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

Previous Close

$5.65

  Intrinsic Value

$6.20

stock screener

  Rating & Target

hold

+10%

Previous close

$5.65

 
Intrinsic value

$6.20

 
Up/down potential

+10%

 
Rating

hold

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

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

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
  6.30
  6.17
  6.05
  5.95
  5.85
  5.77
  5.69
  5.62
  5.56
  5.50
  5.45
  5.41
  5.37
  5.33
  5.30
  5.27
  5.24
  5.22
  5.20
  5.18
  5.16
  5.14
  5.13
  5.12
  5.10
  5.09
  5.08
  5.08
  5.07
  5.06
Revenue, $m
  4,782
  4,278
  4,541
  4,816
  5,103
  5,401
  5,713
  6,038
  6,378
  6,732
  7,103
  7,490
  7,895
  8,319
  8,762
  9,226
  9,712
  10,221
  10,755
  11,313
  11,899
  12,513
  13,156
  13,831
  14,538
  15,280
  16,058
  16,875
  17,731
  18,630
  19,573
Variable operating expenses, $m
 
  3,465
  3,667
  3,877
  4,095
  4,323
  4,561
  4,810
  5,069
  5,340
  5,623
  5,720
  6,029
  6,353
  6,692
  7,046
  7,417
  7,806
  8,213
  8,640
  9,087
  9,556
  10,047
  10,562
  11,103
  11,669
  12,264
  12,887
  13,541
  14,228
  14,948
Fixed operating expenses, $m
 
  200
  205
  209
  214
  219
  223
  228
  233
  238
  244
  249
  254
  260
  266
  272
  278
  284
  290
  296
  303
  310
  316
  323
  330
  338
  345
  353
  360
  368
  377
Total operating expenses, $m
  3,496
  3,665
  3,872
  4,086
  4,309
  4,542
  4,784
  5,038
  5,302
  5,578
  5,867
  5,969
  6,283
  6,613
  6,958
  7,318
  7,695
  8,090
  8,503
  8,936
  9,390
  9,866
  10,363
  10,885
  11,433
  12,007
  12,609
  13,240
  13,901
  14,596
  15,325
Operating income, $m
  646
  612
  670
  730
  794
  859
  928
  1,000
  1,075
  1,154
  1,236
  1,521
  1,611
  1,706
  1,805
  1,909
  2,017
  2,132
  2,251
  2,377
  2,509
  2,647
  2,792
  2,945
  3,105
  3,273
  3,450
  3,635
  3,829
  4,034
  4,249
EBITDA, $m
  870
  1,261
  1,347
  1,437
  1,530
  1,627
  1,729
  1,835
  1,946
  2,062
  2,183
  2,310
  2,443
  2,582
  2,728
  2,881
  3,041
  3,209
  3,385
  3,569
  3,763
  3,966
  4,179
  4,403
  4,637
  4,884
  5,142
  5,413
  5,698
  5,998
  6,312
Interest expense (income), $m
  288
  521
  581
  641
  704
  770
  838
  909
  983
  1,061
  1,142
  1,227
  1,315
  1,408
  1,505
  1,606
  1,712
  1,823
  1,940
  2,062
  2,189
  2,323
  2,463
  2,611
  2,765
  2,927
  3,096
  3,274
  3,461
  3,657
  3,862
Earnings before tax, $m
  467
  91
  89
  89
  90
  90
  90
  91
  92
  93
  94
  294
  296
  298
  300
  302
  305
  308
  312
  315
  320
  324
  329
  334
  340
  346
  353
  361
  369
  377
  387
Tax expense, $m
  167
  25
  24
  24
  24
  24
  24
  25
  25
  25
  25
  79
  80
  80
  81
  82
  82
  83
  84
  85
  86
  87
  89
  90
  92
  94
  95
  97
  100
  102
  104
Net income, $m
  303
  66
  65
  65
  65
  66
  66
  67
  67
  68
  69
  215
  216
  217
  219
  221
  223
  225
  228
  230
  233
  237
  240
  244
  248
  253
  258
  263
  269
  275
  282

