Intrinsic value of Companhia de Saneamento Basico do Estado - SBS

Previous Close

$7.29

  Intrinsic Value

$147.92

stock screener

  Rating & Target

str. buy

+999%

Previous close

$7.29

 
Intrinsic value

$147.92

 
Up/down potential

+999%

 
Rating

str. buy

We calculate the intrinsic value of SBS 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 0.9

 

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
  4,500
  4,604
  4,722
  4,855
  5,002
  5,164
  5,339
  5,530
  5,735
  5,955
  6,190
  6,442
  6,709
  6,993
  7,295
  7,615
  7,953
  8,311
  8,689
  9,089
  9,510
  9,954
  10,422
  10,916
  11,435
  11,983
  12,559
  13,165
  13,802
  14,473
Variable operating expenses, $m
  3,386
  3,441
  3,504
  3,574
  3,651
  3,737
  3,830
  3,930
  4,038
  4,154
  3,268
  3,401
  3,542
  3,692
  3,851
  4,020
  4,199
  4,388
  4,587
  4,798
  5,020
  5,255
  5,502
  5,763
  6,037
  6,326
  6,630
  6,950
  7,286
  7,640
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
  3,386
  3,441
  3,504
  3,574
  3,651
  3,737
  3,830
  3,930
  4,038
  4,154
  3,268
  3,401
  3,542
  3,692
  3,851
  4,020
  4,199
  4,388
  4,587
  4,798
  5,020
  5,255
  5,502
  5,763
  6,037
  6,326
  6,630
  6,950
  7,286
  7,640
Operating income, $m
  1,114
  1,163
  1,219
  1,281
  1,351
  1,427
  1,510
  1,600
  1,697
  1,801
  2,922
  3,041
  3,167
  3,302
  3,444
  3,595
  3,755
  3,924
  4,102
  4,291
  4,490
  4,699
  4,920
  5,153
  5,399
  5,657
  5,929
  6,215
  6,516
  6,832
EBITDA, $m
  2,327
  2,380
  2,441
  2,510
  2,586
  2,670
  2,760
  2,859
  2,965
  3,079
  3,200
  3,330
  3,469
  3,616
  3,772
  3,937
  4,112
  4,297
  4,492
  4,699
  4,917
  5,146
  5,388
  5,643
  5,912
  6,195
  6,493
  6,806
  7,136
  7,482
Interest expense (income), $m
  234
  208
  216
  225
  235
  247
  259
  273
  288
  305
  322
  341
  362
  383
  406
  431
  457
  484
  513
  544
  577
  611
  647
  685
  726
  768
  813
  860
  910
  962
  1,017
Earnings before tax, $m
  905
  946
  993
  1,046
  1,104
  1,168
  1,237
  1,311
  1,392
  1,478
  2,581
  2,679
  2,784
  2,895
  3,013
  3,138
  3,270
  3,410
  3,558
  3,714
  3,879
  4,052
  4,235
  4,427
  4,630
  4,844
  5,069
  5,305
  5,554
  5,816
Tax expense, $m
  244
  256
  268
  282
  298
  315
  334
  354
  376
  399
  697
  723
  752
  782
  814
  847
  883
  921
  961
  1,003
  1,047
  1,094
  1,143
  1,195
  1,250
  1,308
  1,369
  1,432
  1,500
  1,570
Net income, $m
  661
  691
  725
  764
  806
  852
  903
  957
  1,016
  1,079
  1,884
  1,956
  2,032
  2,114
  2,200
  2,291
  2,387
  2,490
  2,597
  2,711
  2,831
  2,958
  3,091
  3,232
  3,380
  3,536
  3,700
  3,873
  4,055
  4,246

