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Companhia Paranaense de Energia - COPEL

DB:ELPA
Snowflake Description

Solid track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ELPA
DB
R$15B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

Companhia Paranaense de Energia - COPEL engages in the generation, transmission, distribution, and sale of electricity to industrial, residential, commercial, rural, and other customers primarily in the State of Paraná, Brazil. The last earnings update was 5 days ago. More info.


Add to Portfolio Compare Print
  • Companhia Paranaense de Energia - COPEL has significant price volatility in the past 3 months.
ELPA Share Price and Events
7 Day Returns
17.8%
DB:ELPA
7.9%
Europe Electric Utilities
9.9%
DE Market
1 Year Returns
8.4%
DB:ELPA
-1.3%
Europe Electric Utilities
-17.5%
DE Market
ELPA Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Companhia Paranaense de Energia - COPEL (ELPA) 17.8% -38.3% -40.3% 8.4% -5.3% -14.7%
Europe Electric Utilities 7.9% -16.2% -12.7% -1.3% 21% -1.3%
DE Market 9.9% -16.6% -24.8% -17.5% -24.5% -28.1%
1 Year Return vs Industry and Market
  • ELPA outperformed the Electric Utilities industry which returned -1.3% over the past year.
  • ELPA outperformed the Market in Germany which returned -17.5% over the past year.
Price Volatility
ELPA
Industry
5yr Volatility vs Market

Value

 Is Companhia Paranaense de Energia - COPEL undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Companhia Paranaense de Energia - COPEL to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Companhia Paranaense de Energia - COPEL.

DB:ELPA Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:ELPA
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 9.3%
Electric Utilities Unlevered Beta Simply Wall St/ S&P Global 0.25
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.254 (1 + (1- 34%) (77.48%))
0.587
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (0.8 * 9.25%)
7.01%

Discounted Cash Flow Calculation for DB:ELPA using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Companhia Paranaense de Energia - COPEL is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:ELPA DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (BRL, Millions) Source Present Value
Discounted (@ 7.01%)
2020 2,012.00 Analyst x1 1,880.20
2021 1,749.33 Analyst x3 1,527.65
2022 1,589.85 Est @ -9.12% 1,297.43
2023 1,486.53 Est @ -6.5% 1,133.64
2024 1,417.16 Est @ -4.67% 1,009.95
2025 1,369.22 Est @ -3.38% 911.85
2026 1,335.19 Est @ -2.49% 830.94
2027 1,310.40 Est @ -1.86% 762.09
2028 1,291.83 Est @ -1.42% 702.08
2029 1,277.51 Est @ -1.11% 648.81
Present value of next 10 years cash flows R$10,704.00
DB:ELPA DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= R$1,277.51 × (1 + -0.39%) ÷ (7.01% – -0.39%)
R$17,196.30
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= R$17,196.30 ÷ (1 + 7.01%)10
R$8,733.56
DB:ELPA Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= R$10,704.00 + R$8,733.56
R$19,437.56
Equity Value per Share
(BRL)
= Total value / Shares Outstanding
= R$19,437.56 / 273.66
R$71.03
DB:ELPA Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:ELPA represents 0.17179x of BOVESPA:CPLE6
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.17179x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (BRL) x Listing Adjustment Factor
= R$ 71.03 x 0.17179
€12.20
Value per share (EUR) From above. €12.20
Current discount Discount to share price of €8.95
= -1 x (€8.95 - €12.20) / €12.20
26.7%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Companhia Paranaense de Energia - COPEL is available for.
Intrinsic value
27%
Share price is €8.95 vs Future cash flow value of €12.2
Current Discount Checks
For Companhia Paranaense de Energia - COPEL to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Companhia Paranaense de Energia - COPEL's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Companhia Paranaense de Energia - COPEL's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Companhia Paranaense de Energia - COPEL's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Companhia Paranaense de Energia - COPEL's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:ELPA PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in BRL R$7.27
BOVESPA:CPLE6 Share Price ** BOVESPA (2020-03-31) in BRL R$52.1
Europe Electric Utilities Industry PE Ratio Median Figure of 76 Publicly-Listed Electric Utilities Companies 10.21x
Germany Market PE Ratio Median Figure of 399 Publicly-Listed Companies 16.31x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Companhia Paranaense de Energia - COPEL.

