Intrinsic value of CPFL Energia ADR - CPL

Previous Close

$10.99

  Intrinsic Value

$10.38

stock screener

  Rating & Target

hold

-6%

Previous close

$10.99

 
Intrinsic value

$10.38

 
Up/down potential

-6%

 
Rating

hold

We calculate the intrinsic value of CPL 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 11.2

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   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, %
  12.50
  11.75
  11.08
  10.47
  9.92
  9.43
  8.99
  8.59
  8.23
  7.91
  7.62
  7.35
  7.12
  6.91
  6.72
  6.54
  6.39
  6.25
  6.13
  6.01
  5.91
  5.82
  5.74
  5.66
  5.60
  5.54
  5.48
  5.44
  5.39
  5.35
Revenue, $m
  6,604
  7,380
  8,197
  9,055
  9,953
  10,892
  11,871
  12,890
  13,951
  15,053
  16,200
  17,391
  18,629
  19,915
  21,253
  22,644
  24,091
  25,597
  27,165
  28,798
  30,500
  32,276
  34,128
  36,061
  38,080
  40,189
  42,393
  44,698
  47,108
  49,630
Variable operating expenses, $m
  5,499
  6,106
  6,746
  7,418
  8,121
  8,855
  9,621
  10,419
  11,249
  12,112
  12,678
  13,611
  14,580
  15,586
  16,633
  17,722
  18,854
  20,033
  21,260
  22,538
  23,871
  25,260
  26,710
  28,223
  29,802
  31,453
  33,178
  34,982
  36,868
  38,842
Fixed operating expenses, $m
  176
  180
  184
  188
  192
  196
  200
  205
  209
  214
  219
  223
  228
  233
  238
  244
  249
  254
  260
  266
  272
  278
  284
  290
  296
  303
  310
  316
  323
  330
Total operating expenses, $m
  5,675
  6,286
  6,930
  7,606
  8,313
  9,051
  9,821
  10,624
  11,458
  12,326
  12,897
  13,834
  14,808
  15,819
  16,871
  17,966
  19,103
  20,287
  21,520
  22,804
  24,143
  25,538
  26,994
  28,513
  30,098
  31,756
  33,488
  35,298
  37,191
  39,172
Operating income, $m
  929
  1,094
  1,267
  1,450
  1,641
  1,841
  2,049
  2,266
  2,492
  2,727
  3,303
  3,557
  3,821
  4,096
  4,381
  4,678
  4,988
  5,309
  5,645
  5,994
  6,358
  6,738
  7,135
  7,549
  7,981
  8,433
  8,906
  9,400
  9,917
  10,458
EBITDA, $m
  1,876
  2,113
  2,363
  2,625
  2,900
  3,188
  3,488
  3,800
  4,125
  4,463
  4,814
  5,180
  5,559
  5,954
  6,364
  6,791
  7,235
  7,698
  8,179
  8,681
  9,204
  9,750
  10,319
  10,913
  11,534
  12,183
  12,861
  13,570
  14,312
  15,088
Interest expense (income), $m
  497
  895
  1,075
  1,264
  1,463
  1,672
  1,890
  2,119
  2,357
  2,605
  2,863
  3,132
  3,411
  3,701
  4,003
  4,316
  4,641
  4,980
  5,332
  5,699
  6,081
  6,479
  6,893
  7,325
  7,776
  8,247
  8,739
  9,252
  9,789
  10,350
  10,937
Earnings before tax, $m
  33
  19
  4
  -13
  -31
  -50
  -70
  -91
  -113
  -136
  171
  146
  120
  93
  66
  37
  8
  -23
  -54
  -87
  -120
  -155
  -191
  -228
  -266
  -305
  -346
  -389
  -433
  -479
Tax expense, $m
  9
  5
  1
  0
  0
  0
  0
  0
  0
  0
  46
  39
  32
  25
  18
  10
  2
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Net income, $m
  24
  14
  3
  -13
  -31
  -50
  -70
  -91
  -113
  -136
  125
  106
  88
  68
  48
  27
  5
  -23
  -54
  -87
  -120
  -155
  -191
  -228
  -266
  -305
  -346
  -389
  -433
  -479

