Companhia Energetica de Minas Gerais (CEMIG) (CIG) valuation at a glance
- Price
- $2.16
- Market cap
- $4.11B
- P/S (TTM)
- 0.5×
CompaniesCIG
CIG
Companhia Energetica de Minas Gerais (CEMIG)
UtilitiesBrazilstate-controlledregulated utilityADR
Overview
$2.16+2.9%
Market Cap
$4.11B
SEC filings
P/E (TTM)
4.6×
SEC filings
Rev Growth YoY
–
SEC filings
Gross Margin
15.3%
SEC filings
FCF Yield
11.2%
Calculated from SEC filings
Fair Value
Not established
yfinance
Conviction
1/5Single-digit P/E Brazilian utility with a dividend and a brAAA rating, but the State of Minas Gerais controls it, a live governance kill-check.
Research Depth
ScreeningDeep ResearchFull Model
Updated 24d ago
Quality Snowflake
Overall 69/100
Value4/4
Futuren/a
Past4/4
Health3/4
Dividend0/1
Each axis scores the checks for which data is available (filled = pass, hollow = no data). Computed from the sourced metrics on this page, not a third-party rating.
Thesis
CEMIG is a Brazilian electric utility spanning distribution (Cemig D), generation and transmission (Cemig GT) and gas distribution (Gasmig). It screens as deep value on trailing figures: TTM revenue of about 7.95B USD equivalent grew 7.4%, the research file computes a P/E near 7.4x and EV/EBITDA near 6.3x, dividends plus interest on equity for FY2025 totalled R$0.541 per share, and S&P raised the local-scale rating to brAAA on 2026-08-18. The strongest counter-evidence is structural: the State of Minas Gerais reaffirmed itself as controlling shareholder in the 6-K of 2026-08-28 when it nominated board and executive candidates, and the 20-F risk factors state the state can elect a majority of senior management. Free cash flow turned negative as concession capex stepped up (R$5,386M in FY2025 versus R$4,439M in FY2024), net debt to adjusted EBITDA rose to 2.58x in 2Q26 from 1.59x, and FY2025 net income fell 31% off a one-off 2024 gain. Confirmation would require privatization legislation or a capex plateau that restores positive free cash flow without further leverage.
Bull Case
ValuationTTM net income of about 835M USD equivalent against a market value near 6.2B USD gives a P/E near 7.4x per the research file built from the FY2025 20-F and 1H2026 6-K.
CreditS&P upgraded CEMIG's local-scale rating to brAAA on 2026-08-18, reported in the 6-K filed 2026-09-09.
IncomeDividends and interest on equity related to FY2025 totalled R$0.541139687 per share paid in five installments, per the 6-K filed 2026-09-09.
Bear Case
GovernanceThe State of Minas Gerais is confirmed as the controlling shareholder in the 6-K dated 2026-08-28 and can direct the company toward non-economic objectives.
Cash flowFY2025 free cash flow was negative after concession capex rose to R$5,386M, and net debt to adjusted EBITDA reached 2.58x in 2Q26 versus 1.59x a year earlier.
CurrencyThe ADS is a USD claim on BRL cash flows and dividends; non-resident withholding is 15% on interest on equity and 10% on dividends under Law 15,270/2025.
Key Metrics
Market Cap
$4.11B
SEC filings
Enterprise Value
$8.12B
Calculated from SEC filings
Revenue (TTM)
$8.46B
SEC filings
P/E (TTM)
4.6×
SEC filings
Forward P/E
–
yfinance
P/S (TTM)
0.5×
SEC filings
P/B
1.1×
SEC filings
EV/EBITDA
4.7×
Calculated from SEC filings
PEG
–
Calculated from SEC filings
Revenue Growth
–
SEC filings
Gross Margin
15.3%
SEC filings
Operating Margin
15.2%
SEC filings
Net Margin
10.6%
SEC filings
Free Cash Flow
$460M
SEC filings
FCF Yield
11.2%
Calculated from SEC filings
Debt / Equity
0.8×
SEC filings
Current Ratio
1.2×
SEC filings
Short Interest
0.0%
SEC filings
Institutional Own.
7.9%
SEC filings
Insider Own.
0.0%
SEC filings
Shares Out.
1.90B
SEC filings
Float
–
SEC filings
Valuation
Price vs Fair Value
Now $2.16
DCF Summary
DCF awaiting Phase 2+
Discounted cash-flow model is built once research reaches the deep-research stage.
