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 2/18/22 3/6/23 3/8/24 3/10/25 3/30/26
1BRL in Million2BRL
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 1.69B
21.05x3.36x14.56x4.93% 16.9B
11.39x6.95x9.08x5.71% 9.91B
11.44x0.56x4.27x4.48% 8.88B
14.06x5.82x20.69x9.45% 8.44B
9.63x0.21x2.55x5.22% 8.17B
13.44x - - 3.95% 8.14B
7.79x0.51x4.82x6.42% 7.03B
19.95x5.33x11.32x2.91% 6.38B
Average 13.59x 3.25x 9.61x 5.38% 8.39B
Weighted average by Cap. 14.34x 3.33x 10.28x 5.39%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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