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
  14,578
  16,291
  18,095
  19,989
  21,972
  24,044
  26,204
  28,454
  30,796
  33,230
  35,761
  38,391
  41,123
  43,964
  46,916
  49,986
  53,180
  56,505
  59,966
  63,572
  67,330
  71,249
  75,338
  79,605
  84,062
  88,717
  93,583
  98,671
  103,991
  109,558
Adjusted assets (=assets-cash), $m
  14,578
  16,291
  18,095
  19,989
  21,972
  24,044
  26,204
  28,454
  30,796
  33,230
  35,761
  38,391
  41,123
  43,964
  46,916
  49,986
  53,180
  56,505
  59,966
  63,572
  67,330
  71,249
  75,338
  79,605
  84,062
  88,717
  93,583
  98,671
  103,991
  109,558
Revenue / Adjusted assets
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
  0.453
Average production assets, $m
  6,161
  6,885
  7,648
  8,448
  9,286
  10,162
  11,075
  12,026
  13,016
  14,045
  15,114
  16,226
  17,381
  18,581
  19,829
  21,127
  22,477
  23,882
  25,344
  26,868
  28,457
  30,113
  31,841
  33,645
  35,529
  37,496
  39,553
  41,703
  43,952
  46,305
Working capital, $m
  -1,374
  -1,535
  -1,705
  -1,883
  -2,070
  -2,265
  -2,469
  -2,681
  -2,902
  -3,131
  -3,370
  -3,617
  -3,875
  -4,142
  -4,421
  -4,710
  -5,011
  -5,324
  -5,650
  -5,990
  -6,344
  -6,713
  -7,099
  -7,501
  -7,921
  -8,359
  -8,818
  -9,297
  -9,798
  -10,323
Total debt, $m
  7,902
  9,291
  10,755
  12,291
  13,899
  15,579
  17,331
  19,156
  21,055
  23,030
  25,082
  27,214
  29,431
  31,734
  34,129
  36,619
  39,209
  41,905
  44,712
  47,636
  50,684
  53,863
  57,178
  60,640
  64,254
  68,030
  71,976
  76,101
  80,417
  84,931
Total liabilities, $m
  11,823
  13,212
  14,675
  16,211
  17,819
  19,499
  21,252
  23,077
  24,975
  26,950
  29,002
  31,135
  33,351
  35,654
  38,049
  40,539
  43,129
  45,825
  48,632
  51,557
  54,605
  57,783
  61,099
  64,560
  68,174
  71,950
  75,896
  80,022
  84,337
  88,852
Total equity, $m
  2,755
  3,079
  3,420
  3,778
  4,153
  4,544
  4,953
  5,378
  5,820
  6,281
  6,759
  7,256
  7,772
  8,309
  8,867
  9,447
  10,051
  10,679
  11,334
  12,015
  12,725
  13,466
  14,239
  15,045
  15,888
  16,768
  17,687
  18,649
  19,654
  20,707
Total liabilities and equity, $m
  14,578
  16,291
  18,095
  19,989
  21,972
  24,043
  26,205
  28,455
  30,795
  33,231
  35,761
  38,391
  41,123
  43,963
  46,916
  49,986
  53,180
  56,504
  59,966
  63,572
  67,330
  71,249
  75,338
  79,605
  84,062
  88,718
  93,583
  98,671
  103,991
  109,559
Debt-to-equity ratio
  2.870
  3.020
  3.140
  3.250
  3.350
  3.430
  3.500
  3.560
  3.620
  3.670
  3.710
  3.750
  3.790
  3.820
  3.850
  3.880
  3.900
  3.920
  3.950
  3.960
  3.980
  4.000
  4.020
  4.030
  4.040
  4.060
  4.070
  4.080
  4.090
  4.100
Adjusted equity ratio
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189
  0.189

