Intrinsic value of Centrais Eletricas Brasileiras ADR - EBR

Previous Close

$6.42

  Intrinsic Value

$215.18

stock screener

  Rating & Target

str. buy

+999%

Previous close

$6.42

 
Intrinsic value

$215.18

 
Up/down potential

+999%

 
Rating

str. buy

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 0.2

 

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
  11,937
  12,243
  12,588
  12,969
  13,388
  13,844
  14,338
  14,869
  15,440
  16,051
  16,702
  17,396
  18,133
  18,915
  19,744
  20,621
  21,549
  22,529
  23,565
  24,657
  25,809
  27,023
  28,302
  29,650
  31,068
  32,562
  34,133
  35,786
  37,525
Variable operating expenses, $m
  6,289
  6,433
  6,598
  6,783
  6,987
  7,212
  7,457
  7,722
  8,008
  8,314
  8,619
  8,969
  9,342
  9,738
  10,158
  10,603
  11,074
  11,572
  12,099
  12,655
  13,241
  13,860
  14,512
  15,199
  15,923
  16,684
  17,486
  18,330
  19,218
  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
  11,077
  11,326
  11,599
  11,894
  12,211
  12,550
  12,913
  13,298
  13,707
  14,138
  14,571
  15,052
  15,559
  16,092
  16,651
  17,239
  17,856
  18,503
  19,183
  19,895
  20,640
  21,422
  22,240
  23,097
  23,995
  24,934
  25,917
  26,947
  28,024
  29,151
Operating income, $m
  591
  610
  645
  694
  758
  837
  931
  1,039
  1,163
  1,302
  1,479
  1,650
  1,837
  2,041
  2,264
  2,505
  2,765
  3,045
  3,347
  3,670
  4,017
  4,387
  4,783
  5,205
  5,655
  6,134
  6,644
  7,186
  7,762
  8,373
EBITDA, $m
  1,146
  1,178
  1,226
  1,291
  1,373
  1,471
  1,585
  1,716
  1,864
  2,029
  2,211
  2,412
  2,630
  2,869
  3,127
  3,405
  3,706
  4,028
  4,374
  4,745
  5,141
  5,564
  6,016
  6,496
  7,008
  7,552
  8,130
  8,743
  9,394
  10,085
Interest expense (income), $m
  0
  752
  793
  843
  900
  965
  1,036
  1,114
  1,198
  1,290
  1,389
  1,496
  1,609
  1,730
  1,860
  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
  -160
  -183
  -199
  -206
  -206
  -198
  -183
  -159
  -127
  -88
  -17
  40
  106
  182
  267
  362
  468
  585
  714
  855
  1,008
  1,176
  1,357
  1,553
  1,765
  1,994
  2,239
  2,503
  2,786
  3,090
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
  477
  538
  605
  676
  752
  834
Net income, $m
  -160
  -183
  -199
  -206
  -206
  -198
  -183
  -159
  -127
  -88
  -17
  29
  78
  133
  195
  264
  342
  427
  521
  624
  736
  858
  991
  1,134
  1,289
  1,455
  1,635
  1,827
  2,034
  2,256

