Intrinsic value of Companhia de Saneamento Basico do Estado - SBS

Previous Close

$9.46

  Intrinsic Value

$8.17

stock screener

  Rating & Target

hold

-14%

Previous close

$9.46

 
Intrinsic value

$8.17

 
Up/down potential

-14%

 
Rating

hold

We calculate the intrinsic value of SBS 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 6.5

 

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, %
  20.36
  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
  3,277
  4,546
  4,651
  4,770
  4,904
  5,053
  5,216
  5,394
  5,586
  5,793
  6,016
  6,254
  6,507
  6,778
  7,065
  7,370
  7,692
  8,034
  8,396
  8,778
  9,181
  9,607
  10,056
  10,529
  11,027
  11,552
  12,105
  12,687
  13,299
  13,943
  14,620
Variable operating expenses, $m
 
  3,364
  3,442
  3,530
  3,629
  3,739
  3,860
  3,991
  4,134
  4,287
  4,452
  4,628
  4,815
  5,015
  5,228
  5,453
  5,692
  5,945
  6,213
  6,496
  6,794
  7,109
  7,441
  7,791
  8,160
  8,548
  8,958
  9,388
  9,841
  10,318
  10,819
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
  3,373
  3,364
  3,442
  3,530
  3,629
  3,739
  3,860
  3,991
  4,134
  4,287
  4,452
  4,628
  4,815
  5,015
  5,228
  5,453
  5,692
  5,945
  6,213
  6,496
  6,794
  7,109
  7,441
  7,791
  8,160
  8,548
  8,958
  9,388
  9,841
  10,318
  10,819
Operating income, $m
  1,084
  1,182
  1,209
  1,240
  1,275
  1,314
  1,356
  1,402
  1,452
  1,506
  1,564
  1,626
  1,692
  1,762
  1,837
  1,916
  2,000
  2,089
  2,183
  2,282
  2,387
  2,498
  2,614
  2,737
  2,867
  3,004
  3,147
  3,298
  3,458
  3,625
  3,801
EBITDA, $m
  1,447
  1,552
  1,588
  1,629
  1,675
  1,725
  1,781
  1,842
  1,907
  1,978
  2,054
  2,135
  2,222
  2,314
  2,412
  2,516
  2,627
  2,743
  2,867
  2,997
  3,135
  3,280
  3,433
  3,595
  3,765
  3,944
  4,133
  4,332
  4,541
  4,761
  4,992
Interest expense (income), $m
  234
  200
  208
  217
  227
  238
  250
  264
  279
  295
  313
  331
  351
  373
  395
  420
  445
  472
  501
  532
  564
  598
  633
  671
  711
  753
  797
  844
  893
  944
  998
Earnings before tax, $m
  1,305
  982
  1,001
  1,024
  1,049
  1,076
  1,106
  1,138
  1,173
  1,211
  1,251
  1,295
  1,341
  1,389
  1,441
  1,496
  1,555
  1,616
  1,682
  1,751
  1,823
  1,900
  1,981
  2,066
  2,156
  2,251
  2,350
  2,455
  2,565
  2,681
  2,803
Tax expense, $m
  373
  265
  270
  276
  283
  290
  299
  307
  317
  327
  338
  350
  362
  375
  389
  404
  420
  436
  454
  473
  492
  513
  535
  558
  582
  608
  635
  663
  693
  724
  757
Net income, $m
  932
  717
  731
  747
  765
  785
  807
  831
  857
  884
  914
  945
  979
  1,014
  1,052
  1,092
  1,135
  1,180
  1,228
  1,278
  1,331
  1,387
  1,446
  1,508
  1,574
  1,643
  1,716
  1,792
  1,873
  1,957
  2,046

