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

Previous Close

$7.04

  Intrinsic Value

$4.60

stock screener

  Rating & Target

sell

-35%

Previous close

$7.04

 
Intrinsic value

$4.60

 
Up/down potential

-35%

 
Rating

sell

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 1.8

 

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
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  4,782
  4,225
  4,322
  4,433
  4,558
  4,696
  4,848
  5,013
  5,191
  5,384
  5,591
  5,812
  6,047
  6,299
  6,565
  6,849
  7,149
  7,467
  7,802
  8,157
  8,532
  8,928
  9,345
  9,785
  10,248
  10,736
  11,249
  11,790
  12,359
  12,957
  13,587
Variable operating expenses, $m
 
  3,625
  3,708
  3,804
  3,911
  4,029
  4,159
  4,301
  4,454
  4,619
  4,797
  4,986
  5,189
  5,404
  5,633
  5,876
  6,134
  6,406
  6,695
  6,999
  7,321
  7,660
  8,018
  8,395
  8,793
  9,211
  9,652
  10,116
  10,604
  11,117
  11,658
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
  3,625
  3,708
  3,804
  3,911
  4,029
  4,159
  4,301
  4,454
  4,619
  4,797
  4,986
  5,189
  5,404
  5,633
  5,876
  6,134
  6,406
  6,695
  6,999
  7,321
  7,660
  8,018
  8,395
  8,793
  9,211
  9,652
  10,116
  10,604
  11,117
  11,658
Operating income, $m
  646
  600
  614
  629
  647
  667
  688
  712
  737
  765
  794
  825
  859
  894
  932
  973
  1,015
  1,060
  1,108
  1,158
  1,212
  1,268
  1,327
  1,389
  1,455
  1,524
  1,597
  1,674
  1,755
  1,840
  1,929
EBITDA, $m
  870
  828
  847
  869
  893
  920
  950
  982
  1,017
  1,055
  1,096
  1,139
  1,185
  1,234
  1,287
  1,342
  1,401
  1,463
  1,529
  1,599
  1,672
  1,750
  1,831
  1,918
  2,008
  2,104
  2,205
  2,311
  2,422
  2,539
  2,663
Interest expense (income), $m
  288
  263
  273
  285
  298
  313
  330
  348
  368
  389
  412
  437
  464
  492
  522
  554
  588
  624
  662
  703
  745
  790
  838
  888
  940
  996
  1,055
  1,116
  1,181
  1,250
  1,321
Earnings before tax, $m
  467
  337
  341
  345
  349
  354
  359
  364
  370
  375
  382
  388
  395
  403
  410
  418
  427
  436
  446
  456
  466
  478
  489
  502
  515
  528
  543
  558
  574
  590
  608
Tax expense, $m
  167
  91
  92
  93
  94
  96
  97
  98
  100
  101
  103
  105
  107
  109
  111
  113
  115
  118
  120
  123
  126
  129
  132
  135
  139
  143
  147
  151
  155
  159
  164
Net income, $m
  303
  246
  249
  252
  255
  258
  262
  266
  270
  274
  279
  283
  288
  294
  299
  305
  312
  318
  325
  333
  340
  349
  357
  366
  376
  386
  396
  407
  419
  431
  444

