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

Previous Close

$7.63

  Intrinsic Value

$4.72

stock screener

  Rating & Target

sell

-38%

Previous close

$7.63

 
Intrinsic value

$4.72

 
Up/down potential

-38%

 
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

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
  25.10
  23.09
  21.28
  19.65
  18.19
  16.87
  15.68
  14.61
  13.65
  12.79
  12.01
  11.31
  10.68
  10.11
  9.60
  9.14
  8.72
  8.35
  8.02
  7.72
  7.44
  7.20
  6.98
  6.78
  6.60
  6.44
  6.30
  6.17
  6.05
  5.95
Revenue, $m
  4,782
  5,182
  6,378
  7,735
  9,256
  10,939
  12,784
  14,789
  16,950
  19,265
  21,728
  24,337
  27,089
  29,981
  33,012
  36,181
  39,487
  42,932
  46,518
  50,247
  54,124
  58,153
  62,339
  66,690
  71,213
  75,915
  80,806
  85,896
  91,195
  96,714
  102,465
Variable operating expenses, $m
 
  4,446
  5,472
  6,637
  7,941
  9,386
  10,969
  12,689
  14,543
  16,529
  18,643
  20,881
  23,242
  25,724
  28,324
  31,043
  33,880
  36,836
  39,912
  43,112
  46,438
  49,895
  53,487
  57,220
  61,100
  65,135
  69,332
  73,699
  78,245
  82,980
  87,915
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
  4,446
  5,472
  6,637
  7,941
  9,386
  10,969
  12,689
  14,543
  16,529
  18,643
  20,881
  23,242
  25,724
  28,324
  31,043
  33,880
  36,836
  39,912
  43,112
  46,438
  49,895
  53,487
  57,220
  61,100
  65,135
  69,332
  73,699
  78,245
  82,980
  87,915
Operating income, $m
  646
  736
  906
  1,098
  1,314
  1,553
  1,815
  2,100
  2,407
  2,736
  3,085
  3,456
  3,847
  4,257
  4,688
  5,138
  5,607
  6,096
  6,606
  7,135
  7,686
  8,258
  8,852
  9,470
  10,112
  10,780
  11,474
  12,197
  12,950
  13,733
  14,550
EBITDA, $m
  870
  1,015
  1,250
  1,516
  1,814
  2,144
  2,505
  2,898
  3,322
  3,775
  4,258
  4,770
  5,309
  5,876
  6,470
  7,091
  7,739
  8,414
  9,116
  9,847
  10,607
  11,397
  12,217
  13,070
  13,956
  14,878
  15,836
  16,834
  17,872
  18,954
  20,081
Interest expense (income), $m
  288
  263
  388
  532
  695
  877
  1,079
  1,301
  1,541
  1,801
  2,079
  2,374
  2,687
  3,018
  3,365
  3,729
  4,109
  4,506
  4,920
  5,350
  5,798
  6,263
  6,747
  7,249
  7,772
  8,315
  8,879
  9,466
  10,077
  10,713
  11,376
Earnings before tax, $m
  467
  473
  518
  567
  620
  676
  736
  799
  866
  935
  1,007
  1,082
  1,159
  1,240
  1,323
  1,409
  1,498
  1,590
  1,686
  1,785
  1,888
  1,994
  2,105
  2,221
  2,340
  2,465
  2,595
  2,731
  2,872
  3,020
  3,174
Tax expense, $m
  167
  128
  140
  153
  167
  183
  199
  216
  234
  252
  272
  292
  313
  335
  357
  380
  404
  429
  455
  482
  510
  539
  568
  600
  632
  666
  701
  737
  776
  815
  857
Net income, $m
  303
  345
  378
  414
  452
  494
  537
  584
  632
  682
  735
  790
  846
  905
  966
  1,028
  1,093
  1,161
  1,231
  1,303
  1,378
  1,456
  1,537
  1,621
  1,709
  1,800
  1,895
  1,994
  2,097
  2,205
  2,317