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
  12,196
  12,476
  12,797
  13,157
  13,556
  13,994
  14,470
  14,986
  15,542
  16,138
  16,776
  17,457
  18,182
  18,953
  19,770
  20,637
  21,554
  22,523
  23,548
  24,630
  25,772
  26,976
  28,245
  29,582
  30,990
  32,473
  34,034
  35,676
  37,404
  39,221
Adjusted assets (=assets-cash), $m
  12,196
  12,476
  12,797
  13,157
  13,556
  13,994
  14,470
  14,986
  15,542
  16,138
  16,776
  17,457
  18,182
  18,953
  19,770
  20,637
  21,554
  22,523
  23,548
  24,630
  25,772
  26,976
  28,245
  29,582
  30,990
  32,473
  34,034
  35,676
  37,404
  39,221
Revenue / Adjusted assets
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
  0.369
Average production assets, $m
  5,112
  5,230
  5,364
  5,515
  5,682
  5,866
  6,066
  6,282
  6,515
  6,765
  7,032
  7,318
  7,622
  7,945
  8,287
  8,650
  9,035
  9,441
  9,871
  10,325
  10,803
  11,308
  11,840
  12,400
  12,991
  13,612
  14,266
  14,955
  15,679
  16,441
Working capital, $m
  -234
  -239
  -246
  -252
  -260
  -269
  -278
  -288
  -298
  -310
  -322
  -335
  -349
  -364
  -379
  -396
  -414
  -432
  -452
  -473
  -495
  -518
  -542
  -568
  -595
  -623
  -653
  -685
  -718
  -753
Total debt, $m
  3,793
  3,949
  4,128
  4,329
  4,551
  4,795
  5,060
  5,347
  5,657
  5,989
  6,345
  6,724
  7,128
  7,557
  8,012
  8,495
  9,006
  9,546
  10,117
  10,719
  11,355
  12,026
  12,733
  13,477
  14,262
  15,088
  15,957
  16,872
  17,834
  18,846
Total liabilities, $m
  6,793
  6,949
  7,128
  7,328
  7,551
  7,794
  8,060
  8,347
  8,657
  8,989
  9,344
  9,724
  10,127
  10,557
  11,012
  11,495
  12,005
  12,546
  13,116
  13,719
  14,355
  15,026
  15,732
  16,477
  17,262
  18,088
  18,957
  19,872
  20,834
  21,846
Total equity, $m
  5,403
  5,527
  5,669
  5,829
  6,005
  6,199
  6,410
  6,639
  6,885
  7,149
  7,432
  7,734
  8,055
  8,396
  8,758
  9,142
  9,548
  9,978
  10,432
  10,911
  11,417
  11,950
  12,513
  13,105
  13,729
  14,386
  15,077
  15,805
  16,570
  17,375
Total liabilities and equity, $m
  12,196
  12,476
  12,797
  13,157
  13,556
  13,993
  14,470
  14,986
  15,542
  16,138
  16,776
  17,458
  18,182
  18,953
  19,770
  20,637
  21,553
  22,524
  23,548
  24,630
  25,772
  26,976
  28,245
  29,582
  30,991
  32,474
  34,034
  35,677
  37,404
  39,221
Debt-to-equity ratio
  0.700
  0.710
  0.730
  0.740
  0.760
  0.770
  0.790
  0.810
  0.820
  0.840
  0.850
  0.870
  0.880
  0.900
  0.910
  0.930
  0.940
  0.960
  0.970
  0.980
  0.990
  1.010
  1.020
  1.030
  1.040
  1.050
  1.060
  1.070
  1.080
  1.080
Adjusted equity ratio
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443
  0.443

