18,250
Operating income, $m
  646
  629
  671
  715
  760
  808
  857
  909
  963
  1,019
  1,077
  1,138
  1,202
  1,268
  1,338
  1,411
  1,487
  1,566
  1,649
  1,737
  1,828
  1,924
  2,024
  2,129
  2,239
  2,354
  2,475
  2,602
  2,735
  2,874
  3,020
EBITDA, $m
  870
  868
  926
  987
  1,050
  1,115
  1,183
  1,254
  1,329
  1,406
  1,487
  1,571
  1,659
  1,750
  1,846
  1,947
  2,052
  2,161
  2,276
  2,397
  2,523
  2,655
  2,793
  2,938
  3,090
  3,249
  3,416
  3,591
  3,774
  3,967
  4,168
Interest expense (income), $m
  288
  263
  297
  333
  370
  409
  449
  491
  534
  580
  627
  676
  728
  782
  838
  897
  958
  1,023
  1,090
  1,160
  1,234
  1,311
  1,392
  1,477
  1,565
  1,658
  1,756
  1,858
  1,965
  2,078
  2,196
Earnings before tax, $m
  467
  366
  373
  382
  390
  399
  408
  418
  428
  439
  450
  462
  474
  486
  500
  514
  528
  543
  560
  576
  594
  612
  632
  652
  673
  696
  719
  744
  769
  796
  825
Tax expense, $m
  167
  99
  101
  103
  105
  108
  110
  113
  116
  119
  122
  125
  128
  131
  135
  139
  143
  147
  151
  156
  160
  165
  171
  176
  182
  188
  194
  201
  208
  215
  223
Net income, $m
  303
  267
  273
  279
  285
  291
  298
  305
  313
  320
  329
  337
  346
  355
  365
  375
  386
  397
  408
  421
  434
  447
  461
  476
  491
  508
  525
  543
  562
  581
  602

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  406
  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
  9,622
  9,861
  10,523
  11,211
  11,927
  12,672
  13,448
  14,256
  15,099
  15,977
  16,893
  17,850
  18,849
  19,892
  20,983
  22,124
  23,316
  24,564
  25,870
  27,237
  28,669
  30,169
  31,740
  33,387
  35,112
  36,921
  38,817
  40,806
  42,891
  45,078
  47,373
Adjusted assets (=assets-cash), $m
  9,216
  9,861
  10,523
  11,211
  11,927
  12,672
  13,448
  14,256
  15,099
  15,977
  16,893
  17,850
  18,849
  19,892
  20,983
  22,124
  23,316
  24,564
  25,870
  27,237
  28,669
  30,169
  31,740
  33,387
  35,112
  36,921
  38,817
  40,806
  42,891
  45,078
  47,373
Revenue / Adjusted assets
  0.519
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
  0.449
Average production assets, $m
  3,935
  4,206
  4,489
  4,782
  5,088
  5,405
  5,736
  6,081
  6,440
  6,815
  7,206
  7,614
  8,040
  8,485
  8,950
  9,437
  9,946
  10,478
  11,035
  11,618
  12,229
  12,869
  13,539
  14,241
  14,977
  15,749
  16,558
  17,406
  18,295
  19,228
  20,207
Working capital, $m
  -396
  22
  24
  25
  27
  28
  30
  32
  34
  36
  38
  40
  42
  45
  47
  50
  52
  55
  58
  61
  64
  68
  71
  75
  79
  83
  87
  92
  96
  101
  106
Total debt, $m
  2,794
  2,704
  3,028
  3,366
  3,716
  4,081
  4,461
  4,858
  5,270
  5,701
  6,150
  6,618
  7,108
  7,619
  8,154
  8,713
  9,297
  9,908
  10,548
  11,218
  11,920
  12,655
  13,425
  14,231
  15,077
  15,963
  16,892
  17,867
  18,889
  19,960
  21,085
Total liabilities, $m
  4,923
  4,832
  5,156
  5,494
  5,844
  6,209
  6,589
  6,986
  7,398
  7,829
  8,278
  8,746
  9,236
  9,747
  10,282
  10,841
  11,425
  12,036
  12,676
  13,346
  14,048
  14,783
  15,553
  16,359
  17,205
  18,091
  19,020
  19,995
  21,017
  22,088
  23,213
Total equity, $m
  4,700
  5,029
  5,367
  5,718
  6,083
  6,463
  6,858
  7,271
  7,700
  8,148
  8,616
  9,103
  9,613
  10,145
  10,701
  11,283
  11,891
  12,528
  13,194
  13,891
  14,621
  15,386
  16,187
  17,027
  17,907
  18,830
  19,797
  20,811
  21,874
  22,990
  24,160
Total liabilities and equity, $m
  9,623
  9,861
  10,523
  11,212
  11,927
  12,672
  13,447
  14,257
  15,098
  15,977
  16,894
  17,849
  18,849
  19,892
  20,983
  22,124
  23,316
  24,564
  25,870
  27,237
  28,669
  30,169
  31,740
  33,386
  35,112
  36,921
  38,817
  40,806
  42,891
  45,078
  47,373
Debt-to-equity ratio
  0.594
  0.540
  0.560
  0.590
  0.610
  0.630
  0.650
  0.670
  0.680
  0.700
  0.710
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.800
  0.810
  0.820
  0.820
  0.830
  0.840
  0.840
  0.850
  0.850
  0.860
  0.860
  0.870
  0.870
Adjusted equity ratio
  0.466
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510
  0.510