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
  53,280
  54,505
  55,906
  57,478
  59,221
  61,133
  63,215
  65,469
  67,897
  70,502
  73,290
  76,265
  79,432
  82,797
  86,369
  90,154
  94,161
  98,398
  102,874
  107,601
  112,589
  117,849
  123,393
  129,234
  135,387
  141,865
  148,683
  155,858
  163,406
  171,345
Adjusted assets (=assets-cash), $m
  53,280
  54,505
  55,906
  57,478
  59,221
  61,133
  63,215
  65,469
  67,897
  70,502
  73,290
  76,265
  79,432
  82,797
  86,369
  90,154
  94,161
  98,398
  102,874
  107,601
  112,589
  117,849
  123,393
  129,234
  135,387
  141,865
  148,683
  155,858
  163,406
  171,345
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
  8,623
  8,821
  9,048
  9,302
  9,584
  9,894
  10,231
  10,596
  10,988
  11,410
  11,861
  12,343
  12,855
  13,400
  13,978
  14,591
  15,239
  15,925
  16,649
  17,414
  18,221
  19,073
  19,970
  20,915
  21,911
  22,960
  24,063
  25,224
  26,446
  27,731
Working capital, $m
  -2,917
  -2,984
  -3,061
  -3,147
  -3,242
  -3,347
  -3,461
  -3,584
  -3,717
  -3,860
  -4,013
  -4,175
  -4,349
  -4,533
  -4,729
  -4,936
  -5,155
  -5,387
  -5,632
  -5,891
  -6,164
  -6,452
  -6,756
  -7,076
  -7,412
  -7,767
  -8,140
  -8,533
  -8,946
  -9,381
Total debt, $m
  14,692
  15,618
  16,675
  17,862
  19,178
  20,622
  22,194
  23,895
  25,728
  27,696
  29,800
  32,046
  34,437
  36,978
  39,675
  42,533
  45,557
  48,756
  52,136
  55,705
  59,471
  63,442
  67,628
  72,038
  76,683
  81,574
  86,722
  92,139
  97,838
  103,832
Total liabilities, $m
  40,226
  41,151
  42,209
  43,396
  44,712
  46,155
  47,727
  49,429
  51,262
  53,229
  55,334
  57,580
  59,971
  62,512
  65,209
  68,066
  71,091
  74,290
  77,670
  81,239
  85,004
  88,976
  93,162
  97,572
  102,217
  107,108
  112,256
  117,673
  123,371
  129,366
Total equity, $m
  13,054
  13,354
  13,697
  14,082
  14,509
  14,978
  15,488
  16,040
  16,635
  17,273
  17,956
  18,685
  19,461
  20,285
  21,160
  22,088
  23,069
  24,107
  25,204
  26,362
  27,584
  28,873
  30,231
  31,662
  33,170
  34,757
  36,427
  38,185
  40,034
  41,980
Total liabilities and equity, $m
  53,280
  54,505
  55,906
  57,478
  59,221
  61,133
  63,215
  65,469
  67,897
  70,502
  73,290
  76,265
  79,432
  82,797
  86,369
  90,154
  94,160
  98,397
  102,874
  107,601
  112,588
  117,849
  123,393
  129,234
  135,387
  141,865
  148,683
  155,858
  163,405
  171,346
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
  -160
  -183
  -199
  -206
  -206
  -198
  -183
  -159
  -127
  -88
  -17
  29
  78
  133
  195
  264
  342
  427
  521
  624
  736
  858
  991
  1,134
  1,289
  1,455
  1,635
  1,827
  2,034
  2,256
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
  1,353
  1,417
  1,485
  1,557
  1,632
  1,712
Funds from operations, $m
  395
  384
  383
  391
  408
  435
  472
  518
  574
  639
  716
  791
  871
  960
  1,058
  1,165
  1,282
  1,410
  1,549
  1,699
  1,861
  2,036
  2,223
  2,425
  2,641
  2,873
  3,120
  3,384
  3,667
  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
  477
  504
  540
  586
  641
  707
  782
  868
  954
  1,045
  1,144
  1,253
  1,372
  1,502
  1,642
  1,794
  1,958
  2,134
  2,324
  2,527
  2,745
  2,978
  3,227
  3,493
  3,777
  4,080
  4,402
Maintenance CAPEX, $m
  -522
  -532
  -545
  -559
  -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
  -1,353
  -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
  -772
  -814
  -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
  -2,401
  -2,520
  -2,646
  -2,779
  -2,917
Free cash flow, $m
  -237
  -279
  -312
  -336
  -353
  -361
  -362
  -355
  -340
  -318
  -287
  -259
  -230
  -194
  -152
  -103
  -47
  16
  86
  165
  252
  348
  452
  567
  691
  826
  973
  1,131
  1,301
  1,485
Issuance/(repayment) of debt, $m
  771
  925
  1,058
  1,187
  1,316
  1,444
  1,572
  1,702
  1,833
  1,967
  2,105
  2,246
  2,391
  2,541
  2,697
  2,858
  3,025
  3,199
  3,380
  3,569
  3,766
  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
  430
  368
  297
  219
  132
  36
  0
  0
  0
Cash from financing (excl. dividends), $m  
  1,197
  1,408
  1,600
  1,779
  1,949
  2,111
  2,265
  2,413
  2,555
  2,693
  2,805
  2,945
  3,089
  3,233
  3,377
  3,521
  3,665
  3,810
  3,956
  4,103
  4,252
  4,401
  4,554
  4,707
  4,864
  5,023
  5,184
  5,417
  5,699
  5,994
Total cash flow (excl. dividends), $m
  960
  1,129
  1,287
  1,443
  1,596
  1,749
  1,902
  2,057
  2,215
  2,375
  2,517
  2,686
  2,860
  3,039
  3,225
  3,417
  3,617
  3,826
  4,042
  4,268
  4,503
  4,749
  5,006
  5,274
  5,555
  5,849
  6,156
  6,548
  7,000
  7,479
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
  534
  646
  746
  851
  963
  1,082
  1,210
  1,346
  1,493
  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
  3,648
  3,843
  4,048
  4,262
  4,486
  4,790
  5,151
  5,534
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
  500
  563
  600
  628
  647
  657
  657
  648
  631
  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, %
  95.5
  90.7
  85.7
  80.7
  75.8
  71.2
  66.8
  62.6
  58.9
  55.4
  52.4
  49.6
  47.1
  44.8
  42.8
  40.9
  39.3
  37.9
  36.6
  35.6
  34.6
  33.9
  33.3
  32.8
  32.5
  32.3
  32.3
  32.3
  32.3
  32.3

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 Eletricas Brasileiras ADR (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 $11439.4515252 million for the last fiscal year's total revenue generated by Centrais Eletricas Brasileiras ADR. The default revenue input number comes from 0001 income statement of Centrais Eletricas Brasileiras 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 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 Eletricas Brasileiras 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 Centrais Eletricas Brasileiras 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 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 Eletricas Brasileiras ADR.

Corporate tax rate of 27% is the nominal tax rate for Centrais Eletricas Brasileiras 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 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 Eletricas Brasileiras 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 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 Eletricas Brasileiras 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 28.613 million for Centrais Eletricas Brasileiras 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 Centrais Eletricas Brasileiras ADR at the current share price and the inputted number of shares is $0.2 billion.

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COMPANY NEWS

▶ [$$] Brazil's Government to Reduce Stake in Electrobras   [Aug-21-17 09:41PM  The Wall Street Journal]

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