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  24
  14
  3
  -13
  -31
  -50
  -70
  -91
  -113
  -136
  125
  106
  88
  68
  48
  27
  5
  -23
  -54
  -87
  -120
  -155
  -191
  -228
  -266
  -305
  -346
  -389
  -433
  -479
Depreciation, amort., depletion, $m
  947
  1,019
  1,096
  1,176
  1,260
  1,347
  1,438
  1,534
  1,632
  1,735
  1,511
  1,623
  1,738
  1,858
  1,983
  2,113
  2,248
  2,388
  2,534
  2,687
  2,846
  3,011
  3,184
  3,365
  3,553
  3,750
  3,955
  4,170
  4,395
  4,630
Funds from operations, $m
  971
  1,033
  1,098
  1,163
  1,229
  1,298
  1,369
  1,443
  1,520
  1,599
  1,636
  1,729
  1,826
  1,926
  2,031
  2,140
  2,253
  2,365
  2,480
  2,600
  2,725
  2,856
  2,994
  3,137
  3,287
  3,444
  3,609
  3,781
  3,962
  4,152
Change in working capital, $m
  -153
  -161
  -170
  -178
  -187
  -195
  -204
  -212
  -221
  -229
  -238
  -248
  -257
  -268
  -278
  -289
  -301
  -313
  -326
  -340
  -354
  -369
  -385
  -402
  -420
  -439
  -458
  -479
  -501
  -525
Cash from operations, $m
  1,124
  1,195
  1,268
  1,341
  1,416
  1,493
  1,572
  1,655
  1,740
  1,829
  1,875
  1,977
  2,083
  2,194
  2,309
  2,429
  2,554
  2,678
  2,806
  2,940
  3,080
  3,226
  3,379
  3,539
  3,707
  3,883
  4,067
  4,261
  4,463
  4,676
Maintenance CAPEX, $m
  -547
  -616
  -689
  -765
  -845
  -929
  -1,016
  -1,108
  -1,203
  -1,302
  -1,404
  -1,511
  -1,623
  -1,738
  -1,858
  -1,983
  -2,113
  -2,248
  -2,388
  -2,534
  -2,687
  -2,846
  -3,011
  -3,184
  -3,365
  -3,553
  -3,750
  -3,955
  -4,170
  -4,395
New CAPEX, $m
  -687
  -724
  -763
  -801
  -838
  -876
  -913
  -951
  -990
  -1,029
  -1,070
  -1,111
  -1,155
  -1,200
  -1,248
  -1,298
  -1,350
  -1,405
  -1,463
  -1,524
  -1,588
  -1,656
  -1,728
  -1,804
  -1,884
  -1,968
  -2,057
  -2,150
  -2,249
  -2,353
Cash from investing activities, $m
  -1,234
  -1,340
  -1,452
  -1,566
  -1,683
  -1,805
  -1,929
  -2,059
  -2,193
  -2,331
  -2,474
  -2,622
  -2,778
  -2,938
  -3,106
  -3,281
  -3,463
  -3,653
  -3,851
  -4,058
  -4,275
  -4,502
  -4,739
  -4,988
  -5,249
  -5,521
  -5,807
  -6,105
  -6,419
  -6,748
Free cash flow, $m
  -110
  -145
  -183
  -224
  -267
  -312
  -357
  -404
  -452
  -502
  -599
  -646
  -694
  -745
  -797
  -852
  -909
  -974
  -1,045
  -1,119
  -1,196
  -1,276
  -1,361
  -1,449
  -1,541
  -1,638
  -1,739
  -1,845
  -1,956
  -2,072
Issuance/(repayment) of debt, $m
  1,319
  1,389
  1,463
  1,536
  1,608
  1,680
  1,752
  1,825
  1,899
  1,974
  2,052
  2,133
  2,216
  2,303
  2,394
  2,490
  2,590
  2,696
  2,807
  2,924
  3,048
  3,178
  3,316
  3,461
  3,614
  3,776
  3,946
  4,126
  4,315
  4,515
Issuance/(repurchase) of shares, $m
  283
  310
  338
  371
  405
  441
  478
  516
  555
  596
  354
  391
  429
  469
  510
  553
  598
  651
  709
  768
  831
  896
  963
  1,034
  1,108
  1,185
  1,266
  1,351
  1,439
  1,531
Cash from financing (excl. dividends), $m  
  1,602
  1,699
  1,801
  1,907
  2,013
  2,121
  2,230
  2,341
  2,454
  2,570
  2,406
  2,524
  2,645
  2,772
  2,904
  3,043
  3,188
  3,347
  3,516
  3,692
  3,879
  4,074
  4,279
  4,495
  4,722
  4,961
  5,212
  5,477
  5,754
  6,046
Total cash flow (excl. dividends), $m
  1,491
  1,554
  1,619
  1,683
  1,746
  1,810
  1,873
  1,937
  2,002
  2,069
  1,806
  1,877
  1,951
  2,027
  2,108
  2,192
  2,280
  2,373
  2,471
  2,574
  2,683
  2,798
  2,919
  3,046
  3,181
  3,323
  3,473
  3,632
  3,798
  3,974
Retained Cash Flow (-), $m
  -307
  -324
  -341
  -371
  -405
  -441
  -478
  -516
  -555
  -596
  -478
  -497
  -516
  -537
  -558
  -580
  -604
  -651
  -709
  -768
  -831
  -896
  -963
  -1,034
  -1,108
  -1,185
  -1,266
  -1,351
  -1,439
  -1,531
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
  1,184
  1,230
  1,278
  1,312
  1,341
  1,369
  1,395
  1,421
  1,447
  1,473
  1,328
  1,380
  1,434
  1,491
  1,550
  1,611
  1,676
  1,722
  1,762
  1,806
  1,852
  1,902
  1,955
  2,012
  2,073
  2,138
  2,207
  2,281
  2,359
  2,443
Discount rate, %
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
  1,120
  1,095
  1,064
  1,016
  959
  898
  833
  767
  699
  631
  500
  452
  404
  357
  312
  269
  228
  189
  153
  122
  96
  74
  56
  42
  31
  22
  15
  10
  7
  4
Current shareholders' claim on cash, %
  97.5
  95.2
  93.0
  90.8
  88.7
  86.7
  84.8
  82.9
  81.0
  79.3
  78.3
  77.3
  76.3
  75.3
  74.3
  73.3
  72.3
  71.3
  70.3
  69.3
  68.2
  67.2
  66.2
  65.1
  64.1
  63.1
  62.0
  61.0
  60.0
  59.0

