Intrinsic value of Centrais Electricas Brasileiras S.A.- El - EBR

Previous Close

$7.68

  Intrinsic Value

$4.83

stock screener

  Rating & Target

sell

-37%

Previous close

$7.68

 
Intrinsic value

$4.83

 
Up/down potential

-37%

 
Rating

sell

We calculate the intrinsic value of EBR 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 10.4

 

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, %
  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
  11,668
  11,936
  12,243
  12,587
  12,969
  13,388
  13,844
  14,337
  14,869
  15,439
  16,050
  16,701
  17,395
  18,132
  18,914
  19,743
  20,620
  21,548
  22,529
  23,564
  24,656
  25,808
  27,022
  28,301
  29,649
  31,067
  32,560
  34,131
  35,784
  37,523
Variable operating expenses, $m
  6,288
  6,433
  6,597
  6,782
  6,987
  7,212
  7,457
  7,722
  8,007
  8,314
  8,619
  8,969
  9,341
  9,737
  10,157
  10,602
  11,074
  11,572
  12,098
  12,654
  13,241
  13,859
  14,511
  15,198
  15,922
  16,684
  17,486
  18,329
  19,217
  20,151
Fixed operating expenses, $m
  4,788
  4,893
  5,001
  5,111
  5,224
  5,338
  5,456
  5,576
  5,699
  5,824
  5,952
  6,083
  6,217
  6,354
  6,493
  6,636
  6,782
  6,931
  7,084
  7,240
  7,399
  7,562
  7,728
  7,898
  8,072
  8,250
  8,431
  8,617
  8,806
  9,000
Total operating expenses, $m
  11,076
  11,326
  11,598
  11,893
  12,211
  12,550
  12,913
  13,298
  13,706
  14,138
  14,571
  15,052
  15,558
  16,091
  16,650
  17,238
  17,856
  18,503
  19,182
  19,894
  20,640
  21,421
  22,239
  23,096
  23,994
  24,934
  25,917
  26,946
  28,023
  29,151
Operating income, $m
  591
  610
  645
  694
  758
  837
  931
  1,039
  1,163
  1,302
  1,479
  1,649
  1,837
  2,041
  2,263
  2,504
  2,764
  3,045
  3,346
  3,670
  4,016
  4,387
  4,782
  5,205
  5,655
  6,134
  6,644
  7,185
  7,761
  8,372
EBITDA, $m
  1,146
  1,177
  1,226
  1,291
  1,372
  1,470
  1,585
  1,716
  1,864
  2,028
  2,211
  2,411
  2,630
  2,868
  3,126
  3,405
  3,705
  4,028
  4,374
  4,745
  5,141
  5,564
  6,015
  6,496
  7,007
  7,551
  8,129
  8,742
  9,394
  10,084
Interest expense (income), $m
  0
  752
  793
  843
  900
  964
  1,036
  1,113
  1,198
  1,290
  1,389
  1,495
  1,609
  1,730
  1,859
  1,997
  2,142
  2,297
  2,460
  2,633
  2,815
  3,008
  3,211
  3,426
  3,652
  3,890
  4,141
  4,405
  4,683
  4,975
  5,283
Earnings before tax, $m
  -161
  -183
  -199
  -206
  -206
  -198
  -183
  -159
  -128
  -88
  -17
  40
  106
  182
  267
  362
  468
  585
  714
  854
  1,008
  1,175
  1,357
  1,553
  1,765
  1,993
  2,239
  2,503
  2,786
  3,089
Tax expense, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  11
  29
  49
  72
  98
  126
  158
  193
  231
  272
  317
  366
  419
  476
  538
  604
  676
  752
  834
Net income, $m
  -161
  -183
  -199
  -206
  -206
  -198
  -183
  -159
  -128
  -88
  -17
  29
  77
  133
  195
  264
  342
  427
  521
  624
  736
  858
  990
  1,134
  1,288
  1,455
  1,634
  1,827
  2,034
  2,255

