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CPFL Energia

DB:FKZ
Snowflake Description

Solid track record with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
FKZ
DB
R$44B
Market Cap
  1. Home
  2. DE
  3. Utilities
Company description

CPFL Energia S.A., through its subsidiaries, generates, transmits, distributes, and commercializes electricity to residential, industrial, and commercial customers in Brazil. The last earnings update was 79 days ago. More info.


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FKZ Share Price and Events
7 Day Returns
0.6%
DB:FKZ
3.1%
Europe Electric Utilities
-1.4%
DE Market
1 Year Returns
7.8%
DB:FKZ
23.9%
Europe Electric Utilities
12.9%
DE Market
FKZ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CPFL Energia (FKZ) 0.6% 3.9% 9.5% 7.8% 8.5% 52.3%
Europe Electric Utilities 3.1% 7.6% 12.6% 23.9% 56.2% 24.6%
DE Market -1.4% 0.3% 4.2% 12.9% 5.2% 6.4%
1 Year Return vs Industry and Market
  • FKZ underperformed the Electric Utilities industry which returned 23.9% over the past year.
  • FKZ underperformed the Market in Germany which returned 12.9% over the past year.
Price Volatility
FKZ
Industry
5yr Volatility vs Market

Value

 Is CPFL Energia 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 CPFL Energia 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 CPFL Energia.

DB:FKZ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 8 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:FKZ
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 0.34
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.339 (1 + (1- 34%) (46.21%))
0.627
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:FKZ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for CPFL Energia 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:FKZ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (BRL, Millions) Source Present Value
Discounted (@ 7.01%)
2020 3,008.50 Analyst x2 2,811.42
2021 2,467.00 Analyst x2 2,154.37
2022 2,149.69 Est @ -12.86% 1,754.29
2023 1,953.62 Est @ -9.12% 1,489.85
2024 1,826.61 Est @ -6.5% 1,301.74
2025 1,741.34 Est @ -4.67% 1,159.68
2026 1,682.41 Est @ -3.38% 1,047.03
2027 1,640.58 Est @ -2.49% 954.12
2028 1,610.11 Est @ -1.86% 875.06
2029 1,587.29 Est @ -1.42% 806.14
Present value of next 10 years cash flows R$14,353.00
DB:FKZ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= R$1,587.29 × (1 + -0.39%) ÷ (7.01% – -0.39%)
R$21,366.21
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= R$21,366.21 ÷ (1 + 7.01%)10
R$10,851.35
DB:FKZ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= R$14,353.00 + R$10,851.35
R$25,204.35
Equity Value per Share
(BRL)
= Total value / Shares Outstanding
= R$25,204.35 / 1,152.25
R$21.87
DB:FKZ Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:FKZ represents 0.41677x of BOVESPA:CPFE3
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.41677x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (BRL) x Listing Adjustment Factor
= R$ 21.87 x 0.41677
€9.12
Value per share (EUR) From above. €9.12
Current discount Discount to share price of €16.10
= -1 x (€16.10 - €9.12) / €9.12
-76.6%

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

  • The current share price of CPFL Energia is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 CPFL Energia's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CPFL Energia's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:FKZ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in BRL R$2.34
BOVESPA:CPFE3 Share Price ** BOVESPA (2020-01-27) in BRL R$38.63
Europe Electric Utilities Industry PE Ratio Median Figure of 75 Publicly-Listed Electric Utilities Companies 13.87x
Germany Market PE Ratio Median Figure of 403 Publicly-Listed Companies 20.43x

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

** Primary Listing of CPFL Energia.

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

= BOVESPA:CPFE3 Share Price ÷ EPS (both in BRL)

= 38.63 ÷ 2.34

16.52x

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

  • CPFL Energia is overvalued based on earnings compared to the Europe Electric Utilities industry average.
  • CPFL Energia is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does CPFL Energia's expected growth come at a high price?
Raw Data
DB:FKZ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 16.52x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
12.1%per year
Europe Electric Utilities Industry PEG Ratio Median Figure of 38 Publicly-Listed Electric Utilities Companies 1.1x
Germany Market PEG Ratio Median Figure of 263 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

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

= PE Ratio ÷ Net Income Annual Growth Rate

= 16.52x ÷ 12.1%

1.37x

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

  • CPFL Energia is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on CPFL Energia's assets?
Raw Data
DB:FKZ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in BRL R$11.85
BOVESPA:CPFE3 Share Price * BOVESPA (2020-01-27) in BRL R$38.63
Europe Electric Utilities Industry PB Ratio Median Figure of 86 Publicly-Listed Electric Utilities Companies 0.9x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.87x
DB:FKZ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BOVESPA:CPFE3 Share Price ÷ Book Value per Share (both in BRL)

= 38.63 ÷ 11.85

3.26x

* Primary Listing of CPFL Energia.