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  661
  691
  725
  764
  806
  852
  903
  957
  1,016
  1,079
  1,884
  1,956
  2,032
  2,114
  2,200
  2,291
  2,387
  2,490
  2,597
  2,711
  2,831
  2,958
  3,091
  3,232
  3,380
  3,536
  3,700
  3,873
  4,055
  4,246
Depreciation, amort., depletion, $m
  1,213
  1,217
  1,223
  1,229
  1,235
  1,243
  1,251
  1,259
  1,268
  1,278
  278
  289
  301
  314
  328
  342
  357
  373
  390
  408
  427
  447
  468
  490
  513
  538
  564
  591
  620
  650
Funds from operations, $m
  1,874
  1,908
  1,948
  1,992
  2,041
  2,095
  2,153
  2,216
  2,284
  2,357
  2,162
  2,245
  2,334
  2,428
  2,527
  2,633
  2,745
  2,863
  2,988
  3,119
  3,258
  3,405
  3,559
  3,722
  3,894
  4,074
  4,264
  4,464
  4,674
  4,895
Change in working capital, $m
  -5
  -5
  -6
  -7
  -8
  -8
  -9
  -10
  -11
  -11
  -12
  -13
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
  -26
  -27
  -28
  -30
  -32
  -33
  -35
Cash from operations, $m
  1,878
  1,914
  1,954
  1,999
  2,049
  2,103
  2,162
  2,226
  2,295
  2,369
  2,174
  2,258
  2,348
  2,442
  2,543
  2,649
  2,762
  2,881
  3,007
  3,140
  3,280
  3,428
  3,584
  3,748
  3,921
  4,103
  4,294
  4,495
  4,707
  4,930
Maintenance CAPEX, $m
  -198
  -202
  -207
  -212
  -218
  -225
  -232
  -240
  -248
  -258
  -267
  -278
  -289
  -301
  -314
  -328
  -342
  -357
  -373
  -390
  -408
  -427
  -447
  -468
  -490
  -513
  -538
  -564
  -591
  -620
New CAPEX, $m
  -101
  -118
  -134
  -151
  -167
  -183
  -200
  -216
  -233
  -250
  -267
  -285
  -304
  -323
  -343
  -363
  -384
  -407
  -430
  -454
  -479
  -505
  -532
  -561
  -590
  -622
  -654
  -688
  -724
  -762
Cash from investing activities, $m
  -299
  -320
  -341
  -363
  -385
  -408
  -432
  -456
  -481
  -508
  -534
  -563
  -593
  -624
  -657
  -691
  -726
  -764
  -803
  -844
  -887
  -932
  -979
  -1,029
  -1,080
  -1,135
  -1,192
  -1,252
  -1,315
  -1,382
Free cash flow, $m
  1,579
  1,594
  1,613
  1,636
  1,664
  1,695
  1,731
  1,770
  1,814
  1,861
  1,640
  1,695
  1,754
  1,818
  1,886
  1,959
  2,036
  2,118
  2,204
  2,296
  2,394
  2,496
  2,605
  2,719
  2,840
  2,968
  3,102
  3,243
  3,392
  3,549
Issuance/(repayment) of debt, $m
  138
  156
  179
  201
  222
  244
  265
  287
  310
  332
  355
  379
  404
  429
  455
  483
  511
  540
  571
  603
  636
  671
  707
  745
  784
  826
  869
  915
  962
  1,012
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  138
  156
  179
  201
  222
  244
  265
  287
  310
  332
  355
  379
  404
  429
  455
  483
  511
  540
  571
  603
  636
  671
  707
  745
  784
  826
  869
  915
  962
  1,012
Total cash flow (excl. dividends), $m
  1,718
  1,750
  1,792
  1,837
  1,886
  1,939
  1,996
  2,058
  2,123
  2,193
  1,995
  2,074
  2,158
  2,247
  2,342
  2,441
  2,547
  2,658
  2,775
  2,899
  3,029
  3,167
  3,312
  3,464
  3,625
  3,793
  3,971
  4,158
  4,354
  4,561
Retained Cash Flow (-), $m
  -113
  -124
  -142
  -159
  -177
  -194
  -211
  -229
  -246
  -264
  -283
  -302
  -321
  -341
  -362
  -384
  -406
  -430
  -454
  -479
  -506
  -533
  -562
  -592
  -624
  -657
  -691
  -728
  -765
  -805
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
  1,604
  1,626
  1,650
  1,677
  1,709
  1,745
  1,785
  1,829
  1,877
  1,929
  1,712
  1,773
  1,837
  1,906
  1,979
  2,057
  2,140
  2,228
  2,321
  2,420
  2,524
  2,634
  2,750
  2,872
  3,001
  3,137
  3,280
  3,430
  3,589
  3,756
Discount rate, %
  4.70
  4.94
  5.18
  5.44
  5.71
  6.00
  6.30
  6.61
  6.94
  7.29
  7.66
  8.04
  8.44
  8.86
  9.31
  9.77
  10.26
  10.77
  11.31
  11.88
  12.47
  13.09
  13.75
  14.44
  15.16
  15.92
  16.71
  17.55
  18.42
  19.35
PV of cash for distribution, $m
  1,532
  1,477
  1,418
  1,357
  1,295
  1,230
  1,164
  1,096
  1,026
  954
  761
  701
  641
  581
  521
  463
  407
  353
  303
  256
  214
  176
  142
  113
  88
  67
  51
  37
  27
  19
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP is a water and sewage service provider. The Company provides water and sewage services to a range of residential, commercial, industrial and governmental customers in over 360 municipalities in the state of Sao Paulo, including the city of Sao Paulo. The Company's segments include Water and Sewage. The Company also supplies treated water on a wholesale basis to approximately 10 municipalities located in the Sao Paulo metropolitan region and urban conurbations. The Company's activities comprise water supply, sanitary sewage services, urban rainwater management and drainage services, urban cleaning services, solid waste management services and related activities, including the planning, operation, maintenance and commercialization of energy, and the commercialization of services, products, benefits and rights that directly or indirectly arise from its assets, operations and activities.