CPFL Energia S.A. is a holding company. The Company, through its subsidiaries, distributes, generates, transmits and commercializes electricity in Brazil, as well as provides energy-related services. Its segments include Distribution, Conventional Generation Sources, Renewable Energy Generation, Commercialization and Services. The Company operates its distribution segment through its eight distributors. Its installed capacity in conventional generation is approximately 2,200 megawatt (MW). The Company, through its subsidiary CPFL Geracao, holds equity interests in eight Hydroelectric Power Plants. It operates in the segment of generation of energy of renewable sources, such as wind, biomass thermal plants, SHPPs and solar, through its subsidiary, CPFL Renovaveis. The Company operates in the segment of commercialization (power competitive supply) through its subsidiary, CPFL Brasil. The Company operates in the segment of value-added services providing electricity-related services.

FINANCIAL RATIOS  of  CPFL Energia ADR (CPL)

Valuation Ratios
P/E Ratio 39.3
Price to Sales 1.9
Price to Book 4.4
Price to Tangible Book
Price to Cash Flow 7.6
Price to Free Cash Flow 14.8
Growth Rates
Sales Growth Rate -7.2%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 57%
Cap. Spend. - 3 Yr. Gr. Rate 5.2%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 237.6%
Total Debt to Equity 284.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.6%
Ret/ On Assets - 3 Yr. Avg. 4.9%
Return On Total Capital 3%
Ret/ On T. Cap. - 3 Yr. Avg. 3.3%
Return On Equity 11.5%
Return On Equity - 3 Yr. Avg. 12.3%
Asset Turnover 0.5
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 22.2%
EBITDA Margin - 3 Yr. Avg. 22.1%
Operating Margin 14.8%
Oper. Margin - 3 Yr. Avg. 14.7%
Pre-Tax Margin 7.2%
Pre-Tax Margin - 3 Yr. Avg. 7.7%
Net Profit Margin 4.7%
Net Profit Margin - 3 Yr. Avg. 4.8%
Effective Tax Rate 36.2%
Eff/ Tax Rate - 3 Yr. Avg. 39.1%
Payout Ratio 25.6%

CPL stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CPL stock intrinsic value calculation we used $5870 million for the last fiscal year's total revenue generated by CPFL Energia ADR. The default revenue input number comes from 2016 income statement of CPFL Energia ADR. 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 CPL stock valuation model: a) initial revenue growth rate of 12.5% 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 5.7%, whose default value for CPL is calculated based on our internal credit rating of CPFL Energia ADR, 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 CPFL Energia ADR.
    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 CPL stock the variable cost ratio is equal to 83.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $172 million in the base year in the intrinsic value calculation for CPL 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 13.6% for CPFL Energia ADR.

Corporate tax rate of 27% is the nominal tax rate for CPFL Energia ADR. 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 CPL 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 CPL are equal to 93.3%.