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

  • CPFL Energia is overvalued based on assets compared to the Europe Electric Utilities industry average.
X
Value checks
We assess CPFL Energia'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. CPFL Energia has a total score of 1/6, 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 CPFL Energia expected to perform in the next 1 to 3 years based on estimates from 8 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
12.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CPFL Energia expected to grow at an attractive rate?
  • CPFL Energia's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • CPFL Energia's earnings growth is positive but not above the Germany market average.
  • CPFL Energia's revenue growth is positive but not above the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:FKZ Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:FKZ Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 12.1%
DB:FKZ Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 4.1%
Europe Electric Utilities Industry Earnings Growth Rate Market Cap Weighted Average 6.9%
Europe Electric Utilities Industry Revenue Growth Rate Market Cap Weighted Average 2.7%
Germany Market Earnings Growth Rate Market Cap Weighted Average 12.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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:FKZ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in BRL Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:FKZ Future Estimates Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 34,394 1
2023-12-31 34,357 2
2022-12-31 32,903 2
2021-12-31 30,452 4,788 3,196 8
2020-12-31 29,227 4,939 2,901 8
2020-01-30
2019-12-31 28,785 4,388 2,505 7
DB:FKZ Past Financials Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income *
2019-09-30 28,597 3,760 2,466
2019-06-30 28,980 3,324 2,343
2019-03-31 28,889 3,218 2,218
2018-12-31 28,137 857 2,058
2018-09-30 28,910 920 1,912
2018-06-30 28,564 1,124 1,690
2018-03-31 27,581 1,299 1,378
2017-12-31 26,745 2,034 1,180
2017-09-30 24,797 3,978 859
2017-06-30 21,796 4,303 759
2017-03-31 20,314 4,558 875
2016-12-31 19,112 4,634 901

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CPFL Energia's earnings are expected to grow by 12.1% yearly, however this is not considered high growth (20% yearly).
  • CPFL Energia's revenue is expected to grow by 4.1% 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:FKZ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from CPFL Energia Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:FKZ Future Estimates Data
Date (Data in BRL Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31 2.77 2.80 2.74 2.00
2020-12-31 2.52 2.72 2.31 2.00
2020-01-30
2019-12-31 2.17 2.17 2.17 1.00
DB:FKZ Past Financials Data
Date (Data in BRL Millions) EPS *
2019-09-30 2.34
2019-06-30 2.30
2019-03-31 2.18
2018-12-31 2.02
2018-09-30 1.88
2018-06-30 1.66
2018-03-31 1.35
2017-12-31 1.16
2017-09-30 0.84
2017-06-30 0.75
2017-03-31 0.86
2016-12-31 0.89

