Intrinsic value of Comp En De Mn Cemig ADS - CIG

Previous Close

$3.32

  Intrinsic Value

$3.93

stock screener

  Rating & Target

hold

+18%

Previous close

$3.32

 
Intrinsic value

$3.93

 
Up/down potential

+18%

 
Rating

hold

We calculate the intrinsic value of CIG 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 0001), $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 4.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  13.70
  12.83
  12.05
  11.34
  10.71
  10.14
  9.62
  9.16
  8.75
  8.37
  8.03
  7.73
  7.46
  7.21
  6.99
  6.79
  6.61
  6.45
  6.31
  6.18
  6.06
  5.95
  5.86
  5.77
  5.69
  5.62
  5.56
  5.51
  5.46
  5.41
Revenue, $m
  7,456
  8,413
  9,427
  10,496
  11,620
  12,798
  14,029
  15,314
  16,654
  18,048
  19,498
  21,005
  22,571
  24,199
  25,890
  27,649
  29,477
  31,378
  33,357
  35,417
  37,562
  39,798
  42,129
  44,560
  47,098
  49,747
  52,514
  55,405
  58,427
  61,588
Variable operating expenses, $m
  6,269
  7,031
  7,837
  8,688
  9,582
  10,519
  11,499
  12,522
  13,587
  14,696
  15,513
  16,712
  17,958
  19,253
  20,599
  21,998
  23,453
  24,966
  26,540
  28,179
  29,886
  31,665
  33,519
  35,453
  37,472
  39,580
  41,781
  44,082
  46,486
  49,001
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
  6,269
  7,031
  7,837
  8,688
  9,582
  10,519
  11,499
  12,522
  13,587
  14,696
  15,513
  16,712
  17,958
  19,253
  20,599
  21,998
  23,453
  24,966
  26,540
  28,179
  29,886
  31,665
  33,519
  35,453
  37,472
  39,580
  41,781
  44,082
  46,486
  49,001
Operating income, $m
  1,187
  1,383
  1,590
  1,808
  2,038
  2,279
  2,530
  2,793
  3,067
  3,352
  3,985
  4,293
  4,613
  4,946
  5,291
  5,651
  6,024
  6,413
  6,817
  7,238
  7,677
  8,134
  8,610
  9,107
  9,625
  10,167
  10,732
  11,323
  11,941
  12,587
EBITDA, $m
  1,703
  1,922
  2,154
  2,398
  2,655
  2,924
  3,205
  3,499
  3,805
  4,123
  4,454
  4,799
  5,157
  5,528
  5,915
  6,316
  6,734
  7,169
  7,621
  8,091
  8,581
  9,092
  9,625
  10,180
  10,760
  11,365
  11,997
  12,658
  13,348
  14,070
Interest expense (income), $m
  749
  1,087
  1,375
  1,681
  2,005
  2,347
  2,707
  3,084
  3,478
  3,889
  4,318
  4,764
  5,228
  5,710
  6,211
  6,732
  7,273
  7,836
  8,421
  9,029
  9,663
  10,322
  11,008
  11,724
  12,470
  13,248
  14,060
  14,907
  15,793
  16,718
  17,685
Earnings before tax, $m
  100
  8
  -91
  -197
  -309
  -428
  -553
  -685
  -822
  -966
  -779
  -935
  -1,097
  -1,266
  -1,441
  -1,623
  -1,812
  -2,008
  -2,212
  -2,424
  -2,645
  -2,875
  -3,114
  -3,363
  -3,622
  -3,893
  -4,175
  -4,469
  -4,777
  -5,098
Tax expense, $m
  27
  2
  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
Net income, $m
  73
  6
  -91
  -197
  -309
  -428
  -553
  -685
  -822
  -966
  -779
  -935
  -1,097
  -1,266
  -1,441
  -1,623
  -1,812
  -2,008
  -2,212
  -2,424
  -2,645
  -2,875
  -3,114
  -3,363
  -3,622
  -3,893
  -4,175
  -4,469
  -4,777
  -5,098

