Company Valuation: Companhia Distribuidora de Gás do Rio de Janeiro - CEG

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 15,578 14,351 22,021 21,032 13,859 23,875
Change - -7.88% 53.45% -4.49% -34.11% 72.27%
Enterprise Value (EV) 1 16,457 15,354 22,916 21,751 14,633 24,409
Change - -6.7% 49.25% -5.08% -32.72% 66.81%
P/E 44.2x 31.7x 84.4x 37x 26.3x 40.7x
PBR 13x 14.8x 19.9x 15.1x 8.71x 11.7x
PEG - 0.9x -2x 0x -3.55x 3.6x
Capitalization / Revenue 4.89x 3.25x 3.59x 3.75x 2.68x 4.97x
EV / Revenue 5.17x 3.48x 3.74x 3.88x 2.83x 5.08x
EV / EBITDA 22.5x 17.2x 23.9x 18.3x 13.8x 20.5x
EV / EBIT 26.9x 19.9x 27.4x 21x 16.2x 23.4x
EV / FCF 83.4x 30.5x 95x 42x 60.7x 69.3x
FCF Yield 1.2% 3.28% 1.05% 2.38% 1.65% 1.44%
Dividend per Share 2 0.5875 0.6401 1.055 1.506 0.5522 0.6512
Rate of return 0.98% 1.1% 1.19% 1.77% 0.99% 0.67%
EPS 2 1.356 1.829 1.055 2.299 2.129 2.37
Distribution rate 43.3% 35% 100% 65.5% 25.9% 27.5%
Net sales 1 3,185 4,413 6,134 5,602 5,162 4,807
EBITDA 1 730.6 893.7 960.4 1,187 1,062 1,191
EBIT 1 611.8 772.5 835.9 1,037 900.8 1,044
Net income 1 352.1 474.8 273.9 596.9 526.8 615.3
Net Debt 1 879.2 1,003 894.4 719 774.4 534.4
Reference price 2 60.00 58.00 89.00 85.00 56.01 96.49
Nbr of stocks (in thousands) 259,638 247,432 247,432 247,432 247,432 247,432
Announcement Date 3/30/21 A 2/18/22 A 3/6/23 A 3/8/24 A 3/10/25 A 3/30/26 A
1BRL in Million2BRL
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 2.7B
21.24x3.38x14.65x4.88% 17.04B
11.26x6.91x9.02x5.79% 9.59B
10.5x0.55x4.25x6.08% 8.64B
9.77x0.22x2.75x5.12% 8.38B
12.85x - - 4.14% 7.77B
7.66x0.5x4.76x6.51% 6.9B
18.58x5.06x10.55x3.11% 5.93B
14.12x4.16x11.97x3.83% 5.11B
Average 13.25x 2.97x 8.28x 4.93% 8.01B
Weighted average by Cap. 14.10x 3.01x 8.97x 5.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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