Intrinsic value of Companhia Energetica de Minas Gerais-Cem - CIG

Previous Close

$2.34

  Intrinsic Value

$2.98

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  Rating & Target

buy

+27%

Previous close

$2.34

 
Intrinsic value

$2.98

 
Up/down potential

+27%

 
Rating

buy

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

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

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, %
  -14.16
  4.90
  4.91
  4.92
  4.93
  4.93
  4.94
  4.95
  4.95
  4.96
  4.96
  4.97
  4.97
  4.97
  4.97
  4.98
  4.98
  4.98
  4.98
  4.98
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  4.99
  5.00
Revenue, $m
  5,935
  6,226
  6,532
  6,853
  7,190
  7,545
  7,918
  8,310
  8,721
  9,154
  9,608
  10,085
  10,586
  11,112
  11,665
  12,245
  12,855
  13,496
  14,168
  14,874
  15,616
  16,395
  17,213
  18,072
  18,974
  19,921
  20,916
  21,960
  23,057
  24,209
  25,418
Variable operating expenses, $m
 
  977
  1,025
  1,076
  1,129
  1,185
  1,243
  1,305
  1,369
  1,437
  1,508
  1,583
  1,662
  1,745
  1,831
  1,923
  2,018
  2,119
  2,224
  2,335
  2,452
  2,574
  2,702
  2,837
  2,979
  3,128
  3,284
  3,448
  3,620
  3,801
  3,991
Fixed operating expenses, $m
 
  4,562
  4,676
  4,793
  4,913
  5,036
  5,162
  5,291
  5,423
  5,559
  5,698
  5,840
  5,986
  6,136
  6,289
  6,446
  6,608
  6,773
  6,942
  7,116
  7,293
  7,476
  7,663
  7,854
  8,051
  8,252
  8,458
  8,670
  8,886
  9,109
  9,336
Total operating expenses, $m
  5,365
  5,539
  5,701
  5,869
  6,042
  6,221
  6,405
  6,596
  6,792
  6,996
  7,206
  7,423
  7,648
  7,881
  8,120
  8,369
  8,626
  8,892
  9,166
  9,451
  9,745
  10,050
  10,365
  10,691
  11,030
  11,380
  11,742
  12,118
  12,506
  12,910
  13,327
Operating income, $m
  571
  686
  830
  984
  1,148
  1,325
  1,513
  1,714
  1,929
  2,158
  2,402
  2,661
  2,938
  3,232
  3,544
  3,877
  4,229
  4,604
  5,002
  5,424
  5,871
  6,345
  6,848
  7,380
  7,944
  8,542
  9,174
  9,843
  10,551
  11,299
  12,091
EBITDA, $m
  835
  962
  1,119
  1,287
  1,467
  1,659
  1,864
  2,083
  2,316
  2,564
  2,828
  3,108
  3,407
  3,724
  4,062
  4,419
  4,799
  5,202
  5,630
  6,083
  6,563
  7,072
  7,611
  8,182
  8,786
  9,425
  10,101
  10,816
  11,573
  12,373
  13,218
Interest expense (income), $m
  749
  631
  697
  765
  836
  911
  990
  1,073
  1,160
  1,252
  1,348
  1,449
  1,555
  1,666
  1,783
  1,906
  2,035
  2,171
  2,313
  2,462
  2,619
  2,784
  2,957
  3,139
  3,330
  3,531
  3,741
  3,962
  4,195
  4,438
  4,694
Earnings before tax, $m
  116
  55
  133
  219
  312
  413
  523
  641
  769
  906
  1,054
  1,213
  1,383
  1,566
  1,761
  1,971
  2,194
  2,433
  2,689
  2,961
  3,251
  3,561
  3,890
  4,241
  4,614
  5,011
  5,432
  5,880
  6,356
  6,861
  7,397
Tax expense, $m
  10
  15
  36
  59
  84
  112
  141
  173
  208
  245
  285
  327
  373
  423
  476
  532
  592
  657
  726
  799
  878
  961
  1,050
  1,145
  1,246
  1,353
  1,467
  1,588
  1,716
  1,852
  1,997
Net income, $m
  106
  40
  97
  160
  228
  302
  382
  468
  561
  661
  769
  885
  1,010
  1,143
  1,286
  1,439
  1,602
  1,776
  1,963
  2,162
  2,374
  2,599
  2,840
  3,096
  3,368
  3,658
  3,966
  4,293
  4,640
  5,008
  5,400

