COMPANHIA DE SANEAMENTO BÁSICO DO ESTADO DE SÃO PAULO - SABESP

Financials Companhia de Saneamento Básico do Estado de São Paulo - SABESP Börse Stuttgart

Equities

SAJA

US20441A1025

Water Utilities

Market Closed - Börse Stuttgart Other stock markets 07:11:53 31/05/2024 pm IST			5-day change	1st Jan Change
12.8 ^EUR	-1.54%		-3.76%	-5.88%

10/05	Transcript : Companhia de Saneamento Básico do Estado de São Paulo - SABESP, Q1 2024 Earnings Call, May 10, 2024
09/05	Companhia de Saneamento Básico do Estado de São Paulo - SABESP Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	41,393	30,375	27,463	39,069	51,516	50,484	-	-
Enterprise Value (EV) ¹	52,385	43,826	42,036	54,483	67,787	68,537	73,544	77,873
P/E ratio	12.3 x	31.3 x	11.9 x	12.5 x	14.6 x	12 x	11 x	8.52 x
Yield	2.27%	0.9%	2.35%	2.23%	1.91%	2.04%	2.14%	2.7%
Capitalization / Revenue	2.3 x	1.71 x	1.41 x	1.77 x	2.01 x	1.8 x	1.6 x	1.34 x
EV / Revenue	2.91 x	2.46 x	2.16 x	2.47 x	2.65 x	2.44 x	2.32 x	2.07 x
EV / EBITDA	6.97 x	6.82 x	6.6 x	7.69 x	7.44 x	6.47 x	6.23 x	5.62 x
EV / FCF	56.7 x	26.8 x	252 x	159 x	94.7 x	22 x	19.7 x	15.7 x
FCF Yield	1.76%	3.73%	0.4%	0.63%	1.06%	4.54%	5.07%	6.37%
Price to Book	1.91 x	1.33 x	1.1 x	1.43 x	1.73 x	1.53 x	1.36 x	1.2 x
Nbr of stocks (in thousands)	6,83,510	6,83,510	6,83,510	6,83,510	6,83,510	6,83,510	-	-
Reference price ²	60.56	44.44	40.18	57.16	75.37	73.86	73.86	73.86
Announcement Date	27/03/20	25/03/21	24/03/22	23/03/23	22/03/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	17,984	17,798	19,491	22,056	25,572	28,044	31,649	37,587
EBITDA ¹	7,510	6,422	6,373	7,088	9,108	10,586	11,804	13,859
EBIT ¹	5,730	4,492	4,098	4,645	6,346	7,656	8,568	10,520
Operating Margin	31.86%	25.24%	21.02%	21.06%	24.82%	27.3%	27.07%	27.99%
Earnings before Tax (EBT) ¹	4,678	1,326	3,170	4,273	4,754	6,384	5,913	7,885
Net income ¹	3,368	973.3	2,306	3,121	3,524	4,220	4,803	6,030
Net margin	18.73%	5.47%	11.83%	14.15%	13.78%	15.05%	15.18%	16.04%
EPS ²	4.930	1.420	3.370	4.570	5.160	6.149	6.709	8.672
Free Cash Flow ¹	923.8	1,636	166.8	343.4	715.8	3,112	3,731	4,963
FCF margin	5.14%	9.19%	0.86%	1.56%	2.8%	11.1%	11.79%	13.21%
FCF Conversion (EBITDA)	12.3%	25.48%	2.62%	4.84%	7.86%	29.39%	31.61%	35.81%
FCF Conversion (Net income)	27.43%	168.1%	7.23%	11%	20.31%	73.73%	77.69%	82.31%
Dividend per Share ²	1.377	0.3979	0.9427	1.276	1.440	1.503	1.582	1.993
Announcement Date	27/03/20	25/03/21	24/03/22	23/03/23	22/03/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2019 S2	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2022 S2	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	-	5,064	4,870	5,265	5,988	5,932	-	5,698	6,155	6,453	7,266	6,560	6,502	6,634	6,726	-	-
EBITDA ¹	4,734	1,494	1,721	1,510	2,136	1,720	-	2,035	1,691	2,414	2,438	2,429	2,423	2,837	3,111	2,827	2,574
EBIT ¹	-	878.8	1,134	914.1	1,522	1,077	2,597	1,392	1,071	1,702	2,174	1,662	1,698	2,138	2,454	-	-
Operating Margin	-	17.35%	23.29%	17.36%	25.43%	18.16%	-	24.44%	17.4%	26.37%	29.92%	25.34%	26.11%	32.23%	36.49%	-	-
Earnings before Tax (EBT) ¹	-	565.1	-	-	1,638	570.6	-	1,133	1,057	-	1,287	1,324	1,659	1,738	1,752	-	-
Net income ¹	-	567.5	975.5	422.5	1,081	642.2	-	747.2	743.7	846.3	1,186	823.3	1,082	1,124	1,321	-	-
Net margin	-	11.21%	20.03%	8.02%	18.05%	10.83%	-	13.11%	12.08%	13.11%	16.33%	12.55%	16.64%	16.95%	19.64%	-	-
EPS ²	-	0.8300	1.430	0.6200	1.582	0.9430	-	1.090	1.090	1.238	1.740	1.205	1.583	1.646	1.934	-	-
Dividend per Share ²	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1.682	-	-
Announcement Date	27/03/20	24/03/22	06/05/22	12/08/22	10/11/22	23/03/23	23/03/23	15/05/23	10/08/23	09/11/23	22/03/24	09/05/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,991	13,451	14,573	15,413	16,271	18,053	23,060	27,389
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.463 x	2.095 x	2.287 x	2.175 x	1.786 x	1.705 x	1.954 x	1.976 x
Free Cash Flow ¹	924	1,636	167	343	716	3,112	3,731	4,963
ROE (net income / shareholders' equity)	16.4%	4.38%	9.66%	11.9%	6.16%	13.2%	13.8%	14.8%
ROA (Net income/ Total Assets)	7.48%	2.01%	4.45%	5.66%	2.97%	8.45%	9.2%	8.85%
Assets ¹	45,011	48,437	51,792	55,187	1,18,679	49,958	52,211	68,150
Book Value Per Share ²	31.70	33.30	36.50	40.00	43.50	48.40	54.30	61.50
Cash Flow per Share ²	6.140	7.280	5.730	5.800	7.070	5.230	14.60	19.10
Capex ¹	3,273	3,342	3,747	3,624	4,139	6,342	10,526	11,417
Capex / Sales	18.2%	18.78%	19.22%	16.43%	16.18%	22.62%	33.26%	30.38%
Announcement Date	27/03/20	25/03/21	24/03/22	23/03/23	22/03/24	-	-	-

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 Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

73.86 BRL

Average target price

98.53 BRL

Spread / Average Target

+33.40%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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