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
  11,540
  14,205
  17,228
  20,614
  24,363
  28,473
  32,938
  37,751
  42,905
  48,392
  54,203
  60,332
  66,773
  73,524
  80,581
  87,944
  95,617
  103,603
  111,909
  120,543
  129,516
  138,840
  148,530
  158,603
  169,076
  179,969
  191,305
  203,106
  215,398
  228,207
Adjusted assets (=assets-cash), $m
  9,216
  11,540
  14,205
  17,228
  20,614
  24,363
  28,473
  32,938
  37,751
  42,905
  48,392
  54,203
  60,332
  66,773
  73,524
  80,581
  87,944
  95,617
  103,603
  111,909
  120,543
  129,516
  138,840
  148,530
  158,603
  169,076
  179,969
  191,305
  203,106
  215,398
  228,207
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
  4,923
  6,059
  7,349
  8,793
  10,392
  12,145
  14,050
  16,103
  18,301
  20,641
  23,120
  25,735
  28,482
  31,361
  34,372
  37,513
  40,785
  44,192
  47,735
  51,418
  55,245
  59,222
  63,356
  67,652
  72,119
  76,766
  81,601
  86,635
  91,878
  97,342
Working capital, $m
  -396
  26
  32
  39
  46
  55
  64
  74
  85
  96
  109
  122
  135
  150
  165
  181
  197
  215
  233
  251
  271
  291
  312
  333
  356
  380
  404
  429
  456
  484
  512
Total debt, $m
  2,794
  3,527
  4,832
  6,314
  7,973
  9,810
  11,824
  14,012
  16,370
  18,896
  21,584
  24,431
  27,435
  30,591
  33,899
  37,356
  40,965
  44,724
  48,638
  52,707
  56,938
  61,335
  65,904
  70,652
  75,587
  80,719
  86,057
  91,611
  97,394
  103,417
  109,694
Total liabilities, $m
  4,923
  5,655
  6,960
  8,442
  10,101
  11,938
  13,952
  16,140
  18,498
  21,024
  23,712
  26,559
  29,563
  32,719
  36,027
  39,484
  43,093
  46,852
  50,766
  54,835
  59,066
  63,463
  68,032
  72,780
  77,715
  82,847
  88,185
  93,739
  99,522
  105,545
  111,822
Total equity, $m
  4,700
  5,886
  7,245
  8,786
  10,513
  12,425
  14,521
  16,798
  19,253
  21,882
  24,680
  27,643
  30,769
  34,054
  37,497
  41,096
  44,852
  48,765
  52,838
  57,074
  61,477
  66,053
  70,808
  75,750
  80,887
  86,229
  91,784
  97,566
  103,584
  109,853
  116,386
Total liabilities and equity, $m
  9,623
  11,541
  14,205
  17,228
  20,614
  24,363
  28,473
  32,938
  37,751
  42,906
  48,392
  54,202
  60,332
  66,773
  73,524
  80,580
  87,945
  95,617
  103,604
  111,909
  120,543
  129,516
  138,840
  148,530
  158,602
  169,076
  179,969
  191,305
  203,106
  215,398
  228,208
Debt-to-equity ratio
  0.594
  0.600
  0.670
  0.720
  0.760
  0.790
  0.810
  0.830
  0.850
  0.860
  0.870
  0.880
  0.890
  0.900
  0.900
  0.910
  0.910
  0.920
  0.920
  0.920
  0.930
  0.930
  0.930
  0.930
  0.930
  0.940
  0.940
  0.940
  0.940
  0.940
  0.940
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
  345
  378
  414
  452
  494
  537
  584
  632
  682
  735
  790
  846
  905
  966
  1,028
  1,093
  1,161
  1,231
  1,303
  1,378
  1,456
  1,537
  1,621
  1,709
  1,800
  1,895
  1,994
  2,097
  2,205
  2,317
Depreciation, amort., depletion, $m
  224
  280
  344
  418
  500
  590
  690
  798
  915
  1,040
  1,173
  1,314
  1,462
  1,618
  1,782
  1,953
  2,131
  2,317
  2,511
  2,712
  2,921
  3,139
  3,365
  3,600
  3,844
  4,098
  4,362
  4,636
  4,922
  5,220
  5,531
Funds from operations, $m
  -259
  625
  722
  831
  952
  1,084
  1,228
  1,382
  1,547
  1,722
  1,908
  2,103
  2,308
  2,523
  2,747
  2,981
  3,225
  3,478
  3,742
  4,015
  4,300
  4,595
  4,902
  5,221
  5,552
  5,897
  6,256
  6,630
  7,019
  7,425
  7,848
Change in working capital, $m
  -726
  5
  6
  7
  8
  8
  9
  10
  11
  12
  12
  13
  14
  14
  15
  16
  17
  17
  18
  19
  19
  20
  21
  22
  23
  24
  24
  25
  26
  28
  29
Cash from operations, $m
  467
  620
  716
  825
  944
  1,076
  1,218
  1,372
  1,536
  1,711
  1,895
  2,090
  2,295
  2,509
  2,732
  2,966
  3,208
  3,461
  3,724
  3,997
  4,280
  4,575
  4,881
  5,199
  5,530
  5,874
  6,232
  6,605
  6,993
  7,397
  7,819
Maintenance CAPEX, $m
  0
  -224
  -280
  -344
  -418
  -500
  -590
  -690
  -798
  -915
  -1,040
  -1,173
  -1,314
  -1,462
  -1,618
  -1,782
  -1,953
  -2,131
  -2,317
  -2,511
  -2,712
  -2,921
  -3,139
  -3,365
  -3,600
  -3,844
  -4,098
  -4,362
  -4,636
  -4,922
  -5,220
New CAPEX, $m
  -700
  -988
  -1,137
  -1,289
  -1,444
  -1,599
  -1,753
  -1,905
  -2,053
  -2,198
  -2,340
  -2,479
  -2,614
  -2,748
  -2,879
  -3,010
  -3,141
  -3,273
  -3,406
  -3,543
  -3,683
  -3,827
  -3,977
  -4,133
  -4,296
  -4,467
  -4,647
  -4,835
  -5,034
  -5,243
  -5,464
Cash from investing activities, $m
  -794
  -1,212
  -1,417
  -1,633
  -1,862
  -2,099
  -2,343
  -2,595
  -2,851
  -3,113
  -3,380
  -3,652
  -3,928
  -4,210
  -4,497
  -4,792
  -5,094
  -5,404
  -5,723
  -6,054
  -6,395
  -6,748
  -7,116
  -7,498
  -7,896
  -8,311
  -8,745
  -9,197
  -9,670
  -10,165
  -10,684
Free cash flow, $m
  -327
  -592
  -700
  -809
  -917
  -1,023
  -1,125
  -1,223
  -1,315
  -1,403
  -1,485
  -1,561
  -1,633
  -1,701
  -1,765
  -1,827
  -1,886
  -1,943
  -2,000
  -2,057
  -2,115
  -2,174
  -2,235
  -2,299
  -2,366
  -2,437
  -2,512
  -2,592
  -2,677
  -2,768
  -2,865
Issuance/(repayment) of debt, $m
  286
  1,139
  1,306
  1,481
  1,659
  1,837
  2,014
  2,188
  2,359
  2,525
  2,688
  2,847
  3,003
  3,156
  3,308
  3,458
  3,608
  3,760
  3,913
  4,070
  4,231
  4,397
  4,569
  4,748
  4,936
  5,132
  5,338
  5,554
  5,783
  6,023
  6,276
Issuance/(repurchase) of shares, $m
  0
  840
  981
  1,128
  1,274
  1,418
  1,558
  1,694
  1,823
  1,946
  2,063
  2,174
  2,280
  2,380
  2,477
  2,571
  2,662
  2,752
  2,842
  2,933
  3,025
  3,120
  3,218
  3,321
  3,428
  3,542
  3,661
  3,788
  3,922
  4,064
  4,216
Cash from financing (excl. dividends), $m  
  286
  1,979
  2,287
  2,609
  2,933
  3,255
  3,572
  3,882
  4,182
  4,471
  4,751
  5,021
  5,283
  5,536
  5,785
  6,029
  6,270
  6,512
  6,755
  7,003
  7,256
  7,517
  7,787
  8,069
  8,364
  8,674
  8,999
  9,342
  9,705
  10,087
  10,492
Total cash flow (excl. dividends), $m
  -41
  1,387
  1,587
  1,800
  2,016
  2,232
  2,447
  2,659
  2,866
  3,069
  3,267
  3,460
  3,649
  3,836
  4,019
  4,202
  4,385
  4,569
  4,755
  4,946
  5,141
  5,343
  5,552
  5,770
  5,998
  6,236
  6,486
  6,750
  7,027
  7,319
  7,627
Retained Cash Flow (-), $m
  -196
  -1,186
  -1,359
  -1,542
  -1,727
  -1,912
  -2,096
  -2,277
  -2,455
  -2,629
  -2,798
  -2,964
  -3,126
  -3,285
  -3,443
  -3,599
  -3,756
  -3,913
  -4,073
  -4,236
  -4,403
  -4,576
  -4,755
  -4,942
  -5,137
  -5,341
  -5,556
  -5,781
  -6,019
  -6,269
  -6,533
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
 