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  751
  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
  13,291
  13,162
  13,809
  14,488
  15,202
  15,952
  16,740
  17,568
  18,438
  19,352
  20,312
  21,321
  22,380
  23,493
  24,661
  25,889
  27,178
  28,532
  29,954
  31,447
  33,015
  34,662
  36,391
  38,207
  40,114
  42,116
  44,219
  46,427
  48,746
  51,181
  53,737
Adjusted assets (=assets-cash), $m
  12,540
  13,162
  13,809
  14,488
  15,202
  15,952
  16,740
  17,568
  18,438
  19,352
  20,312
  21,321
  22,380
  23,493
  24,661
  25,889
  27,178
  28,532
  29,954
  31,447
  33,015
  34,662
  36,391
  38,207
  40,114
  42,116
  44,219
  46,427
  48,746
  51,181
  53,737
Revenue / Adjusted assets
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
  0.473
Average production assets, $m
  4,555
  4,775
  5,010
  5,256
  5,515
  5,787
  6,073
  6,374
  6,689
  7,021
  7,369
  7,735
  8,119
  8,523
  8,947
  9,392
  9,860
  10,351
  10,867
  11,409
  11,978
  12,575
  13,202
  13,861
  14,553
  15,279
  16,042
  16,843
  17,685
  18,568
  19,495
Working capital, $m
  -999
  -230
  -242
  -254
  -266
  -279
  -293
  -307
  -323
  -339
  -355
  -373
  -392
  -411
  -432
  -453
  -476
  -499
  -524
  -550
  -578
  -607
  -637
  -669
  -702
  -737
  -774
  -813
  -853
  -896
  -940
Total debt, $m
  4,799
  4,467
  4,903
  5,361
  5,842
  6,348
  6,879
  7,437
  8,023
  8,639
  9,286
  9,966
  10,680
  11,430
  12,218
  13,045
  13,914
  14,826
  15,785
  16,791
  17,848
  18,958
  20,124
  21,348
  22,633
  23,982
  25,400
  26,888
  28,451
  30,092
  31,815
Total liabilities, $m
  9,202
  8,871
  9,307
  9,765
  10,246
  10,752
  11,283
  11,841
  12,427
  13,043
  13,690
  14,370
  15,084
  15,834
  16,622
  17,449
  18,318
  19,230
  20,189
  21,195
  22,252
  23,362
  24,528
  25,752
  27,037
  28,386
  29,804
  31,292
  32,855
  34,496
  36,219
Total equity, $m
  4,088
  4,291
  4,502
  4,723
  4,956
  5,200
  5,457
  5,727
  6,011
  6,309
  6,622
  6,951
  7,296
  7,659
  8,040
  8,440
  8,860
  9,301
  9,765
  10,252
  10,763
  11,300
  11,863
  12,455
  13,077
  13,730
  14,415
  15,135
  15,891
  16,685
  17,518
Total liabilities and equity, $m
  13,290
  13,162
  13,809
  14,488
  15,202
  15,952
  16,740
  17,568
  18,438
  19,352
  20,312
  21,321
  22,380
  23,493
  24,662
  25,889
  27,178
  28,531
  29,954
  31,447
  33,015
  34,662
  36,391
  38,207
  40,114
  42,116
  44,219
  46,427
  48,746
  51,181
  53,737
Debt-to-equity ratio
  1.174
  1.040
  1.090
  1.140
  1.180
  1.220
  1.260
  1.300
  1.330
  1.370
  1.400
  1.430
  1.460
  1.490
  1.520
  1.550
  1.570
  1.590
  1.620
  1.640
  1.660
  1.680
  1.700
  1.710
  1.730
  1.750
  1.760
  1.780
  1.790
  1.800
  1.820
Adjusted equity ratio
  0.266
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326
  0.326