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
  9,409
  9,626
  9,873
  10,151
  10,459
  10,796
  11,164
  11,562
  11,991
  12,451
  12,943
  13,469
  14,028
  14,622
  15,253
  15,922
  16,629
  17,377
  18,168
  19,003
  19,884
  20,813
  21,792
  22,823
  23,910
  25,054
  26,258
  27,525
  28,858
  30,260
Adjusted assets (=assets-cash), $m
  9,216
  9,409
  9,626
  9,873
  10,151
  10,459
  10,796
  11,164
  11,562
  11,991
  12,451
  12,943
  13,469
  14,028
  14,622
  15,253
  15,922
  16,629
  17,377
  18,168
  19,003
  19,884
  20,813
  21,792
  22,823
  23,910
  25,054
  26,258
  27,525
  28,858
  30,260
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
  4,014
  4,106
  4,211
  4,330
  4,461
  4,605
  4,762
  4,932
  5,115
  5,311
  5,521
  5,745
  5,984
  6,237
  6,506
  6,791
  7,093
  7,412
  7,750
  8,106
  8,481
  8,878
  9,295
  9,735
  10,199
  10,687
  11,200
  11,741
  12,309
  12,908
Working capital, $m
  -396
  21
  22
  22
  23
  23
  24
  25
  26
  27
  28
  29
  30
  31
  33
  34
  36
  37
  39
  41
  43
  45
  47
  49
  51
  54
  56
  59
  62
  65
  68
Total debt, $m
  2,794
  2,483
  2,589
  2,710
  2,846
  2,997
  3,162
  3,342
  3,537
  3,748
  3,973
  4,214
  4,472
  4,746
  5,037
  5,346
  5,674
  6,020
  6,387
  6,774
  7,183
  7,615
  8,070
  8,550
  9,055
  9,588
  10,148
  10,738
  11,359
  12,013
  12,700
Total liabilities, $m
  4,923
  4,611
  4,717
  4,838
  4,974
  5,125
  5,290
  5,470
  5,665
  5,876
  6,101
  6,342
  6,600
  6,874
  7,165
  7,474
  7,802
  8,148
  8,515
  8,902
  9,311
  9,743
  10,198
  10,678
  11,183
  11,716
  12,276
  12,866
  13,487
  14,141
  14,828
Total equity, $m
  4,700
  4,799
  4,909
  5,035
  5,177
  5,334
  5,506
  5,694
  5,897
  6,115
  6,350
  6,601
  6,869
  7,154
  7,457
  7,779
  8,120
  8,481
  8,863
  9,266
  9,691
  10,141
  10,614
  11,114
  11,640
  12,194
  12,778
  13,392
  14,038
  14,718
  15,433
Total liabilities and equity, $m
  9,623
  9,410
  9,626
  9,873
  10,151
  10,459
  10,796
  11,164
  11,562
  11,991
  12,451
  12,943
  13,469
  14,028
  14,622
  15,253
  15,922
  16,629
  17,378
  18,168
  19,002
  19,884
  20,812
  21,792
  22,823
  23,910
  25,054
  26,258
  27,525
  28,859
  30,261
Debt-to-equity ratio
  0.594
  0.520
  0.530
  0.540
  0.550
  0.560
  0.570
  0.590
  0.600
  0.610
  0.630
  0.640
  0.650
  0.660
  0.680
  0.690
  0.700
  0.710
  0.720
  0.730
  0.740
  0.750
  0.760
  0.770
  0.780
  0.790
  0.790
  0.800
  0.810
  0.820
  0.820
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
  246
  249
  252
  255
  258
  262
  266
  270
  274
  279
  283
  288
  294
  299
  305
  312
  318
  325
  333
  340
  349
  357
  366
  376
  386
  396
  407
  419
  431
  444
Depreciation, amort., depletion, $m
  224
  228
  233
  239
  246
  253
  262
  271
  280
  291
  302
  314
  326
  340
  354
  370
  386
  403
  421
  440
  461
  482
  504
  528
  553
  579
  607
  636
  667
  699
  733
Funds from operations, $m
  -259
  474
  482
  491
  501
  512
  524
  536
  550
  565
  580
  597
  615
  634
  654
  675
  698
  721
  747
  773
  801
  831
  862
  894
  929
  965
  1,003
  1,044
  1,086
  1,130
  1,177
Change in working capital, $m
  -726
  0
  0
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
Cash from operations, $m
  467
  474
  481
  490
  500
  511
  523
  535
  549
  564
  579
  596
  614
  633
  653
  674
  696
  720
  745
  771
  799
  829
  860
  892
