Financials ENGIE Brasil Energia S.A. Sao Paulo

Equities

EGIE3

BRTBLEACNOR2

Independent Power Producers

End-of-day quote Sao Paulo Other stock markets			5-day change	1st Jan Change
- ^BRL	-.--%		-.--%	-.--%

08/05	Transcript : Engie Brasil Energia S.A., Q1 2024 Earnings Call, May 08, 2024
07/05	Engie Brasil Energia S.A. 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	41,449	35,852	31,340	30,907	36,986	36,088	-	-
Enterprise Value (EV) ¹	51,641	47,638	46,955	46,613	52,407	54,435	56,031	54,512
P/E ratio	17.9 x	12.8 x	20 x	11.6 x	10.8 x	9.06 x	9.81 x	9.05 x
Yield	5.3%	3.59%	6.5%	-	-	6.49%	7.42%	7%
Capitalization / Revenue	4.23 x	2.92 x	2.5 x	2.6 x	3.44 x	3.54 x	3.35 x	3.14 x
EV / Revenue	5.27 x	3.89 x	3.74 x	3.91 x	4.88 x	5.34 x	5.2 x	4.74 x
EV / EBITDA	10 x	7.35 x	6.51 x	6.72 x	7.21 x	7.69 x	7.33 x	6.63 x
EV / FCF	-84.9 x	148 x	62.8 x	26.5 x	26.1 x	-45.4 x	20.6 x	8.93 x
FCF Yield	-1.18%	0.68%	1.59%	3.77%	3.84%	-2.2%	4.86%	11.2%
Price to Book	5.93 x	4.63 x	3.95 x	3.66 x	4.17 x	3.34 x	3.19 x	2.77 x
Nbr of stocks (in thousands)	8,15,928	8,15,928	8,15,928	8,15,928	8,15,928	8,15,928	-	-
Reference price ²	50.80	43.94	38.41	37.88	45.33	44.23	44.23	44.23
Announcement Date	18/02/20	11/02/21	14/02/22	16/02/23	27/02/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	9,804	12,259	12,541	11,907	10,748	10,197	10,769	11,503
EBITDA ¹	5,163	6,484	7,217	6,941	7,270	7,080	7,640	8,218
EBIT ¹	4,295	5,570	4,898	5,801	6,360	6,132	6,297	7,135
Operating Margin	43.81%	45.43%	39.06%	48.72%	59.18%	60.13%	58.47%	62.03%
Earnings before Tax (EBT) ¹	3,088	3,687	1,819	3,285	4,397	5,134	4,876	6,382
Net income ¹	2,311	2,797	1,564	2,663	3,429	3,985	3,545	4,264
Net margin	23.57%	22.82%	12.47%	22.37%	31.9%	39.08%	32.92%	37.07%
EPS ²	2.831	3.428	1.916	3.264	4.203	4.882	4.508	4.885
Free Cash Flow ¹	-608.5	322.1	748	1,759	2,010	-1,200	2,722	6,104
FCF margin	-6.21%	2.63%	5.96%	14.77%	18.7%	-11.77%	25.28%	53.07%
FCF Conversion (EBITDA)	-	4.97%	10.37%	25.34%	27.65%	-	35.64%	74.27%
FCF Conversion (Net income)	-	11.52%	47.84%	66.04%	58.62%	-	76.8%	143.15%
Dividend per Share ²	2.693	1.578	2.498	-	-	2.872	3.282	3.095
Announcement Date	18/02/20	11/02/21	14/02/22	16/02/23	27/02/24	-	-	-

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
Net sales ¹	2,769	3,062	2,996	2,747	3,101	2,914	2,610	2,514	2,711	2,609	2,593	2,389	2,750
EBITDA ¹	2,248	1,878	1,897	1,432	1,735	1,894	1,798	1,768	1,641	1,679	1,781	1,651	1,919
EBIT ¹	749.9	1,641	1,456	1,216	1,487	1,837	1,478	1,475	1,570	2,920	1,482	1,253	1,529
Operating Margin	27.08%	53.6%	48.6%	44.27%	47.95%	63.04%	56.65%	58.69%	57.92%	111.89%	57.18%	52.44%	55.62%
Earnings before Tax (EBT)	-70.66	817.2	475.5	933.3	1,059	1,116	986.2	1,149	1,146	-	-	-	-
Net income ¹	77.44	644.7	394.3	733.9	890.2	881.8	732.6	867.3	947.4	1,684	727.4	591.9	969
Net margin	2.8%	21.05%	13.16%	26.72%	28.7%	30.26%	28.07%	34.5%	34.95%	64.54%	28.06%	24.78%	35.24%
EPS ²	0.0949	0.7902	0.4832	0.8994	1.091	1.081	0.8979	1.063	1.162	2.064	0.8900	0.7300	1.190
Dividend per Share ²	1.530	-	0.7082	-	-	-	0.9403	-	-	-	0.5550	-	1.503
Announcement Date	14/02/22	05/05/22	02/08/22	08/11/22	16/02/23	04/05/23	08/08/23	06/11/23	27/02/24	07/05/24	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	10,192	11,786	15,615	15,705	15,421	18,346	19,943	18,424
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.974 x	1.818 x	2.164 x	2.263 x	2.121 x	2.591 x	2.61 x	2.242 x
Free Cash Flow ¹	-609	322	748	1,759	2,010	-1,200	2,723	6,104
ROE (net income / shareholders' equity)	34.7%	38%	20%	32.5%	39.6%	40.2%	34.7%	28.7%
ROA (Net income/ Total Assets)	8.58%	8.56%	4.27%	6.98%	8.53%	7.25%	7.58%	7.84%
Assets ¹	26,936	32,663	36,651	38,151	40,200	54,971	46,771	54,422
Book Value Per Share ²	8.570	9.490	9.720	10.30	10.90	13.20	13.90	16.00
Cash Flow per Share ²	4.440	1.650	2.440	4.090	5.620	6.910	8.050	-
Capex ¹	1,166	1,020	1,241	1,579	2,576	6,825	3,510	756
Capex / Sales	11.89%	8.32%	9.9%	13.26%	23.97%	66.92%	32.6%	6.57%
Announcement Date	18/02/20	11/02/21	14/02/22	16/02/23	27/02/24	-	-	-

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 ENGIE Brasil Energia S.A.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

44.23 BRL

Average target price

43.9 BRL

Spread / Average Target

-0.74%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

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