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  303
  267
  273
  279
  285
  291
  298
  305
  313
  320
  329
  337
  346
  355
  365
  375
  386
  397
  408
  421
  434
  447
  461
  476
  491
  508
  525
  543
  562
  581
  602
Depreciation, amort., depletion, $m
  224
  239
  255
  272
  289
  307
  326
  346
  366
  387
  409
  433
  457
  482
  509
  536
  565
  595
  627
  660
  695
  731
  769
  809
  851
  895
  941
  989
  1,040
  1,093
  1,148
Funds from operations, $m
  -259
  506
  528
  550
  574
  599
  624
  651
  679
  708
  738
  770
  803
  837
  873
  911
  951
  992
  1,035
  1,081
  1,128
  1,178
  1,230
  1,285
  1,342
  1,403
  1,466
  1,532
  1,601
  1,674
  1,750
Change in working capital, $m
  -726
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  4
  5
  5
  5
Cash from operations, $m
  467
  505
  526
  549
  572
  597
  622
  649
  677
  706
  736
  767
  800
  835
  871
  909
  948
  989
  1,032
  1,078
  1,125
  1,175
  1,227
  1,281
  1,339
  1,398
  1,461
  1,527
  1,596
  1,669
  1,745
Maintenance CAPEX, $m
  0
  -224
  -239
  -255
  -272
  -289
  -307
  -326
  -346
  -366
  -387
  -409
  -433
  -457
  -482
  -509
  -536
  -565
  -595
  -627
  -660
  -695
  -731
  -769
  -809
  -851
  -895
  -941
  -989
  -1,040
  -1,093
New CAPEX, $m
  -700
  -272
  -282
  -294
  -305
  -318
  -331
  -345
  -359
  -375
  -391
  -408
  -426
  -445
  -465
  -486
  -509
  -532
  -557
  -583
  -611
  -640
  -670
  -702
  -736
  -772
  -809
  -848
  -890
  -933
  -979
Cash from investing activities, $m
  -794
  -496
  -521
  -549
  -577
  -607
  -638
  -671
  -705
  -741
  -778
  -817
  -859
  -902
  -947
  -995
  -1,045
  -1,097
  -1,152
  -1,210
  -1,271
  -1,335
  -1,401
  -1,471
  -1,545
  -1,623
  -1,704
  -1,789
  -1,879
  -1,973
  -2,072
Free cash flow, $m
  -327
  9
  5
  0
  -5
  -10
  -16
  -22
  -28
  -35
  -42
  -50
  -58
  -67
  -76
  -86
  -97
  -108
  -120
  -132
  -146
  -160
  -175
  -190
  -207
  -224
  -242
  -262
  -282
  -304
  -326
Issuance/(repayment) of debt, $m
  286
  316
  324
  337
  351
  365
  380
  396
  413
  430
  449
  469
  489
  511
  534
  559
  584
  611
  640
  670
  702
  735
  770
  807
  846
  886
  929
  974
  1,022
  1,072
  1,124
Issuance/(repurchase) of shares, $m
  0
  62
  65
  72
  80
  89
  97
  107
  117
  128
  139
  151
  164
  177
  191
  207
  223
  240
  258
  277
  297
  318
  340
  364
  389
  415
  442
  471
  502
  534
  568
Cash from financing (excl. dividends), $m  
  286
  378
  389
  409
  431
  454
  477
  503
  530
  558
  588
  620
  653
  688
  725
  766
  807
  851
  898
  947
  999
  1,053
  1,110
  1,171
  1,235
  1,301
  1,371
  1,445
  1,524
  1,606
  1,692
Total cash flow (excl. dividends), $m
  -41
  388
  394
  410
  426
  444
  462
  481
  502
  523
  546
  570
  595
  621
  649
  679
  710
  743
  778
  814
  853
  893
  936
  980
  1,027
  1,077
  1,129
  1,184
  1,242
  1,302
  1,366
Retained Cash Flow (-), $m
  -196
  -329
  -337
  -351
  -365
  -380
  -396
  -412
  -430
  -448
  -467
  -488
  -509
  -532
  -556
  -582
  -608
  -636
  -666
  -697
  -730
  -765
  -801
  -840
  -880
  -922
  -967
  -1,014
  -1,064
  -1,115
  -1,170
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
 