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
  53,278
  54,503
  55,904
  57,476
  59,219
  61,131
  63,213
  65,466
  67,894
  70,500
  73,287
  76,262
  79,428
  82,794
  86,366
  90,150
  94,157
  98,394
  102,870
  107,597
  112,584
  117,844
  123,388
  129,229
  135,382
  141,859
  148,677
  155,852
  163,399
  171,338
Adjusted assets (=assets-cash), $m
  53,278
  54,503
  55,904
  57,476
  59,219
  61,131
  63,213
  65,466
  67,894
  70,500
  73,287
  76,262
  79,428
  82,794
  86,366
  90,150
  94,157
  98,394
  102,870
  107,597
  112,584
  117,844
  123,388
  129,229
  135,382
  141,859
  148,677
  155,852
  163,399
  171,338
Revenue / Adjusted assets
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
  0.219
Average production assets, $m
  8,622
  8,821
  9,048
  9,302
  9,584
  9,893
  10,230
  10,595
  10,988
  11,410
  11,861
  12,342
  12,855
  13,399
  13,978
  14,590
  15,238
  15,924
  16,649
  17,414
  18,221
  19,072
  19,969
  20,915
  21,910
  22,959
  24,062
  25,223
  26,445
  27,730
Working capital, $m
  -2,917
  -2,984
  -3,061
  -3,147
  -3,242
  -3,347
  -3,461
  -3,584
  -3,717
  -3,860
  -4,012
  -4,175
  -4,349
  -4,533
  -4,729
  -4,936
  -5,155
  -5,387
  -5,632
  -5,891
  -6,164
  -6,452
  -6,755
  -7,075
  -7,412
  -7,767
  -8,140
  -8,533
  -8,946
  -9,381
Total debt, $m
  14,691
  15,616
  16,673
  17,861
  19,176
  20,620
  22,192
  23,893
  25,726
  27,693
  29,798
  32,044
  34,435
  36,976
  39,672
  42,530
  45,555
  48,753
  52,133
  55,702
  59,467
  63,438
  67,624
  72,034
  76,679
  81,570
  86,717
  92,134
  97,833
  103,827
Total liabilities, $m
  40,225
  41,150
  42,207
  43,395
  44,710
  46,154
  47,725
  49,427
  51,260
  53,227
  55,332
  57,577
  59,968
  62,510
  65,206
  68,064
  71,088
  74,287
  77,667
  81,236
  85,001
  88,972
  93,158
  97,568
  102,213
  107,104
  112,251
  117,668
  123,367
  129,361
Total equity, $m
  13,053
  13,353
  13,696
  14,082
  14,509
  14,977
  15,487
  16,039
  16,634
  17,272
  17,955
  18,684
  19,460
  20,285
  21,160
  22,087
  23,068
  24,106
  25,203
  26,361
  27,583
  28,872
  30,230
  31,661
  33,168
  34,755
  36,426
  38,184
  40,033
  41,978
Total liabilities and equity, $m
  53,278
  54,503
  55,903
  57,477
  59,219
  61,131
  63,212
  65,466
  67,894
  70,499
  73,287
  76,261
  79,428
  82,795
  86,366
  90,151
  94,156
  98,393
  102,870
  107,597
  112,584
  117,844
  123,388
  129,229
  135,381
  141,859
  148,677
  155,852
  163,400
  171,339
Debt-to-equity ratio
  1.130
  1.170
  1.220
  1.270
  1.320
  1.380
  1.430
  1.490
  1.550
  1.600
  1.660
  1.720
  1.770
  1.820
  1.870
  1.930
  1.970
  2.020
  2.070
  2.110
  2.160
  2.200
  2.240
  2.280
  2.310
  2.350
  2.380
  2.410
  2.440
  2.470
Adjusted equity ratio
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245
  0.245