DB:ELPA PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BOVESPA:CPLE6 Share Price ÷ EPS (both in BRL)

= 52.1 ÷ 7.27

7.16x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Companhia Paranaense de Energia - COPEL is good value based on earnings compared to the Europe Electric Utilities industry average.
  • Companhia Paranaense de Energia - COPEL is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Companhia Paranaense de Energia - COPEL's expected growth come at a high price?
Raw Data
DB:ELPA PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.16x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
-0.2%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 37 Publicly-Listed Electric Utilities Companies 1.63x
Germany Market PEG Ratio Median Figure of 255 Publicly-Listed Companies 1.18x

*Line of best fit is calculated by linear regression .

DB:ELPA PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.16x ÷ -0.2%

-32.46x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Companhia Paranaense de Energia - COPEL earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Companhia Paranaense de Energia - COPEL's assets?
Raw Data
DB:ELPA PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in BRL R$63.04
BOVESPA:CPLE6 Share Price * BOVESPA (2020-03-31) in BRL R$52.1
Europe Electric Utilities Industry PB Ratio Median Figure of 87 Publicly-Listed Electric Utilities Companies 0.76x
Germany Market PB Ratio Median Figure of 571 Publicly-Listed Companies 1.43x
DB:ELPA PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BOVESPA:CPLE6 Share Price ÷ Book Value per Share (both in BRL)

= 52.1 ÷ 63.04

0.83x

* Primary Listing of Companhia Paranaense de Energia - COPEL.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Companhia Paranaense de Energia - COPEL is overvalued based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess Companhia Paranaense de Energia - COPEL's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Electric Utilities industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Electric Utilities industry average (and greater than 0)? (1 check)
  5. Companhia Paranaense de Energia - COPEL has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Companhia Paranaense de Energia - COPEL expected to perform in the next 1 to 3 years based on estimates from 11 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Companhia Paranaense de Energia - COPEL expected to grow at an attractive rate?
  • Companhia Paranaense de Energia - COPEL's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Companhia Paranaense de Energia - COPEL's earnings are expected to decrease over the next 1-3 years, this is below the Germany market average.
  • Companhia Paranaense de Energia - COPEL's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:ELPA Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:ELPA Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts -0.2%
DB:ELPA Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 1.8%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 9.5%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.4%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:ELPA Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in BRL Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:ELPA Future Estimates Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 18,064 1
2022-12-31 17,295 1
2021-12-31 16,662 3,593 1,995 11
2020-12-31 16,706 4,054 1,784 7
2020-03-31
DB:ELPA Past Financials Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income *
2019-12-31 16,244 2,945 1,990
2019-09-30 15,503 2,255 1,703
2019-06-30 15,558 1,826 1,556
2019-03-31 15,482 1,933 1,557
2018-12-31 14,935 1,771 1,407
2018-09-30 15,174 1,407 1,197
2018-06-30 14,509 1,284 1,182
2018-03-31 14,076 1,203 972
2017-12-31 14,025 989 1,034
2017-09-30 13,411 1,345 846
2017-06-30 12,681 1,429 350
2017-03-31 13,316 1,708 1,170

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Companhia Paranaense de Energia - COPEL's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Companhia Paranaense de Energia - COPEL's revenue is expected to grow by 1.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:ELPA Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Companhia Paranaense de Energia - COPEL Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ELPA Future Estimates Data
Date (Data in BRL Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 8.13 12.31 6.62 6.00
2020-12-31 7.47 11.61 6.29 6.00
2020-03-31
DB:ELPA Past Financials Data
Date (Data in BRL Millions) EPS *
2019-12-31 7.27
2019-09-30 6.22
2019-06-30 5.69
2019-03-31 5.69
2018-12-31 5.14
2018-09-30 4.38
2018-06-30 4.32
2018-03-31 3.55
2017-12-31 3.78
2017-09-30 3.09
2017-06-30 1.28
2017-03-31 4.28