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  14,507
  16,368
  18,340
  20,420
  22,606
  24,898
  27,294
  29,795
  32,400
  35,112
  37,933
  40,865
  43,913
  47,080
  50,371
  53,791
  57,348
  61,048
  64,897
  68,905
  73,079
  77,428
  81,963
  86,693
  91,630
  96,783
  102,167
  107,792
  113,672
  119,821
Adjusted assets (=assets-cash), $m
  14,507
  16,368
  18,340
  20,420
  22,606
  24,898
  27,294
  29,795
  32,400
  35,112
  37,933
  40,865
  43,913
  47,080
  50,371
  53,791
  57,348
  61,048
  64,897
  68,905
  73,079
  77,428
  81,963
  86,693
  91,630
  96,783
  102,167
  107,792
  113,672
  119,821
Revenue / Adjusted assets
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
  0.514
Average production assets, $m
  3,035
  3,424
  3,837
  4,272
  4,729
  5,209
  5,710
  6,233
  6,778
  7,345
  7,936
  8,549
  9,186
  9,849
  10,537
  11,253
  11,997
  12,771
  13,576
  14,415
  15,288
  16,198
  17,147
  18,136
  19,169
  20,247
  21,373
  22,550
  23,780
  25,066
Working capital, $m
  -1,752
  -1,977
  -2,215
  -2,467
  -2,731
  -3,007
  -3,297
  -3,599
  -3,914
  -4,241
  -4,582
  -4,936
  -5,304
  -5,687
  -6,084
  -6,497
  -6,927
  -7,374
  -7,839
  -8,323
  -8,827
  -9,353
  -9,900
  -10,472
  -11,068
  -11,690
  -12,341
  -13,020
  -13,730
  -14,473
Total debt, $m
  5,800
  7,091
  8,460
  9,904
  11,421
  13,011
  14,674
  16,410
  18,218
  20,100
  22,058
  24,093
  26,208
  28,405
  30,689
  33,063
  35,532
  38,099
  40,771
  43,552
  46,449
  49,467
  52,614
  55,897
  59,323
  62,900
  66,636
  70,540
  74,621
  78,888
Total liabilities, $m
  10,068
  11,359
  12,728
  14,171
  15,689
  17,279
  18,942
  20,678
  22,486
  24,368
  26,326
  28,361
  30,475
  32,673
  34,957
  37,331
  39,800
  42,367
  45,039
  47,820
  50,717
  53,735
  56,882
  60,165
  63,591
  67,168
  70,904
  74,807
  78,888
  83,156
Total equity, $m
  4,439
  5,009
  5,612
  6,248
  6,918
  7,619
  8,352
  9,117
  9,914
  10,744
  11,608
  12,505
  13,437
  14,406
  15,413
  16,460
  17,549
  18,681
  19,859
  21,085
  22,362
  23,693
  25,081
  26,528
  28,039
  29,616
  31,263
  32,984
  34,784
  36,665
Total liabilities and equity, $m
  14,507
  16,368
  18,340
  20,419
  22,607
  24,898
  27,294
  29,795
  32,400
  35,112
  37,934
  40,866
  43,912
  47,079
  50,370
  53,791
  57,349
  61,048
  64,898
  68,905
  73,079
  77,428
  81,963
  86,693
  91,630
  96,784
  102,167
  107,791
  113,672
  119,821
Debt-to-equity ratio
  1.310
  1.420
  1.510
  1.580
  1.650
  1.710
  1.760
  1.800
  1.840
  1.870
  1.900
  1.930
  1.950
  1.970
  1.990
  2.010
  2.020
  2.040
  2.050
  2.070
  2.080
  2.090
  2.100
  2.110
  2.120
  2.120
  2.130
  2.140
  2.150
  2.150
Adjusted equity ratio
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306
  0.306