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
  9,948
  10,561
  11,201
  11,867
  12,562
  13,286
  14,042
  14,832
  15,656
  16,518
  17,419
  18,360
  19,346
  20,377
  21,457
  22,587
  23,771
  25,011
  26,310
  27,672
  29,099
  30,595
  32,164
  33,810
  35,535
  37,345
  39,244
  41,236
  43,325
  45,518
Adjusted assets (=assets-cash), $m
  9,216
  9,948
  10,561
  11,201
  11,867
  12,562
  13,286
  14,042
  14,832
  15,656
  16,518
  17,419
  18,360
  19,346
  20,377
  21,457
  22,587
  23,771
  25,011
  26,310
  27,672
  29,099
  30,595
  32,164
  33,810
  35,535
  37,345
  39,244
  41,236
  43,325
  45,518
Revenue / Adjusted assets
  0.519
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
  0.430
Average production assets, $m
  3,935
  4,508
  4,787
  5,076
  5,378
  5,693
  6,021
  6,364
  6,722
  7,096
  7,486
  7,894
  8,321
  8,768
  9,235
  9,725
  10,237
  10,773
  11,335
  11,924
  12,541
  13,188
  13,866
  14,578
  15,323
  16,105
  16,926
  17,786
  18,689
  19,636
  20,630
Working capital, $m
  -396
  -240
  -254
  -270
  -286
  -302
  -320
  -338
  -357
  -377
  -398
  -419
  -442
  -466
  -491
  -517
  -544
  -572
  -602
  -634
  -666
  -701
  -737
  -775
  -814
  -856
  -899
  -945
  -993
  -1,043
  -1,096
Total debt, $m
  2,794
  3,025
  3,339
  3,667
  4,008
  4,363
  4,734
  5,122
  5,526
  5,948
  6,389
  6,850
  7,333
  7,837
  8,365
  8,918
  9,496
  10,103
  10,737
  11,403
  12,100
  12,831
  13,597
  14,400
  15,243
  16,126
  17,053
  18,025
  19,045
  20,115
  21,237
Total liabilities, $m
  4,923
  5,093
  5,407
  5,735
  6,076
  6,431
  6,802
  7,190
  7,594
  8,016
  8,457
  8,918
  9,401
  9,905
  10,433
  10,986
  11,564
  12,171
  12,805
  13,471
  14,168
  14,899
  15,665
  16,468
  17,311
  18,194
  19,121
  20,093
  21,113
  22,183
  23,305
Total equity, $m
  4,700
  4,854
  5,154
  5,466
  5,791
  6,130
  6,484
  6,853
  7,238
  7,640
  8,061
  8,500
  8,960
  9,441
  9,944
  10,471
  11,022
  11,600
  12,205
  12,839
  13,504
  14,200
  14,931
  15,696
  16,499
  17,341
  18,224
  19,151
  20,123
  21,143
  22,213
Total liabilities and equity, $m
  9,623
  9,947
  10,561
  11,201
  11,867
  12,561
  13,286
  14,043
  14,832
  15,656
  16,518
  17,418
  18,361
  19,346
  20,377
  21,457
  22,586
  23,771
  25,010
  26,310
  27,672
  29,099
  30,596
  32,164
  33,810
  35,535
  37,345
  39,244
  41,236
  43,326
  45,518
Debt-to-equity ratio
  0.594
  0.620
  0.650
  0.670
  0.690
  0.710
  0.730
  0.750
  0.760
  0.780
  0.790
  0.810
  0.820
  0.830
  0.840
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.920
  0.920
  0.930
  0.940
  0.940
  0.950
  0.950
  0.960
Adjusted equity ratio
  0.466
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488
  0.488