  58
  57
  59
  61
  64
  66
  69
  72
  75
  78
  82
  85
  89
  93
  97
  102
  107
  112
  117
  122
  128
  134
  141
  147
  155
  162
  170
  178
  187
  196
Discount rate, %
 
  5.00
  5.25
  5.51
  5.79
  6.08
  6.38
  6.70
  7.04
  7.39
  7.76
  8.14
  8.55
  8.98
  9.43
  9.90
  10.39
  10.91
  11.46
  12.03
  12.63
  13.27
  13.93
  14.63
  15.36
  16.13
  16.93
  17.78
  18.67
  19.60
  20.58
PV of cash for distribution, $m
 
  55
  51
  50
  49
  47
  46
  44
  42
  40
  37
  35
  32
  29
  26
  24
  21
  18
  16
  13
  11
  9
  8
  6
  5
  4
  3
  2
  1
  1
  1
Current shareholders' claim on cash, %
  100
  98.1
  96.4
  94.6
  92.7
  90.8
  88.9
  87.0
  85.0
  83.0
  81.1
  79.1
  77.1
  75.1
  73.2
  71.2
  69.2
  67.3
  65.4
  63.5
  61.6
  59.7
  57.9
  56.1
  54.3
  52.6
  50.9
  49.2
  47.6
  46.0
  44.4

Companhia Paranaense de Energia - COPEL engages in the generation, transmission, distribution, and sale of electricity to industrial, residential, commercial, rural, and other customers primarily in the State of Paraná, Brazil. As of December 31, 2015, the company operated 18 hydroelectric plants, 12 wind plants, and 1 thermoelectric plant with a total installed capacity of 5,032.2 megawatts; and owned and operated 2,344 kilometers of transmission lines and 193,527.1 kilometers of distribution lines. It holds concessions to distribute electricity in 394 municipalities in the State of Paraná and in the municipality of Porto União in the State of Santa Catarina. The company also provides telecommunication services to 4,964 corporate clients, including supermarkets, universities, banks, Internet service providers, and television networks, as well as to 43,023 retail clients; and broadband Internet access to public elementary and middle schools. In addition, it supplies piped gas to 31,790 customers, including thermoelectric plants, cogeneration plants, gas stations, other businesses, and residences through a gas distribution network covering 780 kilometers in the State of Paraná. Companhia Paranaense de Energia - COPEL was founded in 1954 and is headquartered in Curitiba, Brazil.

FINANCIAL RATIOS  of  Companhia Paranaense de Energia-COPEL AD (ELP)

Valuation Ratios
P/E Ratio 8.1
Price to Sales 0.6
Price to Book 0.5
Price to Tangible Book
Price to Cash Flow 5.3
Price to Free Cash Flow -10.5
Growth Rates
Sales Growth Rate -12.3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 28.7%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio 0
Current Ratio 0
LT Debt to Equity 41.9%
Total Debt to Equity 59.4%
Interest Coverage 3
Management Effectiveness
Return On Assets 5.2%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 4.2%
Ret/ On T. Cap. - 3 Yr. Avg. 5.5%
Return On Equity 6.6%
Return On Equity - 3 Yr. Avg. 8.2%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 23.6%
EBITDA Margin - 3 Yr. Avg. 22.3%
Operating Margin 15.6%
Oper. Margin - 3 Yr. Avg. 14.1%
Pre-Tax Margin 11.3%
Pre-Tax Margin - 3 Yr. Avg. 12.2%
Net Profit Margin 7.3%
Net Profit Margin - 3 Yr. Avg. 8%
Effective Tax Rate 35.8%
Eff/ Tax Rate - 3 Yr. Avg. 31.1%
Payout Ratio 38.6%