FINANCIAL RATIOS  of  Companhia de Saneamento Basico do Estado (SBS)

Valuation Ratios
P/E Ratio 5.3
Price to Sales 1.1
Price to Book 1
Price to Tangible Book
Price to Cash Flow 5.2
Price to Free Cash Flow 18.1
Growth Rates
Sales Growth Rate 20.4%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -12.9%
Cap. Spend. - 3 Yr. Gr. Rate -1.8%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 69.5%
Total Debt to Equity 77.6%
Interest Coverage 7
Management Effectiveness
Return On Assets 9.9%
Ret/ On Assets - 3 Yr. Avg. 6%
Return On Total Capital 10.9%
Ret/ On T. Cap. - 3 Yr. Avg. 5.6%
Return On Equity 20.2%
Return On Equity - 3 Yr. Avg. 10.4%
Asset Turnover 0.4
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 42.7%
EBITDA Margin - 3 Yr. Avg. 29.6%
Operating Margin 24.3%
Oper. Margin - 3 Yr. Avg. 22.5%
Pre-Tax Margin 29.3%
Pre-Tax Margin - 3 Yr. Avg. 15.2%
Net Profit Margin 20.9%
Net Profit Margin - 3 Yr. Avg. 11.2%
Effective Tax Rate 28.6%
Eff/ Tax Rate - 3 Yr. Avg. 22.2%
Payout Ratio 4.7%

SBS stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the SBS stock intrinsic value calculation we used $4412.03050438 million for the last fiscal year's total revenue generated by Companhia de Saneamento Basico do Estado. The default revenue input number comes from 0001 income statement of Companhia de Saneamento Basico do Estado. 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 SBS 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 4.7%, whose default value for SBS is calculated based on our internal credit rating of Companhia de Saneamento Basico do Estado, 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 de Saneamento Basico do Estado.
    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 SBS stock the variable cost ratio is equal to 75.7%.

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 SBS 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 5.7% for Companhia de Saneamento Basico do Estado.

Corporate tax rate of 27% is the nominal tax rate for Companhia de Saneamento Basico do Estado. 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 SBS 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 SBS are equal to 113.6%.

Life of production assets of 25.3 years is the average useful life of capital assets used in Companhia de Saneamento Basico do Estado 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 SBS is equal to -5.2%. 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 - $5289.34128662 million for Companhia de Saneamento Basico do Estado - 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 125.089 million for Companhia de Saneamento Basico do Estado 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 de Saneamento Basico do Estado at the current share price and the inputted number of shares is $0.9 billion.

