CENTRAIS ELÉTRICAS BRASILEIRAS S.A. - ELETROBRÁS

Financials Centrais Elétricas Brasileiras S.A. - Eletrobrás Nyse

Equities

EBR.B

US15234Q1085

Electric Utilities

Market Closed - Nyse Other stock markets 01:30:02 11/05/2024 am IST			5-day change	1st Jan Change
8.14 ^USD	-1.33%		-4.46%	-14.50%

09/05	Transcript : Centrais Elétricas Brasileiras S.A. - Eletrobrás, Q1 2024 Earnings Call, May 09, 2024
09/05	Brazil's Eletrobras net income down 19% in Q1	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	51,247	57,626	52,311	97,242	96,843	86,354	-	-
Enterprise Value (EV) ¹	85,643	92,185	82,613	1,30,317	96,843	1,22,846	1,14,885	1,11,785
P/E ratio	5.61 x	9.25 x	9.49 x	24 x	20.3 x	9.96 x	8.98 x	6.41 x
Yield	4.58%	2.81%	4.52%	-	-	3.31%	5%	10.4%
Capitalization / Revenue	1.85 x	1.98 x	1.39 x	2.85 x	2.61 x	2.22 x	2.19 x	2.14 x
EV / Revenue	3.09 x	3.17 x	2.2 x	3.82 x	2.61 x	3.16 x	2.92 x	2.77 x
EV / EBITDA	6.48 x	6.6 x	4.35 x	7.33 x	5.02 x	6.19 x	4.97 x	4.38 x
EV / FCF	-42 x	47.4 x	14.6 x	16.9 x	-	8.36 x	8.17 x	6.41 x
FCF Yield	-2.38%	2.11%	6.85%	5.9%	-	12%	12.2%	15.6%
Price to Book	0.73 x	0.77 x	0.68 x	0.9 x	-	0.76 x	0.72 x	0.72 x
Nbr of stocks (in thousands)	13,52,634	15,68,931	15,68,931	23,01,228	22,53,003	22,50,474	-	-
Reference price ²	38.24	37.00	33.01	43.23	46.98	41.97	41.97	41.97
Announcement Date	28/03/20	19/03/21	18/03/22	13/03/23	14/03/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	27,726	29,081	37,616	34,074	37,159	38,837	39,390	40,399
EBITDA ¹	13,210	13,978	19,007	17,780	19,274	19,831	23,116	25,516
EBIT ¹	10,262	10,444	18,173	15,090	10,525	15,823	20,397	22,798
Operating Margin	37.01%	35.91%	48.31%	44.29%	28.33%	40.74%	51.78%	56.43%
Earnings before Tax (EBT) ¹	6,369	6,953	10,994	3,347	1,728	13,935	13,509	16,572
Net income ¹	10,697	6,387	5,714	3,638	4,882	11,968	10,049	11,860
Net margin	38.58%	21.96%	15.19%	10.68%	13.14%	30.82%	25.51%	29.36%
EPS ²	6.820	4.000	3.480	1.800	2.310	4.215	4.676	6.551
Free Cash Flow ¹	-2,041	1,944	5,657	7,690	-	14,699	14,067	17,436
FCF margin	-7.36%	6.68%	15.04%	22.57%	-	37.85%	35.71%	43.16%
FCF Conversion (EBITDA)	-	13.91%	29.76%	43.25%	-	74.12%	60.85%	68.34%
FCF Conversion (Net income)	-	30.44%	99.01%	211.36%	-	122.82%	139.98%	147.02%
Dividend per Share ²	1.750	1.040	1.494	-	-	1.389	2.098	4.369
Announcement Date	28/03/20	19/03/21	18/03/22	13/03/23	14/03/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	11,492	9,181	8,856	8,033	9,009	9,210	9,246	8,781	9,922	8,718	10,197	10,386	10,341	-	-
EBITDA ¹	4,775	5,428	4,861	3,197	4,401	5,616	5,431	4,560	3,840	4,505	5,973	6,023	5,809	-	-
EBIT ¹	3,352	4,230	2,144	2,385	3,522	3,987	4,994	3,635	-	3,509	5,064	5,100	4,883	-	-
Operating Margin	29.17%	46.07%	24.21%	29.69%	39.09%	43.29%	54.01%	41.4%	-	40.25%	49.66%	49.11%	47.21%	-	-
Earnings before Tax (EBT) ¹	795	3,585	1,295	-212.6	-1,138	854.1	2,139	771	-2,371	635.6	2,779	2,002	2,660	-	-
Net income ¹	610	2,716	1,401	-14.53	-478.6	488.6	1,619	1,477	1,048	328.1	2,485	2,547	2,713	-	-
Net margin	5.31%	29.58%	15.82%	-0.18%	-5.31%	5.31%	17.51%	16.82%	10.57%	3.76%	24.37%	24.52%	26.23%	-	-
EPS ²	0.0640	1.830	0.9646	-0.008500	-0.3400	0.2300	0.7800	0.5000	0.4300	0.1500	1.093	1.122	1.191	-	-
Dividend per Share ²	1.494	-	-	-	-	-	-	-	-	-	-	-	1.357	-	-
Announcement Date	18/03/22	16/05/22	12/08/22	10/11/22	13/03/23	05/05/23	09/08/23	08/11/23	14/03/24	09/05/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	34,396	34,559	30,302	33,075	-	36,492	28,531	25,431
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.604 x	2.472 x	1.594 x	1.86 x	-	1.84 x	1.234 x	0.9967 x
Free Cash Flow ¹	-2,041	1,944	5,657	7,690	-	14,699	14,067	17,437
ROE (net income / shareholders' equity)	16.9%	13.2%	16.3%	11.2%	-	10.7%	9.74%	11.6%
ROA (Net income/ Total Assets)	-	5.31%	6.62%	4.56%	-	3.57%	3.76%	4.92%
Assets ¹	-	1,20,321	86,270	79,730	-	3,35,614	2,67,621	2,41,258
Book Value Per Share ²	52.40	48.00	48.50	48.00	-	55.20	57.90	58.50
Cash Flow per Share ²	-	2.700	5.160	4.590	-	2.580	5.540	-
Capex ¹	1,955	2,255	2,573	1,586	-	4,945	3,440	2,942
Capex / Sales	7.05%	7.75%	6.84%	4.65%	-	12.73%	8.73%	7.28%
Announcement Date	28/03/20	19/03/21	18/03/22	13/03/23	14/03/24	-	-	-

¹BRL in Million²BRL

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Centrais Elétricas Brasileiras S.A. - Eletrobrás

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

41.97 BRL

Average target price

59.11 BRL

Spread / Average Target

+40.84%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Hydroelectric & Tidal Utilities

	1st Jan change	Capi.
CHINA YANGTZE POWER CO., LTD.	+9.17%	86.28B
BROOKFIELD RENEWABLE PARTNERS L.P.	+9.71%	13.54B
NHPC LIMITED	+46.28%	11.36B
SICHUAN CHUANTOU ENERGY CO.LTD	+9.85%	11.21B
MERIDIAN ENERGY LIMITED	+11.37%	9.61B
GUANGXI GUIGUAN ELECTRIC POWERCO.,LTD.	+20.76%	7.3B
MERCURY NZ LIMITED	-3.03%	5.37B
CHINA SOUTHERN POWER GRID ENERGY STORAGE CO., LTD.	+4.87%	4.57B
FEDERAL HYDRO-GENERATING COMPANY - RUSHYDRO	-.--%	3.83B

Hydroelectric & Tidal Utilities