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Companhia Paranaense de Energia - COPEL is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Companhia Paranaense de Energia - COPEL's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Companhia Paranaense de Energia - COPEL has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Companhia Paranaense de Energia - COPEL performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Companhia Paranaense de Energia - COPEL's growth in the last year to its industry (Electric Utilities).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Companhia Paranaense de Energia - COPEL's year on year earnings growth rate has been positive over the past 5 years.
  • Companhia Paranaense de Energia - COPEL's 1-year earnings growth exceeds its 5-year average (41.4% vs 9.3%)
  • Companhia Paranaense de Energia - COPEL's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (41.4% vs 7.2%).
Earnings and Revenue History
Companhia Paranaense de Energia - COPEL's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Companhia Paranaense de Energia - COPEL Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:ELPA Past Revenue, Cash Flow and Net Income Data
Date (Data in BRL Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 16,244.27 1,989.95 941.36
2019-09-30 15,503.01 1,702.89 887.98
2019-06-30 15,558.41 1,555.89 877.50
2019-03-31 15,482.11 1,556.50 851.00
2018-12-31 14,934.78 1,407.06 872.24
2018-09-30 15,174.30 1,197.31 845.90
2018-06-30 14,508.84 1,181.74 903.02
2018-03-31 14,076.24 971.84 903.31
2017-12-31 14,024.57 1,033.63 854.73
2017-09-30 13,410.96 846.31 978.44
2017-06-30 12,681.40 350.10 956.95
2017-03-31 13,316.10 1,170.27 985.11
2016-12-31 13,101.75 895.77 991.59
2016-09-30 13,359.42 1,321.57 948.26
2016-06-30 13,690.49 1,496.29 918.49
2016-03-31 13,791.41 808.42 910.18
2015-12-31 14,945.84 1,109.55 954.00
2015-09-30 15,853.52 1,034.17 853.36
2015-06-30 15,895.21 1,166.20 812.66
2015-03-31 15,104.55 1,103.35 775.85
2014-12-31 13,995.51 1,205.95 673.10
2014-09-30 11,900.17 1,142.75 694.10
2014-06-30 10,867.92 1,189.15 678.18
2014-03-31 9,850.88 1,217.26 638.48
2013-12-31 9,180.21 1,072.56 625.72
2013-09-30 9,136.77 792.82 651.60
2013-06-30 8,923.23 841.49 642.87

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Companhia Paranaense de Energia - COPEL has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Companhia Paranaense de Energia - COPEL used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • Companhia Paranaense de Energia - COPEL has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Companhia Paranaense de Energia - COPEL's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Electric Utilities industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Companhia Paranaense de Energia - COPEL has a total score of 5/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Companhia Paranaense de Energia - COPEL's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Companhia Paranaense de Energia - COPEL's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Companhia Paranaense de Energia - COPEL is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Companhia Paranaense de Energia - COPEL's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Companhia Paranaense de Energia - COPEL's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.7x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Companhia Paranaense de Energia - COPEL Company Filings, last reported 3 months ago.

DB:ELPA Past Debt and Equity Data
Date (Data in BRL Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 17,598.21 11,572.09 2,944.84
2019-09-30 17,793.63 10,938.17 2,027.79
2019-06-30 17,181.69 11,203.50 1,908.10
2019-03-31 16,838.84 11,307.51 2,147.88
2018-12-31 16,336.21 11,565.44 2,073.27
2018-09-30 16,533.01 9,948.09 859.24
2018-06-30 16,180.85 10,184.58 1,705.53
2018-03-31 15,833.91 10,393.82 1,698.82
2017-12-31 15,510.50 9,830.48 1,041.42
2017-09-30 15,868.24 9,526.70 1,546.97
2017-06-30 15,315.59 9,471.74 1,481.26
2017-03-31 15,390.43 8,917.68 1,034.66
2016-12-31 14,978.14 8,837.10 1,118.72
2016-09-30 15,609.20 8,761.37 1,754.93
2016-06-30 15,683.99 7,675.83 1,220.80
2016-03-31 14,710.15 7,819.79 1,494.53
2015-12-31 14,480.49 7,760.99 1,775.24
2015-09-30 14,262.31 7,089.83 1,182.61
2015-06-30 14,156.14 6,988.53 1,243.49
2015-03-31 14,131.52 6,551.23 1,369.17
2014-12-31 13,682.78 6,054.40 1,199.25
2014-09-30 13,753.35 5,651.98 2,237.19
2014-06-30 13,520.09 5,711.29 2,432.39
2014-03-31 13,502.86 4,533.42 1,596.92
2013-12-31 12,928.75 4,531.73 2,068.26
2013-09-30 13,116.48 3,518.05 1,962.88
2013-06-30 12,942.02 3,262.70 2,048.65
  • Companhia Paranaense de Energia - COPEL's level of debt (65.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (44.3% vs 65.8% today).
  • Debt is well covered by operating cash flow (25.4%, greater than 20% of total debt).
  • Companhia Paranaense de Energia - COPEL earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Companhia Paranaense de Energia - COPEL's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Companhia Paranaense de Energia - COPEL has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Companhia Paranaense de Energia - COPEL's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
4.73%
Current annual income from Companhia Paranaense de Energia - COPEL dividends. Estimated to be 4.89% next year.
If you bought €2,000 of Companhia Paranaense de Energia - COPEL shares you are expected to receive €95 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Companhia Paranaense de Energia - COPEL's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.68%).
  • Companhia Paranaense de Energia - COPEL's dividend is below the markets top 25% of dividend payers in Germany (4.97%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:ELPA Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 50 Stocks 4.8%
Germany Market Average Dividend Yield Market Cap Weighted Average of 323 Stocks 3.8%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.9%
Germany Bottom 25% Dividend Yield 25th Percentile 1.7%
Germany Top 25% Dividend Yield 75th Percentile 5%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:ELPA Future Dividends Estimate Data
Date (Data in R$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 2.71 8.00
2020-12-31 1.27 1.00
2020-03-31
DB:ELPA Past Annualized Dividends Data
Date (Data in R$) Dividend per share (annual) Avg. Yield (%)
2020-03-26 2.467 4.760
2019-04-26 1.452 2.660
2019-03-29 1.452 3.888
2018-05-15 1.109 4.269
2018-04-13 1.109 4.352
2017-04-28 1.719 6.636
2017-03-28 1.719 5.595
2016-11-10 2.168 7.070
2016-08-11 2.168 6.298
2016-04-29 1.255 4.433
2015-05-15 2.390 8.338
2014-10-24 2.366 7.051
2014-03-18 1.807 5.310
2014-03-17 1.807 7.107
2013-11-08 2.496 8.741
2013-10-31 2.496 8.094
2013-08-14 2.496 8.204
2013-03-25 1.029 3.252
2012-03-28 1.615 4.582
2011-11-10 1.734 4.437
2011-08-11 1.734 5.057
2011-08-10 1.734 4.777
2011-03-29 1.079 2.603
2010-06-30 0.623 1.537
2010-03-23 0.623 1.777
2010-03-22 0.623 1.657
2009-11-12 1.290 3.474
2009-11-11 1.290 3.962
2009-08-12 1.290 4.212
2009-06-30 1.004 3.591