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  73
  6
  -91
  -197
  -309
  -428
  -553
  -685
  -822
  -966
  -779
  -935
  -1,097
  -1,266
  -1,441
  -1,623
  -1,812
  -2,008
  -2,212
  -2,424
  -2,645
  -2,875
  -3,114
  -3,363
  -3,622
  -3,893
  -4,175
  -4,469
  -4,777
  -5,098
Depreciation, amort., depletion, $m
  516
  540
  564
  590
  617
  645
  675
  706
  738
  772
  470
  506
  544
  583
  624
  666
  710
  756
  803
  853
  905
  958
  1,015
  1,073
  1,134
  1,198
  1,265
  1,334
  1,407
  1,483
Funds from operations, $m
  590
  545
  473
  393
  307
  217
  121
  21
  -84
  -195
  -309
  -429
  -553
  -683
  -817
  -957
  -1,102
  -1,252
  -1,409
  -1,571
  -1,740
  -1,916
  -2,099
  -2,290
  -2,488
  -2,695
  -2,910
  -3,135
  -3,370
  -3,615
Change in working capital, $m
  -211
  -225
  -238
  -251
  -264
  -277
  -289
  -302
  -315
  -328
  -341
  -354
  -368
  -383
  -398
  -413
  -430
  -447
  -465
  -484
  -504
  -525
  -548
  -571
  -596
  -623
  -650
  -679
  -710
  -743
Cash from operations, $m
  801
  770
  711
  644
  572
  494
  411
  323
  230
  133
  31
  -75
  -185
  -300
  -420
  -544
  -672
  -806
  -944
  -1,087
  -1,236
  -1,391
  -1,551
  -1,718
  -1,892
  -2,072
  -2,260
  -2,456
  -2,660
  -2,872
Maintenance CAPEX, $m
  -158
  -180
  -203
  -227
  -253
  -280
  -308
  -338
  -369
  -401
  -435
  -470
  -506
  -544
  -583
  -624
  -666
  -710
  -756
  -803
  -853
  -905
  -958
  -1,015
  -1,073
  -1,134
  -1,198
  -1,265
  -1,334
  -1,407
New CAPEX, $m
  -365
  -389
  -413
  -435
  -457
  -479
  -501
  -523
  -545
  -567
  -590
  -613
  -638
  -662
  -688
  -716
  -744
  -774
  -805
  -838
  -873
  -910
  -949
  -990
  -1,033
  -1,078
  -1,126
  -1,177
  -1,230
  -1,286
Cash from investing activities, $m
  -523
  -569
  -616
  -662
  -710
  -759
  -809
  -861
  -914
  -968
  -1,025
  -1,083
  -1,144
  -1,206
  -1,271
  -1,340
  -1,410
  -1,484
  -1,561
  -1,641
  -1,726
  -1,815
  -1,907
  -2,005
  -2,106
  -2,212
  -2,324
  -2,442
  -2,564
  -2,693
Free cash flow, $m
  278
  201
  96
  -18
  -139
  -266
  -399
  -538
  -684
  -835
  -993
  -1,158
  -1,329
  -1,506
  -1,691
  -1,883
  -2,082
  -2,289
  -2,505
  -2,729
  -2,962
  -3,205
  -3,459
  -3,722
  -3,998
  -4,285
  -4,584
  -4,897
  -5,224
  -5,566
Issuance/(repayment) of debt, $m
  1,215
  1,292
  1,368
  1,444
  1,517
  1,590
  1,663
  1,735
  1,808
  1,882
  1,958
  2,035
  2,115
  2,198
  2,284
  2,374
  2,468
  2,567
  2,672
  2,781
  2,897
  3,019
  3,147
  3,283
  3,426
  3,577
  3,736
  3,904
  4,081
  4,268
Issuance/(repurchase) of shares, $m
  461
  564
  694
  833
  978
  1,129
  1,287
  1,450
  1,620
  1,796
  1,642
  1,832
  2,030
  2,235
  2,448
  2,669
  2,900
  3,140
  3,390
  3,651
  3,922
  4,206
  4,501
  4,810
  5,133
  5,470
  5,822
  6,191
  6,576
  6,980
Cash from financing (excl. dividends), $m  
  1,676
  1,856
  2,062
  2,277
  2,495
  2,719
  2,950
  3,185
  3,428
  3,678
  3,600
  3,867
  4,145
  4,433
  4,732
  5,043
  5,368
  5,707
  6,062
  6,432
  6,819
  7,225
  7,648
  8,093
  8,559
  9,047
  9,558
  10,095
  10,657
  11,248
Total cash flow (excl. dividends), $m
  1,954
  2,057
  2,159
  2,259
  2,357
  2,454
  2,551
  2,647
  2,744
  2,843
  2,606
  2,709
  2,816
  2,926
  3,041
  3,161
  3,286
  3,418
  3,557
  3,703
  3,857
  4,019
  4,190
  4,371
  4,561
  4,762
  4,974
  5,198
  5,433
  5,682
Retained Cash Flow (-), $m
  -534
  -570
  -694
  -833
  -978
  -1,129
  -1,287
  -1,450
  -1,620
  -1,796
  -1,642
  -1,832
  -2,030
  -2,235
  -2,448
  -2,669
  -2,900
  -3,140
  -3,390
  -3,651
  -3,922
  -4,206
  -4,501
  -4,810
  -5,133
  -5,470
  -5,822
  -6,191
  -6,576
  -6,980
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
  1,420
  1,487
  1,464
  1,426
  1,379
  1,325
  1,264
  1,197
  1,125
  1,047
  964
  877
  786
  691
  593
  491
  386
  278
  167
  52
  -66
  -187
  -311
  -440
  -572
  -708
  -848
  -993
  -1,143
  -1,298
Discount rate, %
  7.40
  7.77
  8.16
  8.57
  8.99
  9.44
  9.92
  10.41
  10.93
  11.48
  12.05
  12.66
  13.29
  13.95
  14.65
  15.38
  16.15
  16.96
  17.81
  18.70
  19.63
  20.62
  21.65
  22.73
  23.87
  25.06
  26.31
  27.63
  29.01
  30.46
PV of cash for distribution, $m
  1,322
  1,280
  1,157
  1,026
  896
  771
  652
  542
  442
  353
  276
  210
  155
  111
  76
  50
  30
  17
  7
  2
  -2
  -3
  -3
  -3
  -3
  -2
  -2
  -1
  -1
  0
Current shareholders' claim on cash, %
  91.3
  82.8
  74.5
  66.5
  59.0
  52.2
  45.9
  40.3
  35.2
  30.7
  27.4
  24.3
  21.4
  18.9
  16.6
  14.6
  12.8
  11.2
  9.7
  8.5
  7.4
  6.4
  5.5
  4.8
  4.2
  3.6
  3.1
  2.7
  2.3
  2.0