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  106
  40
  97
  160
  228
  302
  382
  468
  561
  661
  769
  885
  1,010
  1,143
  1,286
  1,439
  1,602
  1,776
  1,963
  2,162
  2,374
  2,599
  2,840
  3,096
  3,368
  3,658
  3,966
  4,293
  4,640
  5,008
  5,400
Depreciation, amort., depletion, $m
  264
  276
  290
  304
  319
  335
  351
  368
  387
  406
  426
  447
  469
  493
  517
  543
  570
  598
  628
  659
  692
  727
  763
  801
  841
  883
  927
  974
  1,022
  1,073
  1,127
Funds from operations, $m
  -504
  316
  387
  464
  547
  636
  733
  836
  948
  1,067
  1,195
  1,332
  1,479
  1,636
  1,803
  1,981
  2,172
  2,375
  2,591
  2,821
  3,066
  3,326
  3,603
  3,897
  4,210
  4,541
  4,893
  5,266
  5,662
  6,082
  6,526
Change in working capital, $m
  -888
  -11
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -19
  -20
  -21
  -23
  -24
  -25
  -26
  -27
  -29
  -30
  -32
  -33
  -35
  -37
  -39
  -41
  -43
  -45
Cash from operations, $m
  384
  327
  398
  475
  559
  649
  747
  851
  963
  1,083
  1,212
  1,350
  1,497
  1,655
  1,823
  2,003
  2,194
  2,398
  2,616
  2,847
  3,093
  3,355
  3,633
  3,929
  4,243
  4,576
  4,930
  5,305
  5,703
  6,124
  6,571
Maintenance CAPEX, $m
  0
  -263
  -276
  -290
  -304
  -319
  -335
  -351
  -368
  -387
  -406
  -426
  -447
  -469
  -493
  -517
  -543
  -570
  -598
  -628
  -659
  -692
  -727
  -763
  -801
  -841
  -883
  -927
  -974
  -1,022
  -1,073
New CAPEX, $m
  -361
  -221
  -234
  -246
  -259
  -272
  -286
  -300
  -316
  -332
  -348
  -366
  -384
  -404
  -424
  -445
  -468
  -491
  -516
  -542
  -569
  -597
  -627
  -659
  -692
  -726
  -763
  -801
  -841
  -883
  -928
Cash from investing activities, $m
  -194
  -484
  -510
  -536
  -563
  -591
  -621
  -651
  -684
  -719
  -754
  -792
  -831
  -873
  -917
  -962
  -1,011
  -1,061
  -1,114
  -1,170
  -1,228
  -1,289
  -1,354
  -1,422
  -1,493
  -1,567
  -1,646
  -1,728
  -1,815
  -1,905
  -2,001
Free cash flow, $m
  190
  -157
  -113
  -61
  -4
  58
  126
  199
  279
  365
  458
  558
  666
  782
  907
  1,040
  1,184
  1,337
  1,502
  1,677
  1,865
  2,065
  2,279
  2,507
  2,750
  3,008
  3,284
  3,577
  3,888
  4,219
  4,570
Issuance/(repayment) of debt, $m
  46
  419
  436
  458
  481
  506
  531
  558
  586
  616
  647
  680
  714
  750
  788
  827
  869
  913
  958
  1,006
  1,057
  1,110
  1,166
  1,224
  1,285
  1,350
  1,417
  1,488
  1,563
  1,641
  1,723
Issuance/(repurchase) of shares, $m
  0
  163
  114
  62
  5
  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  
  46
  582
  550
  520
  486
  506
  531
  558
  586
  616
  647
  680
  714
  750
  788
  827
  869
  913
  958
  1,006
  1,057
  1,110
  1,166
  1,224
  1,285
  1,350
  1,417
  1,488
  1,563
  1,641
  1,723
Total cash flow (excl. dividends), $m
  235
  425
  437
  459
  482
  564
  657
  758
  865
  981
  1,105
  1,238
  1,380
  1,532
  1,694
  1,868
  2,053
  2,250
  2,460
  2,684
  2,922
  3,175
  3,445
  3,731
  4,035
  4,358
  4,701
  5,065
  5,451
  5,860
  6,294
Retained Cash Flow (-), $m
  17
  -203
  -211
  -221
  -233
  -245
  -257
  -270
  -284
  -298
  -313
  -329
  -345
  -363
  -381
  -400
  -420
  -441
  -464
  -487
  -511
  -537
  -564
  -592
  -622
  -653
  -686
  -720
  -756
  -794
  -833
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
 