Historical Multiples
Multiple history pending
This section is being deepened.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CIG | $6.08B | 6.6× | 0.1× | 3.3× | +3.0% | 11.0% | 11.0% |
| SBS | $18.39B | 11.4× | 0.4× | 3.5× | +14.0% | 36.0% | 20.0% |
| ENIC | $5.98B | 10.5× | 1.4× | 8.6× | -11.0% | 37.0% | 13.0% |
Financials
Income statement pending
Awaiting source-linked statement data.
Balance sheet pending
Awaiting source-linked statement data.
Cash flow pending
Awaiting source-linked statement data.
Reports in BRL under IFRS, fiscal year ends 2025-12-31; research-file USD figures are converted TTM to 2Q26. One CIG ADS = one preferred share (a separate CIG.C ADS = one common share). Source: 20-F ↗
Catalysts
3Q26 results 6-K, mid-November
Earningshigh relevance
Third quarter 2026 results
Watch net debt to EBITDA after the 2.58x reading in 2Q26 and whether the arbitral-award hit in the trading segment (R$383M EBITDA in 2Q26) recurs.
Year-end board and executive appointments
Governance
State-nominated board seated
The August 2026 nominations by the controlling state shareholder reaffirm state control; any privatization signal would come through this channel.
FY2026 20-F, mid-April 2027
Earnings
Annual report and FY2026 dividend plan
Sets the dividend and interest-on-equity schedule for the next year.
Risks
| Risk | Category | Severity | Probability | Impact on Thesis |
|---|---|---|---|---|
| State control used for fiscal or political objectives against minority holders | Governance | High | Medium | Tariff, capex or dividend decisions that transfer value away from the ADS. |
| BRL depreciation against USD | Market/Macro | Medium | Medium | Erodes USD value of dividends and the ADS price regardless of operations. |
| Unfavorable ANEEL tariff reviews | Regulatory | Medium | Medium | Lower allowed returns on the distribution base. |
| Leverage rises as capex outruns EBITDA | Financial | Medium | Medium | Net debt to EBITDA already moved from 1.59x to 2.58x in a year; dividends could be trimmed. |
Technical Snapshot
52-Week Range
–$2.16–
RSI (14)
n/a
insufficient history
50-Day MA
–
insufficient history
200-Day MA
–
insufficient history
Avg Vol (30d)
vs average
Support Levels
Resistance Levels
Technical inputs: SEC filings. See the record-specific source notes for measurement basis.
Ownership & Insider Activity
Institutional Holdersvia Source-linked
Institutional holder details unavailable
This research record does not include a holder-level table.
Insider Activity
Controlled by the State of Minas Gerais, confirmed as controlling shareholder in the 6-K dated 2026-08-28 nominating board and executive candidates; bylaws let the state elect a majority of senior management per the FY2025 20-F. Foreign private issuer, so no Form 4 data. No buyback disclosed.
Detailed insider transactions unavailable
This research record does not include a transaction-level table.
Peer Comparison
| Ticker | Mkt Cap | P/E | P/S | EV/EBITDA | Rev Growth | Gross Mgn | Net Mgn |
|---|---|---|---|---|---|---|---|
| CIG | $6.08B | 6.6× | 0.1× | 3.3× | +3.0% | 11.0% | 11.0% |
| SBS | $18.39B | 11.4× | 0.4× | 3.5× | +14.0% | 36.0% | 20.0% |
| ENIC | $5.98B | 10.5× | 1.4× | 8.6× | -11.0% | 37.0% | 13.0% |
Recognizable sector comparables. Source basis: SEC filings; lowest multiple in each column highlighted. Loss-making peers show no P/E.
Research Notes
2026-09-17SEC 6-K
2Q26 results, S&P upgrade and dividend notice
The 6-K filed 2026-09-09 carries second-quarter 2026 results, the S&P brAAA local-scale upgrade dated 2026-08-18, the August board nominations by the state, and the shareholder notice on withholding rates. Net debt to adjusted EBITDA was 2.58x.
2026-09-17SEC 20-F
FY2025 annual report
FY2025 net income fell 31.2% to R$4,899M from R$7,119M, mainly because FY2024 included a one-off gain; capex on concession assets rose to R$5,386M.
Sources
Companhia Energetica de Minas Gerais (CEMIG) valuation questions
What is Companhia Energetica de Minas Gerais (CEMIG)'s market cap?
Companhia Energetica de Minas Gerais (CEMIG) (CIG) has a market capitalization (its market value, often searched as "net worth") of $4.11B, and an enterprise value of $8.12B.