  927
  963
  1,001
  1,041
  1,083
  1,127
  1,174
Maintenance CAPEX, $m
  0
  -224
  -228
  -233
  -239
  -246
  -253
  -262
  -271
  -280
  -291
  -302
  -314
  -326
  -340
  -354
  -370
  -386
  -403
  -421
  -440
  -461
  -482
  -504
  -528
  -553
  -579
  -607
  -636
  -667
  -699
New CAPEX, $m
  -700
  -79
  -92
  -106
  -118
  -131
  -144
  -157
  -170
  -183
  -196
  -210
  -224
  -239
  -254
  -269
  -285
  -302
  -319
  -337
  -356
  -376
  -396
  -418
  -440
  -463
  -488
  -514
  -540
  -569
  -598
Cash from investing activities, $m
  -794
  -303
  -320
  -339
  -357
  -377
  -397
  -419
  -441
  -463
  -487
  -512
  -538
  -565
  -594
  -623
  -655
  -688
  -722
  -758
  -796
  -837
  -878
  -922
  -968
  -1,016
  -1,067
  -1,121
  -1,176
  -1,236
  -1,297
Free cash flow, $m
  -327
  171
  161
  152
  142
  134
  125
  117
  109
  101
  92
  84
  76
  68
  59
  50
  41
  32
  23
  13
  3
  -8
  -19
  -30
  -42
  -54
  -67
  -80
  -94
  -108
  -123
Issuance/(repayment) of debt, $m
  286
  95
  106
  121
  136
  151
  165
  180
  195
  210
  225
  241
  257
  274
  291
  309
  328
  347
  367
  387
  409
  432
  455
  480
  506
  532
  561
  590
  621
  653
  687
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  16
  29
  42
  56
  70
  85
  101
  117
  133
  150
  168
  187
  207
  227
  249
  271
Cash from financing (excl. dividends), $m  
  286
  95
  106
  121
  136
  151
  165
  180
  195
  210
  225
  241
  257
  274
  295
  325
  357
  389
  423
  457
  494
  533
  572
  613
  656
  700
  748
  797
  848
  902
  958
Total cash flow (excl. dividends), $m
  -41
  266
  267
  273
  279
  285
  291
  297
  304
  311
  318
  325
  333
  342
  354
  376
  398
  421
  446
  471
  497
  524
  553
  583
  614
  647
  681
  717
  754
  794
  835
Retained Cash Flow (-), $m
  -196
  -99
  -110
  -126
  -142
  -157
  -172
  -188
  -203
  -219
  -235
  -251
  -268
  -285
  -303
  -322
  -341
  -361
  -382
  -403
  -426
  -449
  -474
  -499
  -526
  -554
  -583
  -614
  -646
  -680
  -715
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
 
  167
  157
  147
  137
  128
  119
  110
  101
  92
  83
  74
  65
  56
  51
  54
  57
  60
  64
  68
  71
  75
  79
  84
  88
  93
  98
  103
  108
  114
  120
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
 
  159
  142
  125
  109
  95
  82
  70
  58
  48
  39
  31
  24
  18
  14
  13
  12
  10
  9
  8
  7
  6
  5
  4
  3
  2
  2
  1
  1
  1
  0
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
  99.9
  99.6
  99.1
  98.4
  97.4
  96.3
  95.1
  93.7
  92.2
  90.6
  88.8
  87.0
  85.2
  83.2
  81.3
  79.3
  77.2

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 6.4
Price to Sales 0.5
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 4.1
Price to Free Cash Flow -8.3
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 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%, 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 255.466 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 $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
PBR Petroleo Brasi 9.63 3.04  str.sell
CIG Companhia Ener 1.97 9.48  str.buy
GGB Gerdau ADR 3.51 0.66  str.sell
CPL CPFL Energia A 10.92 42.69  str.buy

COMPANY NEWS

▶ 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]
▶ 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]
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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