*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.
  • CPFL Energia is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess CPFL Energia'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.
CPFL Energia 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 CPFL Energia 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 CPFL Energia'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.
  • CPFL Energia has delivered over 20% year on year earnings growth in the past 5 years.
  • CPFL Energia's 1-year earnings growth exceeds its 5-year average (29% vs 23.5%)
  • CPFL Energia's earnings growth has exceeded the Europe Electric Utilities industry average in the past year (29% vs 6.8%).
Earnings and Revenue History
CPFL Energia'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 CPFL Energia Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:FKZ Past Revenue, Cash Flow and Net Income Data
Date (Data in BRL Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 28,596.56 2,465.85 1,708.26
2019-06-30 28,980.36 2,342.62 1,695.50
2019-03-31 28,889.42 2,217.71 1,663.76
2018-12-31 28,136.63 2,058.04 1,595.50
2018-09-30 28,909.94 1,911.80 1,464.46
2018-06-30 28,563.60 1,689.89 1,400.41
2018-03-31 27,580.78 1,377.65 1,437.23
2017-12-31 26,744.91 1,179.75 1,537.51
2017-09-30 24,797.06 859.33 1,544.58
2017-06-30 21,795.92 759.09 1,526.25
2017-03-31 20,314.10 875.42 1,475.13
2016-12-31 19,112.09 900.89 1,396.82
2016-09-30 18,779.73 1,066.90 1,351.89
2016-06-30 18,964.09 1,102.95 1,336.89
2016-03-31 19,645.91 967.32 1,376.48
2015-12-31 20,599.21 864.94 1,328.42
2015-09-30 20,662.76 1,072.77 1,329.33
2015-06-30 19,937.57 901.20 1,294.34
2015-03-31 18,668.70 941.65 1,196.91
2014-12-31 17,305.94 949.18 1,177.06
2014-09-30 15,780.94 738.10 1,072.95
2014-06-30 15,141.08 993.87 1,050.25
2014-03-31 14,845.74 708.33 1,273.92
2013-12-31 14,633.86 937.42 1,306.08
2013-09-30 15,086.01 822.06 1,485.18
2013-06-30 15,309.29 819.04 1,532.38
2013-03-31 15,214.12 1,181.52 1,258.38

*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.
  • CPFL Energia has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • CPFL Energia used its assets more efficiently than the Europe Electric Utilities industry average last year based on Return on Assets.
  • CPFL Energia has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CPFL Energia'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.
CPFL Energia 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 CPFL Energia'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 CPFL Energia's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CPFL Energia is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CPFL Energia's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CPFL Energia'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 0.5x 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 CPFL Energia Company Filings, last reported 4 months ago.

DB:FKZ Past Debt and Equity Data
Date (Data in BRL Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 13,936.63 20,356.86 4,560.69
2019-06-30 17,301.04 20,052.97 8,174.75
2019-03-31 13,100.74 20,501.67 4,843.57
2018-12-31 12,532.38 20,408.60 3,222.44
2018-09-30 12,586.06 21,581.18 5,094.55
2018-06-30 11,940.75 20,658.70 3,169.64
2018-03-31 11,539.22 20,885.41 3,599.95
2017-12-31 11,186.34 20,263.39 3,460.48
2017-09-30 11,094.96 19,942.54 3,837.60
2017-06-30 10,710.51 20,923.56 4,316.09
2017-03-31 10,593.22 21,145.02 4,878.26
2016-12-31 10,372.67 22,162.25 6,165.00
2016-09-30 10,453.67 19,057.55 5,637.15
2016-06-30 10,183.97 19,670.58 6,132.61
2016-03-31 10,357.88 19,851.19 5,321.72
2015-12-31 10,130.14 21,245.58 7,170.45
2015-09-30 10,036.10 21,295.99 5,308.71
2015-06-30 9,622.26 19,646.28 4,508.19
2015-03-31 9,526.52 19,828.87 4,924.90
2014-12-31 9,397.33 18,698.61 4,973.71
2014-09-30 8,206.93 17,417.19 4,005.91
2014-06-30 8,535.89 18,210.52 4,746.09
2014-03-31 8,958.06 17,312.42 4,257.20
2013-12-31 8,798.72 16,660.81 4,231.23
2013-09-30 8,519.17 17,861.79 5,430.13
2013-06-30 8,199.76 18,362.01 5,426.48
2013-03-31 8,289.25 15,805.04 2,779.30
  • CPFL Energia's level of debt (146.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (212.1% vs 146.1% today).
  • Debt is not well covered by operating cash flow (18.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 6.7x coverage).
X
Financial health checks
We assess CPFL Energia'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. CPFL Energia 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 CPFL Energia'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
1.24%
Current annual income from CPFL Energia dividends. Estimated to be 4.06% next year.
If you bought €2,000 of CPFL Energia shares you are expected to receive €25 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?
  • CPFL Energia's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.38%).
  • CPFL Energia's dividend is below the markets top 25% of dividend payers in Germany (3.58%).
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:FKZ 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 8 Analyst Estimates (S&P Global) See Below
Europe Electric Utilities Industry Average Dividend Yield Market Cap Weighted Average of 49 Stocks 3.6%
Germany Market Average Dividend Yield Market Cap Weighted Average of 334 Stocks 2.9%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.7%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