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  303
  66
  65
  65
  65
  66
  66
  67
  67
  68
  69
  215
  216
  217
  219
  221
  223
  225
  228
  230
  233
  237
  240
  244
  248
  253
  258
  263
  269
  275
  282
Depreciation, amort., depletion, $m
  224
  649
  677
  706
  736
  768
  801
  835
  871
  908
  947
  789
  832
  877
  924
  972
  1,024
  1,077
  1,134
  1,192
  1,254
  1,319
  1,387
  1,458
  1,532
  1,611
  1,693
  1,779
  1,869
  1,964
  2,063
Funds from operations, $m
  -259
  716
  742
  771
  802
  833
  867
  901
  938
  976
  1,016
  1,004
  1,048
  1,094
  1,143
  1,193
  1,246
  1,302
  1,361
  1,423
  1,487
  1,555
  1,627
  1,702
  1,781
  1,863
  1,950
  2,042
  2,138
  2,239
  2,345
Change in working capital, $m
  -726
  -14
  -15
  -15
  -16
  -17
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -31
  -33
  -34
  -36
  -38
  -40
  -42
  -44
  -46
  -48
  -50
  -53
Cash from operations, $m
  467
  730
  757
  787
  818
  850
  884
  920
  957
  996
  1,037
  1,026
  1,071
  1,118
  1,167
  1,219
  1,274
  1,331
  1,391
  1,454
  1,520
  1,590
  1,663
  1,740
  1,820
  1,905
  1,994
  2,088
  2,186
  2,289
  2,398
Maintenance CAPEX, $m
  0
  -424
  -451
  -479
  -508
  -538
  -569
  -602
  -636
  -672
  -710
  -749
  -789
  -832
  -877
  -924
  -972
  -1,024
  -1,077
  -1,134
  -1,192
  -1,254
  -1,319
  -1,387
  -1,458
  -1,532
  -1,611
  -1,693
  -1,779
  -1,869
  -1,964
New CAPEX, $m
  -700
  -265
  -278
  -290
  -302
  -315
  -328
  -343
  -358
  -374
  -391
  -408
  -427
  -447
  -467
  -489
  -512
  -537
  -562
  -589
  -617
  -647
  -678
  -711
  -746
  -782
  -820
  -860
  -903
  -947
  -994
Cash from investing activities, $m
  -794
  -689
  -729
  -769
  -810
  -853
  -897
  -945
  -994
  -1,046
  -1,101
  -1,157
  -1,216
  -1,279
  -1,344
  -1,413
  -1,484
  -1,561
  -1,639
  -1,723
  -1,809
  -1,901
  -1,997
  -2,098
  -2,204
  -2,314
  -2,431
  -2,553
  -2,682
  -2,816
  -2,958
Free cash flow, $m
  -327
  40
  28
  18
  8
  -3
  -14
  -25
  -37
  -50
  -63
  -131
  -146
  -161
  -177
  -194
  -211
  -229
  -248
  -268
  -289
  -311
  -334
  -358
  -383
  -409
  -437
  -465
  -495
  -527
  -559
Issuance/(repayment) of debt, $m
  286
  311
  314
  327
  341
  356
  371
  387
  404
  422
  441
  461
  482
  505
  528
  553
  579
  606
  635
  665
  697
  731
  766
  803
  842
  883
  927
  972
  1,020
  1,070
  1,123
Issuance/(repurchase) of shares, $m
  0
  223
  234
  247
  260
  273
  288
  302
  318
  334
  352
  225
  244
  263
  284
  306
  329
  353
  378
  404
  431
  460
  490
  522
  555
  589
  625
  663
  703
  744
  788
Cash from financing (excl. dividends), $m  
  286
  534
  548
  574
  601
  629
  659
  689
  722
  756
  793
  686
  726
  768
  812
  859
  908
  959
  1,013
  1,069
  1,128
  1,191
  1,256
  1,325
  1,397
  1,472
  1,552
  1,635
  1,723
  1,814
  1,911
Total cash flow (excl. dividends), $m
  -41
  574
  577
  592
  609
  626
  645
  664
  685
  706
  729
  555
  580
  607
  635
  665
  696
  729
  764
  801
  839
  879
  922
  967
  1,014
  1,063
  1,115
  1,170
  1,227
  1,288
  1,351
Retained Cash Flow (-), $m
  -196
  -289
  -300
  -312
  -325
  -339
  -354
  -369
  -385
  -402
  -420
  -440
  -460
  -481
  -503
  -527
  -552
  -578
  -605
  -634
  -665
  -697
  -730
  -766
  -803
  -842
  -883
  -927
  -972
  -1,020
  -1,070
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
 
