회사 개요
Companhia Paranaense de Energia, commonly known as COPEL, operates within the Utilities sector as a regulated electric utility company, engaging in the comprehensive lifecycle of electricity from research and planning to generation, transmission, distribution, and commercialization in Brazil. The company manages its operations through distinct segments, primarily focusing on Generation and Transmission, which positions it as a critical infrastructure provider for the region's energy needs. As of the latest data, the entity holds a market capitalization of $9.76B and reports annual revenue of $26.12B, employing a workforce of 4,287 individuals. These financial magnitudes indicate that the company is a substantial market player with significant scale, suggesting a dominant position in the Brazilian power market that allows for stable cash flow generation and extensive operational reach across multiple states.
재무 건전성
COPEL recorded a revenue of $26.12B for the trailing twelve months, generating net income of $2.67B and an EBITDA of $6.21B. The substantial gap between the $26.12B revenue and the $2.67B net income reveals a cost structure where operating expenses, including cost of goods sold and administrative costs, absorb a significant portion of gross receipts before reaching the bottom line. The company produced $4.38B in free cash flow, a figure that provides the management with considerable financial flexibility to fund capital expenditures, service debt obligations, or return capital to shareholders without relying on external financing. The company's profitability is characterized by a gross margin of 18.1%, an operating margin of 19.8%, and a profit margin of 10.3%, indicating that while the regulated nature of the business limits pricing power, operational efficiency is maintained to preserve margins. On the balance sheet, the company holds $3.13B in cash against total debt of $20.31B, resulting in a debt-to-equity ratio of 87.94%, which signifies a highly leveraged capital structure typical of capital-intensive utility infrastructure but requiring strict interest coverage management. Liquidity metrics show a current ratio of 0.98, suggesting that the company's current assets are slightly lower than its current liabilities, indicating a need for careful management of short-term obligations to maintain solvency. Return on Equity stands at 11.0% while Return on Assets is 5.1%, revealing that the company generates returns relative to shareholder equity that are higher than its asset base, though the high leverage contributes to the elevated ROE.
밸류에이션 평가
The valuation metrics show a trailing P/E ratio of 18.77 and a forward P/E of 18.40, implying that the market expects earnings growth to remain relatively steady or slightly accelerate in the near term given the narrowing multiple. The price-to-book ratio is 8.77, which indicates that the market values the company at a significant premium over its book value, reflecting the intangible value of its regulated franchise rights and infrastructure assets. Alternative valuation measures include a price-to-sales ratio of 0.37 and an EV/EBITDA of 9.04, suggesting that on a sales basis the company appears relatively cheap compared to its earnings power, while the EV/EBITDA reflects a reasonable multiple for a regulated utility with stable cash flows. The stock has traded between a 52-week low of $6.13 and a 52-week high of $13.15, providing a historical range against which current trading levels can be measured to assess potential volatility zones. With a beta of 0.33, the stock exhibits low price volatility relative to the broader market, moving significantly less than the overall index, which makes it a defensive holding during periods of market turbulence.
Growth & Income
Revenue growth for the trailing twelve months reached 19.4%, while earnings growth surged to 88.3%, indicating that earnings are expanding at a much faster rate than revenue, likely driven by efficiency gains, rate normalization, or non-operating income components. As a dividend payer, the company offers a dividend yield of 4.6% with a payout ratio of 136.7%, which suggests that the current dividend distribution is not fully covered by earnings and may rely on cash flow or prior retained earnings, potentially limiting long-term sustainability if earnings growth does not accelerate further. The high payout ratio combined with the strong free cash flow generation of $4.38B provides a buffer, but investors should note that the payout exceeds the net income figure, requiring scrutiny of cash flow conversion rates. Overall, the growth and income profile presents a mix of robust earnings expansion and a high-yield dividend, though the payout sustainability must be weighed against the company's leverage and the speed of earnings growth relative to revenue.