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

DB:FKZ Future Dividends Estimate Data
Date (Data in R$) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31
2021-12-31 1.64 5.00
2020-12-31 1.50 5.00
2020-01-30
2019-12-31 1.25 5.00
DB:FKZ Past Annualized Dividends Data
Date (Data in R$) Dividend per share (annual) Avg. Yield (%)
2019-05-02 0.480 1.494
2018-04-30 0.275 1.085
2017-03-24 0.218 0.884
2016-11-10 0.436 1.736
2016-04-29 0.202 0.919
2014-03-28 0.915 5.084
2013-08-15 0.805 4.580
2013-03-14 1.077 5.344
2012-08-07 1.374 6.619
2012-03-13 1.480 6.156
2011-08-10 1.690 7.712
2011-03-29 1.238 5.807
2010-08-12 1.406 7.244
2010-04-27 1.208 6.649
2009-06-29 1.189 7.353
2009-02-20 1.189 7.886

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 fallen over the past 10 years.
Current Payout to shareholders
What portion of CPFL Energia's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.9x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.7x coverage).
X
Income/ dividend checks
We assess CPFL Energia's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.7%) - 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 CPFL Energia afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CPFL Energia has a total score of 2/6, 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 CPFL Energia'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
Gustavo Estrella
AGE 45
TENURE AS CEO 1 years
CEO Bio

Mr. Gustavo Estrella has been the CEO, Vice President of Business Development, Planning & Corporate Management at CPFL Geração de Energia S.A. since 2019. Mr. Estrella has been the Chief Executive Officer of CPFL Geracao de Energia S/A since April 2019. Mr. Estrella serves as Vice-President of the Board of Directors of Rio Grande Energia S.A. Mr. Estrella has been Chief Executive Officer and Director of CPFL Energia S.A. since January 31, 2019. He serves as Chief Planning and Business Development Officer and Chief Planning and Business Management Officer of CPFL Energia S.A. since April 2019. Mr. Estrella served as Acting Executive Vice President of Business Development & Planning and Executive Vice President of Business Management at CPFL Energia S.A until April 2019. Mr. Estrella had been Chief Financial Officer and Head of Investor Relations of CPFL Energia S.A. since February 2013 and serves as its Member of Board of Executive Officers. He is Chief Executive Officer of CPFL Energia S.A. since February 1, 2019. He is Chief Financial Officer of CPFL Comercialização Brasil S.A. Mr. Estrella served as Chief Financial & Investor Relations Officer at CPFL Geracao de Energia S/A since April 2019. Mr. Estrella serves as Deputy Chairman of the Board of Directors, Chief Financial Officer and Investor Relations Director at Companhia Paulista de Força e Luz. Since 2001, He serves as Member of the Executive Board at Companhia Paulista de Força e Luz. Mr. Estrella works at CPFL Energia, where he was Manager of Economic Planning and Finance, Director of Investor Relations and Director of Planning and Control. He served as Chief Financial Officer and Chief Investor Relations Officer of Rio Grande Energia S.A. Mr. Estrella has been Chief Planning & Business Development Officer and Chief Planning & Business Management Officer since April 2019 at Companhia Piratininga de Força e Luz. He serves as Chief Executive Officer and served as Vice-Chairman of Board of Directors until April 2019 at Companhia Piratininga De Forca E Luz. He served as Chief Financial & Investor Relations Officer and Member of Board of Executive Officers at Companhia Piratininga De Forca E Luz. from February 2013 to 2019, he has been the Financial Vice President Officer and Investor relations Officer of CPFL Geração. from February 2013, he has been the Financial Vice President Officer and Investor relations Officer of RGE and Chief Financial Officer of the CPFL Energia group. Mr. Estrella served as Vice President of Finance & Investor Relations at CPFL Energia S.A. He served as Director of Investor Relations at CPFL Energia S.A. since February 2013. He serves as Vice Chairman of CPFL Energias Renováveis S.A. and has been its Sitting Director since May 31, 2012. He serves as Vice Chairman of Companhia Paulista de Força e Luz. He serves as Director of RGE, CPFL Paulista, CPFL Piratininga and CPFL Geração. He worked at Grupo Lafarge and at the companies Light and Brasil Telecom. Mr. Estrella graduated from Universidade do Estado do Rio de Janeiro – UERJ in Business Administration. He completed an MBA program in Finance from the IBMEC-RJ.