Companhia Energetica de Minas Gerais-CEMIG is a holding company that is engaged in the generation, transmission and distribution of electricity. The Company's segments include Generation, Transmission, Distribution, Telecom, Gas and Other. The Company, through its interests in subsidiaries or jointly controlled entities, is engaged in the activities of the construction and operation of systems for sale of electricity, as well as various fields of energy and telecommunications, for the purpose of commercial operation. Its electric power transmission business consists of transporting power from the facilities where it is generated to points of consumption, distribution networks and Free Consumers. Its distribution operation consists of transfers of electricity from distribution substations to final consumers. It is also engaged in businesses, such as telecommunications, energy solutions consulting, and acquisition, transport and distribution of gas and its subproducts and derivatives.

FINANCIAL RATIOS  of  Comp En De Mn Cemig ADS (CIG)

Valuation Ratios
P/E Ratio 40.6
Price to Sales 0.7
Price to Book 1.1
Price to Tangible Book
Price to Cash Flow 11.2
Price to Free Cash Flow 186.9
Growth Rates
Sales Growth Rate -14.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 5.6%
Cap. Spend. - 3 Yr. Gr. Rate 3.2%
Financial Strength
Quick Ratio 0
Current Ratio 0.1
LT Debt to Equity 80%
Total Debt to Equity 117.4%
Interest Coverage 1
Management Effectiveness
Return On Assets 6%
Ret/ On Assets - 3 Yr. Avg. 8.8%
Return On Total Capital 1.2%
Ret/ On T. Cap. - 3 Yr. Avg. 8%
Return On Equity 2.6%
Return On Equity - 3 Yr. Avg. 16.4%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 23.1%
Gross Margin - 3 Yr. Avg. 28.5%
EBITDA Margin 19%
EBITDA Margin - 3 Yr. Avg. 25.1%
Operating Margin 9.6%
Oper. Margin - 3 Yr. Avg. 19.9%
Pre-Tax Margin 2%
Pre-Tax Margin - 3 Yr. Avg. 13.4%
Net Profit Margin 1.8%
Net Profit Margin - 3 Yr. Avg. 9.7%
Effective Tax Rate 8.6%
Eff/ Tax Rate - 3 Yr. Avg. 21.7%
Payout Ratio 200.9%

CIG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CIG stock intrinsic value calculation we used $6558 million for the last fiscal year's total revenue generated by Comp En De Mn Cemig ADS. The default revenue input number comes from 0001 income statement of Comp En De Mn Cemig ADS. 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 CIG stock valuation model: a) initial revenue growth rate of 13.7% 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 7.4%, whose default value for CIG is calculated based on our internal credit rating of Comp En De Mn Cemig ADS, 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 Comp En De Mn Cemig ADS.
    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 CIG stock the variable cost ratio is equal to 84.7%.

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 CIG 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 23.7% for Comp En De Mn Cemig ADS.

Corporate tax rate of 27% is the nominal tax rate for Comp En De Mn Cemig ADS. 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 CIG 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 CIG are equal to 40.7%.

Life of production assets of 16.9 years is the average useful life of capital assets used in Comp En De Mn Cemig ADS 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 CIG is equal to -23.5%. 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 - $3905.16460284 million for Comp En De Mn Cemig ADS - 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 1457.143 million for Comp En De Mn Cemig ADS 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 Comp En De Mn Cemig ADS at the current share price and the inputted number of shares is $4.8 billion.

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