Life of production assets of 10 years is the average useful life of capital assets used in CPFL Energia ADR 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 CPL is equal to -20.8%. 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 - $2448 million for CPFL Energia ADR - 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 1018 million for CPFL Energia ADR 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 CPFL Energia ADR at the current share price and the inputted number of shares is $11.2 billion.

RELATED COMPANIES Price Int.Val. Rating
CIG Companhia Ener 2.03 3.17  buy
ENIA Enel Americas 7.93 0.39  str.sell

COMPANY NEWS

▶ Is Comperiapl S.A. (WSE:CPL) A Financially Sound Company?   [Mar-20-18 10:18AM  Simply Wall St.]
▶ ETFs with exposure to CPFL Energia SA : December 11, 2017   [Dec-11-17 01:43PM  Capital Cube]
▶ ETFs with exposure to CPFL Energia SA : November 8, 2017   [Nov-08-17 05:47PM  Capital Cube]
▶ ETFs with exposure to CPFL Energia SA : October 27, 2017   [Oct-27-17 10:50AM  Capital Cube]
▶ ETFs with exposure to CPFL Energia SA : October 10, 2017   [Oct-10-17 11:14AM  Capital Cube]
▶ ETFs with exposure to CPFL Energia SA : August 4, 2017   [Aug-03-17 08:02PM  Capital Cube]
▶ ETFs with exposure to CPFL Energia SA : July 13, 2017   [Jul-13-17 03:47PM  Capital Cube]
▶ ETFs with exposure to CPFL Energia SA : May 19, 2017   [May-19-17 01:46PM  Capital Cube]
▶ ETFs with exposure to CPFL Energia SA : April 12, 2017   [Apr-12-17 01:10PM  Capital Cube]
▶ 4 Stocks With Great 12-Month Performances   [Feb-16-17 02:19PM  GuruFocus.com]
▶ ETFs with exposure to CPFL Energia SA : January 12, 2017   [Jan-12-17 01:56PM  Capital Cube]
▶ ETFs with exposure to CPFL Energia SA : December 14, 2016   [Dec-14-16 12:53PM  Capital Cube]
▶ Is Diamondback Energy Inc (FANG) A Good Stock to Buy?   [Dec-06-16 04:45PM  Insider Monkey]
▶ Is Computer Sciences Corporation (CSC) A Good Stock To Buy?   [Dec-01-16 06:49AM  at Insider Monkey]
▶ Smart Money is Pouring Into NetApp Inc. (NTAP)   [Nov-26-16 01:45PM  Insider Monkey]
▶ Smart Money is Pouring Into NetApp Inc. (NTAP)   [01:45PM  at Insider Monkey]
▶ [$$] China's State Grid to Acquire Additional Stake in Brazil's CPFL   [Sep-26-16 06:51AM  at The Wall Street Journal]
▶ [$$] Chinas State Grid Pursues Energy Deal in Brazil   [Aug-10-16 12:08AM  at The Wall Street Journal]
▶ Chinas State Grid eyes $13 billion utility deal in Brazil   [Aug-09-16 09:12PM  at MarketWatch]
▶ [$$] China Inc. Pursues Power, Glory With Big Brazil Deal   [08:33PM  at The Wall Street Journal]
▶ China Aims for Gold in Brazil Power Deal   [06:55AM  at MarketWatch]
▶ Welcome China, Latin America Is Waiting   [03:07AM  at Bloomberg]
▶ Chinas State Grid Said in Talks to Buy CPFL Energia Stake   [Jun-22-16 01:35PM  at Bloomberg]
▶ 7 Brazil Stocks To Watch As Impeachment Unfolds   [May-12-16 01:22PM  at Barrons.com]
▶ CPFL ENERGY INC Financials   [01:04PM  EDGAR Online Financials]
▶ 5 Utility Stocks to Trade for Breakout Gains in 2016   [Feb-02-16 07:49AM  at TheStreet]
▶ Embraer Leads Brazilian Stocks Set For 2016 Bounce   [Dec-07  06:08PM  at Investor's Business Daily]
▶ What Do Hedge Funds Think of Colfax Corp (CFX)?   [Nov-30  09:14AM  at Insider Monkey]
▶ Is Guidewire Software Inc (GWRE) A Good Stock To Buy?   [Nov-29  11:52AM  at Insider Monkey]
▶ Should You Buy Validus Holdings, Ltd. (VR)?   [Nov-24  02:27PM  at Insider Monkey]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.