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COMPANY NEWS

▶ Sabesp: 3Q Earnings Snapshot   [05:06AM  Associated Press]
▶ Sabesp Announces 3Q18 Results   [Nov-08-18 08:20PM  PR Newswire]
▶ David Nadel's Top 4 Buys in 3rd Quarter   [Nov-02-18 05:18PM  GuruFocus.com]
▶ SABESP: MATERIAL FACT   [Sep-20-18 08:25PM  PR Newswire]
▶ SABESP Announces 2Q18 Results   [Aug-09-18 08:44PM  PR Newswire]
▶ Cancellation Of The 23rd Debentures Issuance   [Jun-29-18 10:10PM  PR Newswire]
▶ SABESP: MATERIAL FACT   [Jun-21-18 07:28PM  PR Newswire]
▶ Sabesp: Notice To The Market   [May-30-18 07:50PM  PR Newswire]
▶ Sabesp - Second Ordinary Tariff Revision   [May-24-18 10:39PM  PR Newswire]
▶ SABESP Announces 1Q18 Results   [May-10-18 11:52PM  PR Newswire]
▶ Material Fact   [01:01AM  PR Newswire]
▶ SABESP: NOTICE TO THE MARKET   [May-02-18 06:16PM  PR Newswire]
▶ SABESP Announces 2017 Results   [12:36AM  PR Newswire]
▶ MATERIAL FACT: Second Regular Tariff Revision of Sabesp   [Jan-19-18 08:35PM  PR Newswire]
▶ Sabesp - Material Fact   [Dec-21-17 06:28PM  PR Newswire]
▶ Why This Water Stock Jumped 9.3% in November   [Dec-10-17 08:02AM  Motley Fool]
▶ SABESP (SBS) in Focus: Stock Moves 5.8% Higher   [Nov-24-17 08:41AM  Zacks]
▶ Sabesp Stock Upgraded: A Cheap Utility in Brazil?   [Nov-22-17 12:04PM  Motley Fool]
▶ Sabesp posts 3Q profit   [Nov-16-17 05:15AM  Associated Press]
▶ SABESP Announces 3Q17 Results   [Nov-14-17 07:20PM  PR Newswire]
▶ 3 Value Utility Stocks   [Oct-13-17 06:03AM  Motley Fool]
▶ Sabesp - Material Fact   [Oct-11-17 09:05PM  PR Newswire]
▶ Material Fact   [Oct-06-17 10:45PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp - New Timeline   [Oct-02-17 09:46PM  PR Newswire]
▶ Comp De Saneamento Clears Technical Benchmark, Hitting 80-Plus RS Rating   [Sep-25-17 03:00AM  Investor's Business Daily]
▶ Comp De Saneamento Reaches 80-Plus Relative Strength Rating Benchmark   [Sep-07-17 03:00AM  Investor's Business Daily]
▶ Sabesp posts 2Q profit   [Aug-15-17 11:23PM  Associated Press]
▶ Sabesp Announces 2Q17 Results   [Aug-14-17 10:18PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp   [Aug-07-17 10:52PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp   [Jul-28-17 12:13AM  PR Newswire]
▶ Top Ranked Value Stocks to Buy for July 13th   [Jul-13-17 11:46AM  Zacks]
▶ Top Ranked Value Stocks to Buy for June 28th   [Jun-28-17 10:44AM  Zacks]
▶ Is It Time to Invest in Water?   [May-25-17 06:10PM  GuruFocus.com]
▶ Brazil Graft Investigations Widen, Sabesp & JBS Sink   [May-17-17 12:54PM  Barrons.com]
▶ Notice To The Market   [May-15-17 11:01PM  PR Newswire]
▶ Material Fact   [May-13-17 03:00AM  PR Newswire]
▶ Material Fact   [12:15AM  PR Newswire]
▶ Sabesp Announces 1Q17 Results   [May-12-17 11:53PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp   [May-11-17 10:11PM  PR Newswire]
▶ Second Ordinary Tariff Revision of Sabesp   [12:23AM  PR Newswire]
▶ Sabesp's Second Ordinary Tariff Revision - New Schedule   [Apr-26-17 10:17PM  PR Newswire]
▶ Sabesp posts 4Q profit   [05:02AM  Associated Press]
▶ SABESP Announces 2016 Results   [Mar-27-17 10:35PM  PR Newswire]
▶ Beat the Market With a Water ETF   [Feb-23-17 05:52PM  GuruFocus.com]
▶ 2 Cheap Stocks You Can Buy Right Now   [Feb-21-17 12:11PM  Motley Fool]

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