  222
  226
  238
  250
  320
  400
  488
  582
  683
  792
  909
  1,035
  1,169
  1,313
  1,468
  1,632
  1,808
  1,996
  2,197
  2,411
  2,638
  2,881
  3,139
  3,413
  3,705
  4,015
  4,345
  4,695
  5,066
  5,460
Discount rate, %
 
  6.80
  7.14
  7.50
  7.87
  8.27
  8.68
  9.11
  9.57
  10.05
  10.55
  11.08
  11.63
  12.21
  12.82
  13.46
  14.14
  14.84
  15.59
  16.37
  17.18
  18.04
  18.94
  19.89
  20.89
  21.93
  23.03
  24.18
  25.39
  26.66
  27.99
PV of cash for distribution, $m
 
  208
  197
  191
  184
  215
  243
  265
  280
  289
  291
  286
  276
  261
  243
  221
  197
  172
  147
  123
  101
  81
  63
  48
  36
  26
  18
  13
  8
  5
  3
Current shareholders' claim on cash, %
  100
  95.4
  92.4
  90.9
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8
  90.8

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  Companhia Energetica de Minas Gerais-Cem (CIG)

Valuation Ratios
P/E Ratio 28.6
Price to Sales 0.5
Price to Book 0.7
Price to Tangible Book
Price to Cash Flow 7.9
Price to Free Cash Flow 131.7
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 $5935 million for the last fiscal year's total revenue generated by Companhia Energetica de Minas Gerais-Cem. The default revenue input number comes from 2016 income statement of Companhia Energetica de Minas Gerais-Cem. 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 4.9% 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 6.8%, whose default value for CIG is calculated based on our internal credit rating of Companhia Energetica de Minas Gerais-Cem, 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 Energetica de Minas Gerais-Cem.
    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 15.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4451 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 15.6% for Companhia Energetica de Minas Gerais-Cem.

Corporate tax rate of 27% is the nominal tax rate for Companhia Energetica de Minas Gerais-Cem. 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 76.7%.

Life of production assets of 17.3 years is the average useful life of capital assets used in Companhia Energetica de Minas Gerais-Cem 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 -3.7%. 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 - $4088 million for Companhia Energetica de Minas Gerais-Cem - 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 1436.89 million for Companhia Energetica de Minas Gerais-Cem 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 Energetica de Minas Gerais-Cem at the current share price and the inputted number of shares is $3.4 billion.

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COMPANY NEWS

▶ Why the amount of Americans with no insurance is growing   [Jan-16-18 11:07AM  Yahoo Finance Video]
▶ Cemig Files 2016 20-F Form with the SEC   [May-17-17 02:02PM  PR Newswire]
▶ Shares of CEMIG Slump Following Court Injunction   [Mar-22-17 02:03PM  Motley Fool]
▶ Filing of 2015 20-F Form with the SEC   [Feb-22-17 07:08PM  PR Newswire]
▶ Hedge Funds Are Dumping Deluxe Corporation (DLX)   [Dec-06-16 10:29AM  at Insider Monkey]
Financial statements of CIG
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