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Companhia Paranaense de Energia - COPEL's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.1x coverage).
X
Income/ dividend checks
We assess Companhia Paranaense de Energia - COPEL's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Companhia Paranaense de Energia - COPEL afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Companhia Paranaense de Energia - COPEL has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Companhia Paranaense de Energia - COPEL's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Daniel Slaviero
AGE 39
TENURE AS CEO 1.2 years
CEO Bio

Mr. Daniel Pimentel Slaviero has been Chief Executive Officer and Member of Executive Board at Companhia Paranaense de Energia - COPEL since January 8, 2019 and as its Executive Secretary since January 8, 2019. Mr. Slaviero has been a Director and Interim Chief Business Development Officer of Companhia Paranaense de Energia - COPEL since January 2019. Mr. Slaviero holds a degree in Business Administration from Universidade Positivo (UP) and he has specializations in business management from Harvard Business School and Kellogg School of Management. He was executive director of the SBT television network between 2017 and 2018 and president of the Associação Brasileira de Rádio e Televisão (ABERT) for four consecutive terms between 2006 and 2016.

CEO Compensation
  • Insufficient data for Daniel to compare compensation growth.
  • Insufficient data for Daniel to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Companhia Paranaense de Energia - COPEL management team in years:

1.8
Average Tenure
42
Average Age
  • The average tenure for the Companhia Paranaense de Energia - COPEL management team is less than 2 years, this suggests a new team.
Management Team

Daniel Slaviero

TITLE
CEO, Interim Chief Business Development Officer
AGE
39
TENURE
1.2 yrs

Adriano Rudek de Moura

TITLE
Chief Financial & Investor Relations Officer and Member of Executive Board
AGE
57
TENURE
2.8 yrs

Vicente Loiácono Neto

TITLE
Chief Governance
AGE
36
TENURE
1.8 yrs

Ana Feller

TITLE
Chief Corporate Management Officer & Member of Executive Board
AGE
42
TENURE
1.8 yrs

Eduardo de Souza Barbosa

TITLE
Chief Legal & Institutional Relations Officer and Member of Executive Board
AGE
37
TENURE
1.2 yrs

Cassio da Silva

TITLE
Chief Business Development Officer & Member of Executive Board
AGE
41
TENURE
1 yrs

Jorge Andriguetto

TITLE
Chief Engineering Officer
AGE
67
TENURE
9.2 yrs

Henrique Ternes

TITLE
Chief Alternative Energy Officer
AGE
66
TENURE
8.2 yrs

David Campos

TITLE
Chief Assistant Officer
TENURE
1.2 yrs

Vlademir Daleffe

TITLE
CEO & President of COPEL Distribution
AGE
62
TENURE
5.7 yrs
Board of Directors Tenure