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  -161
  -183
  -199
  -206
  -206
  -198
  -183
  -159
  -128
  -88
  -17
  29
  77
  133
  195
  264
  342
  427
  521
  624
  736
  858
  990
  1,134
  1,288
  1,455
  1,634
  1,827
  2,034
  2,255
Depreciation, amort., depletion, $m
  555
  567
  581
  597
  614
  633
  654
  677
  701
  727
  732
  762
  794
  827
  863
  901
  941
  983
  1,028
  1,075
  1,125
  1,177
  1,233
  1,291
  1,352
  1,417
  1,485
  1,557
  1,632
  1,712
Funds from operations, $m
  394
  384
  382
  390
  408
  435
  471
  517
  573
  639
  715
  791
  871
  960
  1,057
  1,165
  1,282
  1,410
  1,549
  1,699
  1,861
  2,035
  2,223
  2,425
  2,641
  2,872
  3,120
  3,384
  3,666
  3,967
Change in working capital, $m
  -57
  -67
  -77
  -86
  -95
  -105
  -114
  -123
  -133
  -143
  -153
  -163
  -173
  -184
  -196
  -207
  -219
  -232
  -245
  -259
  -273
  -288
  -304
  -320
  -337
  -355
  -373
  -393
  -413
  -435
Cash from operations, $m
  452
  451
  459
  476
  503
  540
  585
  641
  706
  782
  868
  954
  1,044
  1,144
  1,253
  1,372
  1,502
  1,642
  1,794
  1,957
  2,134
  2,323
  2,527
  2,744
  2,978
  3,227
  3,493
  3,777
  4,079
  4,402
Maintenance CAPEX, $m
  -522
  -532
  -544
  -558
  -574
  -592
  -611
  -632
  -654
  -678
  -704
  -732
  -762
  -794
  -827
  -863
  -901
  -941
  -983
  -1,028
  -1,075
  -1,125
  -1,177
  -1,233
  -1,291
  -1,352
  -1,417
  -1,485
  -1,557
  -1,632
New CAPEX, $m
  -167
  -198
  -227
  -255
  -282
  -309
  -337
  -365
  -393
  -422
  -451
  -481
  -513
  -545
  -578
  -613
  -648
  -686
  -725
  -765
  -807
  -851
  -897
  -945
  -996
  -1,048
  -1,103
  -1,161
  -1,222
  -1,285
Cash from investing activities, $m
  -689
  -730
  -771
  -813
  -856
  -901
  -948
  -997
  -1,047
  -1,100
  -1,155
  -1,213
  -1,275
  -1,339
  -1,405
  -1,476
  -1,549
  -1,627
  -1,708
  -1,793
  -1,882
  -1,976
  -2,074
  -2,178
  -2,287
  -2,400
  -2,520
  -2,646
  -2,779
  -2,917
Free cash flow, $m
  -237
  -280
  -312
  -337
  -353
  -361
  -362
  -355
  -341
  -318
  -288
  -260
  -230
  -194
  -152
  -103
  -47
  16
  86
  165
  252
  347
  452
  566
  691
  826
  972
  1,130
  1,301
  1,484
Issuance/(repayment) of debt, $m
  769
  925
  1,058
  1,187
  1,316
  1,443
  1,572
  1,701
  1,833
  1,967
  2,105
  2,246
  2,391
  2,541
  2,696
  2,858
  3,025
  3,199
  3,380
  3,569
  3,765
  3,971
  4,186
  4,410
  4,645
  4,891
  5,148
  5,417
  5,699
  5,994
Issuance/(repurchase) of shares, $m
  426
  483
  542
  592
  633
  667
  693
  711
  722
  726
  700
  699
  698
  692
  680
  663
  640
  611
  576
  534
  486
  431
  368
  298
  219
  132
  36
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,195
  1,408
  1,600
  1,779
  1,949
  2,110
  2,265
  2,412
  2,555
  2,693
  2,805
  2,945
  3,089
  3,233
  3,376
  3,521
  3,665
  3,810
  3,956
  4,103
  4,251
  4,402
  4,554
  4,708
  4,864
  5,023
  5,184
  5,417
  5,699
  5,994
Total cash flow (excl. dividends), $m
  958
  1,129
  1,287
  1,442
  1,596
  1,749
  1,902
  2,057
  2,215
  2,375
  2,517
  2,686
  2,859
  3,039
  3,225
  3,417
  3,617
  3,825
  4,042
  4,268
  4,503
  4,749
  5,006
  5,274
  5,555
  5,849
  6,156
  6,547
  6,999
  7,478
Retained Cash Flow (-), $m
  -426
  -483
  -542
  -592
  -633
  -667
  -693
  -711
  -722
  -726
  -700
  -729
  -776
  -825
  -875
  -927
  -982
  -1,038
  -1,097
  -1,158
  -1,222
  -1,289
  -1,358
  -1,431
  -1,507
  -1,587
  -1,670
  -1,758
  -1,849
  -1,945
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
  532
  646
  745
  851
  963
  1,082
  1,210
  1,346
  1,492
  1,649
  1,817
  1,957
  2,084
  2,214
  2,350
  2,490
  2,636
  2,787
  2,945
  3,110
  3,281
  3,460
  3,647
  3,843
  4,048
  4,262
  4,486
  4,789
  5,150
  5,533
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
  498
  562
  600
  628
  647
  657
  657
  648
  630
  605
  572
  523
  466
  409
  353
  300
  251
  206
  165
  130
  101
  76
  56
  41
  28
  19
  13
  8
  5
  3
Current shareholders' claim on cash, %
  96.1
  91.9
  87.5
  83.1
  78.7
  74.5
  70.5
  66.7
  63.2
  60.0
  57.1
  54.5
  52.1
  49.9
  48.0
  46.2
  44.6
  43.2
  42.0
  40.9
  40.0
  39.2
  38.6
  38.2
  37.8
  37.7
  37.6
  37.6
  37.6
  37.6