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  596
  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
  11,618
  11,253
  11,512
  11,807
  12,140
  12,508
  12,911
  13,351
  13,827
  14,340
  14,890
  15,479
  16,107
  16,776
  17,487
  18,241
  19,041
  19,887
  20,782
  21,727
  22,726
  23,779
  24,890
  26,061
  27,295
  28,594
  29,962
  31,402
  32,918
  34,512
  36,189
Adjusted assets (=assets-cash), $m
  11,022
  11,253
  11,512
  11,807
  12,140
  12,508
  12,911
  13,351
  13,827
  14,340
  14,890
  15,479
  16,107
  16,776
  17,487
  18,241
  19,041
  19,887
  20,782
  21,727
  22,726
  23,779
  24,890
  26,061
  27,295
  28,594
  29,962
  31,402
  32,918
  34,512
  36,189
Revenue / Adjusted assets
  0.297
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
  0.404
Average production assets, $m
  9,546
  9,738
  9,962
  10,218
  10,505
  10,824
  11,173
  11,554
  11,966
  12,409
  12,886
  13,395
  13,939
  14,518
  15,133
  15,786
  16,477
  17,210
  17,984
  18,802
  19,666
  20,578
  21,539
  22,552
  23,620
  24,744
  25,928
  27,175
  28,486
  29,865
  31,316
Working capital, $m
  -151
  -359
  -367
  -377
  -387
  -399
  -412
  -426
  -441
  -458
  -475
  -494
  -514
  -535
  -558
  -582
  -608
  -635
  -663
  -693
  -725
  -759
  -794
  -832
  -871
  -913
  -956
  -1,002
  -1,051
  -1,101
  -1,155
Total debt, $m
  3,783
  3,522
  3,671
  3,841
  4,032
  4,244
  4,477
  4,730
  5,004
  5,300
  5,617
  5,956
  6,318
  6,703
  7,113
  7,547
  8,008
  8,495
  9,010
  9,555
  10,130
  10,737
  11,377
  12,051
  12,762
  13,510
  14,298
  15,128
  16,001
  16,919
  17,885
Total liabilities, $m
  6,743
  6,482
  6,631
  6,801
  6,992
  7,204
  7,437
  7,690
  7,964
  8,260
  8,577
  8,916
  9,278
  9,663
  10,073
  10,507
  10,968
  11,455
  11,970
  12,515
  13,090
  13,697
  14,337
  15,011
  15,722
  16,470
  17,258
  18,088
  18,961
  19,879
  20,845
Total equity, $m
  4,875
  4,771
  4,881
  5,006
  5,147
  5,303
  5,474
  5,661
  5,863
  6,080
  6,313
  6,563
  6,829
  7,113
  7,415
  7,734
  8,073
  8,432
  8,812
  9,212
  9,636
  10,082
  10,553
  11,050
  11,573
  12,124
  12,704
  13,315
  13,957
  14,633
  15,344
Total liabilities and equity, $m
  11,618
  11,253
  11,512
  11,807
  12,139
  12,507
  12,911
  13,351
  13,827
  14,340
  14,890
  15,479
  16,107
  16,776
  17,488
  18,241
  19,041
  19,887
  20,782
  21,727
  22,726
  23,779
  24,890
  26,061
  27,295
  28,594
  29,962
  31,403
  32,918
  34,512
  36,189
Debt-to-equity ratio
  0.776
  0.740
  0.750
  0.770
  0.780
  0.800
  0.820
  0.840
  0.850
  0.870
  0.890
  0.910
  0.930
  0.940
  0.960
  0.980
  0.990
  1.010
  1.020
  1.040
  1.050
  1.060
  1.080
  1.090
  1.100
  1.110
  1.130
  1.140
  1.150
  1.160
  1.170
Adjusted equity ratio
  0.388
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424
  0.424