Average tenure and age of the Companhia Paranaense de Energia - COPEL board of directors in years:

1.2
Average Tenure
51.5
Average Age
  • The average tenure for the Companhia Paranaense de Energia - COPEL board of directors is less than 3 years, this suggests a new board.
Board of Directors

Marcel Malczewski

TITLE
Independent Chairman of the Board
AGE
55
TENURE
0.8 yrs

Daniel Slaviero

TITLE
CEO, Interim Chief Business Development Officer
AGE
39
TENURE
1.2 yrs

Marco Antônio Cândido

TITLE
Independent Director
AGE
50
TENURE
2.2 yrs

Demetrius Macei

TITLE
President of Supervisory Board
AGE
49

Adriana Antoniolli

TITLE
Director
AGE
53
TENURE
2.8 yrs

Leila Loria

TITLE
Independent Director
AGE
65
TENURE
2.7 yrs

Olga Colpo

TITLE
Independent Director
AGE
67
TENURE
2.8 yrs

Carlos Biedermann

TITLE
Independent Director
AGE
66
TENURE
0.8 yrs

Gustavo Guedes

TITLE
Independent Director
AGE
37
TENURE
0.8 yrs

Luiz Claudio Vieira

TITLE
Independent Director
AGE
50
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Companhia Paranaense de Energia - COPEL's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Companhia Paranaense de Energia - COPEL has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Companhia Paranaense de Energia - COPEL engages in the generation, transmission, distribution, and sale of electricity to industrial, residential, commercial, rural, and other customers primarily in the State of Paraná, Brazil. As of December 31, 2018, the company operated 17 hydroelectric plants, 18 wind plants, and 1 thermoelectric plant with a total installed capacity of 5,135.3 megawatts; and owned and operated 3,214.3 kilometers of transmission lines and 198,373.6 kilometers of distribution lines. It holds concessions to distribute electricity in 394 municipalities in the State of Paraná and in the municipality of Porto União in the State of Santa Catarina. The company also provides telecommunication services to corporate clients, including supermarkets, universities, banks, Internet service providers, and television networks, as well as to retail clients; and broadband Internet access to public elementary and middle schools. In addition, it supplies piped gas to 43,943 customers, including thermoelectric plants, cogeneration plants, gas stations, other businesses, and residences through a gas distribution network covering 824 kilometers in the State of Paraná. Companhia Paranaense de Energia – COPEL was founded in 1954 and is headquartered in Curitiba, Brazil.

Details
Name: Companhia Paranaense de Energia - COPEL
ELPA
Exchange: DB
Founded: 1954
R$2,654,344,355
273,655,375
Website: http://www.copel.com
Address: Companhia Paranaense de Energia - COPEL
Rua Coronel Dulcídio, 800,
Curitiba,
Paraná, 80420-170,
Brazil
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BOVESPA CPLE6 Class B Preferred Shares Bolsa de Valores de Sao Paulo BR BRL 31. Jan 1997
DB ELPA Class B Preferred Shares Deutsche Boerse AG DE EUR 31. Jan 1997
BME XCOP Class B Preferred Shares Bolsas y Mercados Espanoles ES EUR 31. Jan 1997
NYSE ELP ADR EACH REPR 1 PREF'B'SHS LEVEL 2 New York Stock Exchange US USD 30. Jul 1997
OTCPK ELPV.Y SPONSORED ADR Pink Sheets LLC US USD 16. Apr 1997
BOVESPA CPLE3 Common Shares Bolsa de Valores de Sao Paulo BR BRL 14. Jun 1994
BOVESPA CPLE5 Class A Preferred Shares Bolsa de Valores de Sao Paulo BR BRL 14. Jun 1994
DB ELP ADR EACH REPR 1 PREF'B'SHS LEVEL 2 Deutsche Boerse AG DE EUR 30. Jul 1997
BMV ELP N ADR EACH REPR 1 PREF'B'SHS LEVEL 2 Bolsa Mexicana de Valores MX MXN 30. Jul 1997
Number of employees
Current staff
Staff numbers
7,266
Companhia Paranaense de Energia - COPEL employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/31 20:56
End of day share price update: 2020/03/31 00:00
Last estimates confirmation: 2020/03/26
Last earnings filing: 2020/03/26
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.