  202
  228
  258
  289
  320
  351
  382
  411
  440
  469
  497
  524
  550
  577
  603
  629
  656
  682
  710
  738
  767
  797
  828
  861
  895
  931
  969
  1,008
  1,050
  1,094
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
 
  192
  206
  220
  231
  238
  242
  242
  239
  232
  222
  210
  196
  180
  163
  146
  129
  113
  97
  82
  68
  56
  45
  36
  28
  21
  16
  12
  8
  6
  4
Current shareholders' claim on cash, %
  100
  79.7
  64.3
  52.6
  43.6
  36.6
  31.0
  26.6
  23.0
  20.1
  17.7
  15.7
  14.1
  12.7
  11.5
  10.5
  9.6
  8.8
  8.1
  7.5
  7.0
  6.5
  6.1
  5.7
  5.4
  5.1
  4.8
  4.5
  4.3
  4.0
  3.8

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 6.9
Price to Sales 0.5
Price to Book 0.4
Price to Tangible Book
Price to Cash Flow 4.5
Price to Free Cash Flow -9
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 25.1% 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 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 249.017 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 $1.9 billion.

RELATED COMPANIES Price Int.Val. Rating
PBR Petroleo Brasi 13.53 3.11  str.sell
CIG Companhia Ener 2.45 2.94  buy
GGB Gerdau ADR 4.93 0.71  str.sell
CPL CPFL Energia A 14.46 117.91  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]
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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