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  932
  717
  731
  747
  765
  785
  807
  831
  857
  884
  914
  945
  979
  1,014
  1,052
  1,092
  1,135
  1,180
  1,228
  1,278
  1,331
  1,387
  1,446
  1,508
  1,574
  1,643
  1,716
  1,792
  1,873
  1,957
  2,046
Depreciation, amort., depletion, $m
  363
  370
  379
  389
  399
  412
  425
  439
  455
  472
  490
  509
  530
  552
  575
  600
  627
  654
  684
  715
  748
  782
  819
  858
  898
  941
  986
  1,033
  1,083
  1,136
  1,191
Funds from operations, $m
  393
  1,087
  1,110
  1,136
  1,165
  1,197
  1,232
  1,270
  1,311
  1,356
  1,403
  1,454
  1,509
  1,566
  1,628
  1,693
  1,761
  1,834
  1,911
  1,993
  2,079
  2,169
  2,265
  2,366
  2,472
  2,584
  2,701
  2,825
  2,956
  3,093
  3,237
Change in working capital, $m
  -557
  -7
  -8
  -9
  -11
  -12
  -13
  -14
  -15
  -16
  -18
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
  -54
Cash from operations, $m
  950
  1,094
  1,118
  1,145
  1,175
  1,209
  1,245
  1,284
  1,327
  1,372
  1,421
  1,473
  1,529
  1,588
  1,650
  1,717
  1,787
  1,861
  1,940
  2,023
  2,111
  2,203
  2,301
  2,403
  2,511
  2,625
  2,745
  2,871
  3,004
  3,144
  3,290
Maintenance CAPEX, $m
  0
  -363
  -370
  -379
  -389
  -399
  -412
  -425
  -439
  -455
  -472
  -490
  -509
  -530
  -552
  -575
  -600
  -627
  -654
  -684
  -715
  -748
  -782
  -819
  -858
  -898
  -941
  -986
  -1,033
  -1,083
  -1,136
New CAPEX, $m
  -675
  -192
  -224
  -256
  -287
  -318
  -349
  -381
  -412
  -444
  -476
  -509
  -544
  -579
  -615
  -653
  -692
  -732
  -774
  -818
  -864
  -912
  -961
  -1,013
  -1,068
  -1,124
  -1,184
  -1,246
  -1,311
  -1,380
  -1,451
Cash from investing activities, $m
  -674
  -555
  -594
  -635
  -676
  -717
  -761
  -806
  -851
  -899
  -948
  -999
  -1,053
  -1,109
  -1,167
  -1,228
  -1,292
  -1,359
  -1,428
  -1,502
  -1,579
  -1,660
  -1,743
  -1,832
  -1,926
  -2,022
  -2,125
  -2,232
  -2,344
  -2,463
  -2,587
Free cash flow, $m
  276
  539
  524
  510
  500
  491
  484
  479
  475
  474
  473
  474
  476
  479
  483
  489
  495
  503
  511
  521
  532
  544
  557
  571
  586
  603
  620
  639
  659
  681
  704
Issuance/(repayment) of debt, $m
  -90
  133
  149
  170
  191
  212
  233
  253
  274
  295
  317
  339
  362
  385
  409
  434
  460
  487
  515
  545
  575
  607
  640
  674
  711
  748
  788
  829
  873
  918
  966
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  
  -154
  133
  149
  170
  191
  212
  233
  253
  274
  295
  317
  339
  362
  385
  409
  434
  460
  487
  515
  545
  575
  607
  640
  674
  711
  748
  788
  829
  873
  918
  966
Total cash flow (excl. dividends), $m
  122
  672
  673
  681
  691
  703
  717
  732
  750
  769
  790
  813
  838
  864
  893
  923
  955
  990
  1,027
  1,066
  1,107
  1,151
  1,197
  1,245
  1,297
  1,351
  1,408
  1,469
  1,532
  1,599
  1,670
Retained Cash Flow (-), $m
  -538
  -98
  -110
  -125
  -141
  -156
  -171
  -186
  -202
  -217
  -233
  -250
  -266
  -284
  -301
  -320
  -339
  -359
  -379
  -401
  -423
  -447
  -471
  -496
  -523
  -551
  -580
  -611
  -643
  -676
  -711
Prev. year cash balance distribution, $m
 
  202
  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
 
  776
  563
  555
  550
  547
  545
  546
  548
  551
  557
  563
  571
  580
  591
  603
  617
  631
  647
  665
  684
  704
  726
  749
  774
  800
  828
  858
  890
  923
  959
Discount rate, %
 
  5.30
  5.57
  5.84
  6.14
  6.44
  6.76
  7.10
  7.46
  7.83
  8.22
  8.63
  9.06
  9.52
  9.99
  10.49
  11.02
  11.57
  12.15
  12.76
  13.39
  14.06
  14.77
  15.50
  16.28
  17.09
  17.95
  18.85
  19.79
  20.78
  21.82
PV of cash for distribution, $m
 
  737
  505
  468
  433
  400
  368
  338
  308
  280
  253
  226
  202
  178
  156
  135
  116
  98
  82
  68
  55
  44
  35
  27
  21
  15
  11
  8
  6
  4
  3
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 de Saneamento Basico do Estado de Sao Paulo-SABESP is a water and sewage service provider. The Company provides water and sewage services to a range of residential, commercial, industrial and governmental customers in over 360 municipalities in the state of Sao Paulo, including the city of Sao Paulo. The Company's segments include Water and Sewage. The Company also supplies treated water on a wholesale basis to approximately 10 municipalities located in the Sao Paulo metropolitan region and urban conurbations. The Company's activities comprise water supply, sanitary sewage services, urban rainwater management and drainage services, urban cleaning services, solid waste management services and related activities, including the planning, operation, maintenance and commercialization of energy, and the commercialization of services, products, benefits and rights that directly or indirectly arise from its assets, operations and activities.