Centrais Eletricas Brasileiras S.A. (Eletrobras) is a power generation company. The Company operates in the generation, transmission, distribution and trading segments. The Company operates through various companies, including Eletrobras holding, CGTEE, Chesf, Eletronorte, Eletronuclear, Eletrosul, Furnas, Amazonas Energia, Distribuicao Acre, Distribuicao Alagoas, Distribuicao Piaui, Distribuicao Rondonia, Distribuicao Roraima and half the capital of Itaipu Binacional. The Company has a total installed capacity for generation of over 44,150 megawatts. It has a nationwide network of transmission lines of approximately 60,500 kilometers in length. The Eletrobras Eletrosul's Megawatt Solar Plant has over 4,000 photovoltaic panels, totaling an area of approximately 8,300 square meters. The Eletrobras Eletrosul's Megawatt Solar Plant has an installed capacity of approximately one megawatt-peak (MWp), and the Megawatt Solar Plant can produce approximately 1.2 gigawatt hour (GWh).

FINANCIAL RATIOS  of  Centrais Electricas Brasileiras S.A.- El (EBR)

Valuation Ratios
P/E Ratio 0
Price to Sales 0
Price to Book 0
Price to Tangible Book
Price to Cash Flow 0
Price to Free Cash Flow 0
Growth Rates
Sales Growth Rate -100%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate NaN%
Cap. Spend. - 3 Yr. Gr. Rate NaN%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 0%
Total Debt to Equity 0%
Interest Coverage 0
Management Effectiveness
Return On Assets 0%
Ret/ On Assets - 3 Yr. Avg. 0%
Return On Total Capital 0%
Ret/ On T. Cap. - 3 Yr. Avg. 0%
Return On Equity 0%
Return On Equity - 3 Yr. Avg. 0%
Asset Turnover 0
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 0%
EBITDA Margin - 3 Yr. Avg. 0%
Operating Margin 0%
Oper. Margin - 3 Yr. Avg. 0%
Pre-Tax Margin 0%
Pre-Tax Margin - 3 Yr. Avg. 0%
Net Profit Margin 0%
Net Profit Margin - 3 Yr. Avg. 0%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 0%

EBR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the EBR stock intrinsic value calculation we used $11439 million for the last fiscal year's total revenue generated by Centrais Electricas Brasileiras S.A.- El. The default revenue input number comes from 0001 income statement of Centrais Electricas Brasileiras S.A.- El. 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 EBR 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 6.8%, whose default value for EBR is calculated based on our internal credit rating of Centrais Electricas Brasileiras S.A.- El, 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 Centrais Electricas Brasileiras S.A.- El.
    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 EBR stock the variable cost ratio is equal to 53.9%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $4685 million in the base year in the intrinsic value calculation for EBR 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 5.4% for Centrais Electricas Brasileiras S.A.- El.

Corporate tax rate of 27% is the nominal tax rate for Centrais Electricas Brasileiras S.A.- El. 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 EBR 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 EBR are equal to 73.9%.

Life of production assets of 16.2 years is the average useful life of capital assets used in Centrais Electricas Brasileiras S.A.- El 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 EBR is equal to -25%. 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 - $12787.4892782 million for Centrais Electricas Brasileiras S.A.- El - 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 1352.818 million for Centrais Electricas Brasileiras S.A.- El 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 Centrais Electricas Brasileiras S.A.- El at the current share price and the inputted number of shares is $10.4 billion.

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