  285
  277
  280
  284
  287
  291
  295
  300
  304
  309
  115
  121
  126
  132
  138
  145
  152
  159
  167
  175
  183
  192
  201
  211
  221
  232
  243
  255
  268
  281
Discount rate, %
 
  4.80
  5.04
  5.29
  5.56
  5.83
  6.13
  6.43
  6.75
  7.09
  7.45
  7.82
  8.21
  8.62
  9.05
  9.50
  9.98
  10.48
  11.00
  11.55
  12.13
  12.74
  13.37
  14.04
  14.74
  15.48
  16.25
  17.07
  17.92
  18.82
  19.76
PV of cash for distribution, $m
 
  272
  251
  240
  229
  216
  204
  191
  178
  164
  151
  50
  47
  43
  39
  35
  32
  28
  24
  21
  18
  15
  12
  10
  8
  6
  5
  3
  3
  2
  1
Current shareholders' claim on cash, %
  100
  93.5
  87.4
  81.8
  76.6
  71.8
  67.3
  63.1
  59.2
  55.5
  52.1
  50.1
  48.1
  46.2
  44.3
  42.4
  40.6
  38.8
  37.1
  35.4
  33.8
  32.2
  30.7
  29.2
  27.8
  26.5
  25.2
  23.9
  22.8
  21.6
  20.5

Companhia Paranaense de Energia is engaged in the generation, transmission, distribution and sale of electricity in the Brazilian State of Parana. The Company also provides telecommunications and other services. Its segments are Power generation and transmission (GET), Power distribution and sales (DIS), Telecommunications (TEL), GAS and Holding Company (HOL). The GET segment includes the generation of electric energy from hydraulic, wind and thermal projects; the transport and transformation of the power generated by the Company, and the construction, operation and maintenance of all power transmission substations and lines. The DIS segment includes the distribution and sale of electric energy, and the operation and maintenance of the distribution infrastructure. The TEL segment includes telecommunications and general communications services. The GAS segment includes the public service of piped natural gas distribution. The HOL segment includes participation in other companies.

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

Valuation Ratios
P/E Ratio 5.1
Price to Sales 0.4
Price to Book 0.3
Price to Tangible Book
Price to Cash Flow 3.3
Price to Free Cash Flow -6.6
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 $4024 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 6.3% 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 4.8%, 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 81.3%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $196 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 19.2% 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 105.4%.

Life of production assets of 10 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 -5.6%. 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 - $4565 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 274 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 $1.5 billion.

RELATED COMPANIES Price Int.Val. Rating
CIG Companhia Ener 2.08 3.17  buy
GGB Gerdau ADR 4.22 0.59  str.sell
CPL CPFL Energia A 11.78 10.81  sell

COMPANY NEWS

▶ Paranaense de Energia: 1Q Earnings Snapshot   [05:40AM  Associated Press]
▶ Report 20 - F   [May-14-18 11:49PM  PR Newswire]
▶ Paranaense de Energia posts 3Q profit   [Nov-29-17 07:10PM  Associated Press]
▶ Companhia Paranaense posts 3Q profit   [07:09PM  Associated Press]
▶ 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]
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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