FINANCIAL RATIOS  of  Companhia de Saneamento Basico do Estado (SBS)

Valuation Ratios
P/E Ratio 6.9
Price to Sales 1.5
Price to Book 1.3
Price to Tangible Book
Price to Cash Flow 6.8
Price to Free Cash Flow 23.5
Growth Rates
Sales Growth Rate 20.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 69.5%
Total Debt to Equity 77.6%
Interest Coverage 7
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 10.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 20.2%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 42.7%
EBITDA Margin - 3 Yr. Avg. 29.6%
Operating Margin 24.3%
Oper. Margin - 3 Yr. Avg. 22.5%
Pre-Tax Margin 29.3%
Pre-Tax Margin - 3 Yr. Avg. 15.2%
Net Profit Margin 20.9%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 22.2%
Payout Ratio 4.7%

SBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SBS stock intrinsic value calculation we used $4457 million for the last fiscal year's total revenue generated by Companhia de Saneamento Basico do Estado. The default revenue input number comes from 2016 income statement of Companhia de Saneamento Basico do Estado. 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 SBS 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 5.3%, whose default value for SBS is calculated based on our internal credit rating of Companhia de Saneamento Basico do Estado, 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 de Saneamento Basico do Estado.
    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 SBS stock the variable cost ratio is equal to 74%.

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 SBS 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 5.9% for Companhia de Saneamento Basico do Estado.

Corporate tax rate of 27% is the nominal tax rate for Companhia de Saneamento Basico do Estado. 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 SBS 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 SBS are equal to 214.2%.

Life of production assets of 26.3 years is the average useful life of capital assets used in Companhia de Saneamento Basico do Estado 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 SBS is equal to -7.9%. 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 - $4875 million for Companhia de Saneamento Basico do Estado - 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 683.281 million for Companhia de Saneamento Basico do Estado 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 de Saneamento Basico do Estado at the current share price and the inputted number of shares is $6.5 billion.

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BAK Braskem ADR 28.89 29.88  hold

COMPANY NEWS

▶ Sabesp posts 3Q profit   [Nov-16-17 05:15AM  Associated Press]
▶ SABESP Announces 3Q17 Results   [Nov-14-17 07:20PM  PR Newswire]
▶ 3 Value Utility Stocks   [Oct-13-17 06:03AM  Motley Fool]
▶ Sabesp - Material Fact   [Oct-11-17 09:05PM  PR Newswire]
▶ Material Fact   [Oct-06-17 10:45PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp - New Timeline   [Oct-02-17 09:46PM  PR Newswire]
▶ Comp De Saneamento Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Sep-25-17 03:00AM  Investor's Business Daily]
▶ Comp De Saneamento Reaches 80-Plus Relative Strength Rating Benchmark   [Sep-07-17 03:00AM  Investor's Business Daily]
▶ Sabesp posts 2Q profit   [Aug-15-17 11:23PM  Associated Press]
▶ Sabesp Announces 2Q17 Results   [Aug-14-17 10:18PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp   [Aug-07-17 10:52PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp   [Jul-28-17 12:13AM  PR Newswire]
▶ Top Ranked Value Stocks to Buy for July 13th   [Jul-13-17 11:46AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 28th   [Jun-28-17 10:44AM  Zacks]
▶ Is It Time to Invest in Water?   [May-25-17 06:10PM  GuruFocus.com]
▶ Brazil Graft Investigations Widen, Sabesp & JBS Sink   [May-17-17 12:54PM  Barrons.com]
▶ Notice To The Market   [May-15-17 11:01PM  PR Newswire]
▶ Material Fact   [May-13-17 03:00AM  PR Newswire]
▶ Material Fact   [12:15AM  PR Newswire]
▶ Sabesp Announces 1Q17 Results   [May-12-17 11:53PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp   [May-11-17 10:11PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp   [12:23AM  PR Newswire]
▶ Sabesp's Second Ordinary Tariff Revision - New Schedule   [Apr-26-17 10:17PM  PR Newswire]
▶ Sabesp posts 4Q profit   [05:02AM  Associated Press]
▶ SABESP Announces 2016 Results   [Mar-27-17 10:35PM  PR Newswire]
▶ Beat the Market With a Water ETF   [Feb-23-17 05:52PM  GuruFocus.com]
▶ 2 Cheap Stocks You Can Buy Right Now   [Feb-21-17 12:11PM  Motley Fool]
▶ Top Water Stocks to Buy in 2017 -- and the Ones to Avoid   [Jan-27-17 06:27PM  at Motley Fool]
▶ Beginning of the Second Ordinary Tariff Review of Sabesp   [Jan-19-17 09:32PM  PR Newswire]
▶ SABESP Announces 3Q16 Results   [Nov-10-16 06:16PM  PR Newswire]
▶ 2 Great Stocks Under $10   [Oct-18-16 03:36PM  at Motley Fool]
▶ SABESP Announces 2Q16 Results   [Aug-12-16 07:40PM  PR Newswire]
▶ Five Water Stocks Hedge Funds Are Betting On   [11:18AM  at Insider Monkey]
▶ Brazil Stocks Slip: Moody's Negative, Olympics Angst   [Aug-01-16 12:45PM  at Barrons.com]
Financial statements of SBS
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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