ELP stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the ELP stock intrinsic value calculation we used $4142 million for the last fiscal year's total revenue generated by Companhia Paranaense de Energia-COPEL AD. The default revenue input number comes from 2016 income statement of Companhia Paranaense de Energia-COPEL AD. 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 ELP stock valuation model: a) initial revenue growth rate of 6.9% 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%, whose default value for ELP is calculated based on our internal credit rating of Companhia Paranaense de Energia-COPEL AD, 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 Paranaense de Energia-COPEL AD.
    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 ELP stock the variable cost ratio is equal to 85.8%.

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 ELP 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 11% for Companhia Paranaense de Energia-COPEL AD.

Corporate tax rate of 27% is the nominal tax rate for Companhia Paranaense de Energia-COPEL AD. 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 ELP 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 ELP are equal to 95%.

Life of production assets of 17.6 years is the average useful life of capital assets used in Companhia Paranaense de Energia-COPEL AD 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 ELP is equal to 0.5%. 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 - $4700 million for Companhia Paranaense de Energia-COPEL AD - 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 241.22 million for Companhia Paranaense de Energia-COPEL AD 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 Paranaense de Energia-COPEL AD at the current share price and the inputted number of shares is $2.2 billion.

RELATED COMPANIES Price Int.Val. Rating
PBR Petroleo Brasi 8.65 3.08  str.sell
CIG Companhia Ener 2.60 6.70  str.buy
GGB Gerdau ADR 3.54 0.75  str.sell
CPL CPFL Energia A 17.10 33.79  str.buy

COMPANY NEWS

▶ Copel records EBITDA of R$ 707.2 million in the 2Q17   [Aug-11-17 01:37PM  PR Newswire]
▶ COPEL: Report 20 - F   [May-17-17 11:21AM  PR Newswire]
▶ Paranaense de Energia posts 1Q profit   [05:02AM  Associated Press]
▶ Companhia Paranaense posts 1Q profit   [05:02AM  Associated Press]
▶ Copel records EBITDA of R$1,006.1 million in the 1Q17   [May-15-17 08:23PM  PR Newswire]
▶ Companhia Paranaense reports 4Q loss   [06:04AM  Associated Press]
▶ Paranaense de Energia reports 4Q loss   [05:50AM  Associated Press]
▶ Copel records EBITDA of R$254.3 million in the 4Q16   [Mar-28-17 09:24PM  PR Newswire]
▶ Hedge Funds Keep Buying IBERIABANK Corp (IBKC)   [Dec-02-16 04:33PM  Insider Monkey]
▶ Hedge Funds Keep Buying IBERIABANK Corp (IBKC)   [04:33PM  at Insider Monkey]
▶ Should You Follow Hedge Funds Into Regal Beloit Corp (RBC)?   [Nov-29-16 06:36PM  Insider Monkey]
▶ Copel records net income of R$ 136.1 million in the 1Q16   [May-13-16 09:12AM  PR Newswire]
▶ ENERGY CO OF PARANA Financials   [01:04PM  EDGAR Online Financials]
▶ Copel announces filing of Form 20-F   [Apr-28-16 09:43AM  PR Newswire]
▶ Is INC Research Holdings Inc (INCR) A Good Stock To Buy?   [Dec-05  12:51AM  at Insider Monkey]
▶ Should You Buy Dril-Quip, Inc. (DRQ)?   [Dec-01  10:53AM  at Insider Monkey]
▶ Hedge Funds Are Crazy About Steelcase Inc. (SCS)   [Nov-25  07:40AM  at Insider Monkey]
Stock chart of ELP Financial statements of ELP
Valuation of Stocks

The paper VALUATION OF STOCKS: The Quest for Intrinsic Value provides a detailed description of our valuation model and discloses the calculation algorithm.

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