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

Average tenure and age of the CPFL Energia management team in years:

0.8
Average Tenure
46
Average Age
  • The average tenure for the CPFL Energia management team is less than 2 years, this suggests a new team.
Management Team

Gustavo Estrella

TITLE
CEO, Chief Planning
AGE
45
TENURE
1 yrs

Shirong Lyu

TITLE
VP of Strategy
AGE
55
TENURE
0.7 yrs

Yuehui Pan

TITLE
Chief Financial & Investor Relations Officer and Member of Board of Executive Officers
AGE
38
TENURE
0.8 yrs

Karin Luchesi

TITLE
Chief Market Operations Officer & Member of the Board of Executive Officers
AGE
42

Luís Ferreira Pinto

TITLE
Chief Regulated Operations Officer & Member of the Board of Executive Officers
AGE
58

Yumeng Zhao

TITLE
Executive VP
AGE
46

Gustavo Gachineiro

TITLE
VP of Legal & Institutional Relations Officer and Member of Board of Executive Officers
AGE
48

Vítor de Souza

TITLE
VP of Business Development & Member of Board of Executive Officers

Flávio Ribeiro

TITLE
VP of Business Management & Member of Board of Executive Officers

Sérgio Felice

TITLE
Chief Accounting Officer & Controller
Board of Directors Tenure

Average tenure and age of the CPFL Energia board of directors in years:

1
Average Tenure
50.5
Average Age
  • The average tenure for the CPFL Energia board of directors is less than 3 years, this suggests a new board.
Board of Directors

Bo Wen

TITLE
Chairman
AGE
53

Gustavo Estrella

TITLE
CEO, Chief Planning
AGE
45
TENURE
1 yrs

Shirong Lyu

TITLE
VP of Strategy
AGE
55
TENURE
1.7 yrs

Yumeng Zhao

TITLE
Executive VP
AGE
46

Yang Qu

TITLE
Director
AGE
54

Antônio Kandir

TITLE
Independent Director
AGE
66

Marcelo Moraes

TITLE
Independent Director
AGE
52
TENURE
2.5 yrs

Hong Li

TITLE
Director
AGE
49
TENURE
0.7 yrs

Anselmo Henrique Leal

TITLE
Director
AGE
37
TENURE
0.7 yrs

Ran Zhang

TITLE
Member of Fiscal Council
AGE
36
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 CPFL Energia'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. CPFL Energia 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

CPFL Energia S.A., through its subsidiaries, generates, transmits, distributes, and commercializes electricity to residential, industrial, and commercial customers in Brazil. The company generates electricity through wind, biomass, solar, and hydroelectric power plants. It also manufactures, commercializes, rents, and maintains electro-mechanical equipment; and offers administrative, call center, collection, IT, telecommunication, energy transmission, and energy efficiency management services, as well as maintenance services for energy generation companies. As of December 31, 2018, the company distributed electricity to approximately 9.6 million customers; and had 323,979 kilometers of distribution lines, which included 464,627 distribution transformers. It also has an installed capacity of 3,272 megawatts. The company was founded in 1998 and is headquartered in Campinas, Brazil. CPFL Energia S.A. is a subsidiary of State Grid Brazil Power Participações S.A.

Details
Name: CPFL Energia S.A.
FKZ
Exchange: DB
Founded: 1998
R$9,370,551,410
1,152,254,440
Website: http://www.cpfl.com.br
Address: CPFL Energia S.A.
Rodovia Engenheiro Miguel Noel Nascentes Burnier, 1,755, km 2,5,
Parque São Quirino,
Campinas,
São Paulo, 13088-900,
Brazil
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BOVESPA CPFE3 Common Shares Bolsa de Valores de Sao Paulo BR BRL 01. Oct 2004
DB FKZ SPONSORED ADR Deutsche Boerse AG DE EUR 29. Sep 2004
BMV CPL N SPONSORED ADR Bolsa Mexicana de Valores MX MXN 29. Sep 2004
Number of employees
Current staff
Staff numbers
0
CPFL Energia employees.
Industry
Electric Utilities
Utilities
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/01/30 20:31
End of day share price update: 2020/01/27 00:00
Last estimates confirmation: 2020/01/29
Last earnings filing: 2019/11/12
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


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.