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INSTITUTIONAL PRESENTATION 2 Q 1 9 | R E S U L T S
ISA CTEEP in the Transmission Sector
Sustainable Value
Financial Highlights
ISA CTEEP
WHY INVEST IN
ISA CTEEP?
No demand risk and no default risk
Strong Cash Generation
Minimum payout of 75% (regulatory net
income)
Dividends
Reference Company in quality and O&M
Benchmark
Valuation Attractive valuation
Fitch: AAA(bra)
Investment Grade
Sustainable value creation
Profitability
Opportunities in retrofitting, greenfield projects and M&A
Growth
51% IE Madeira
Revenue²: BRL 261 million
100% IENNE
Revenue² : BRL 46 million
ISA CTEEP
Revenue² : BRL 2,579 million
IE Serra do Japi 100%
Revenue² : BRL 59 million
100% IE Pinheiros
Revenue² : BRL 57 million
100% Evrecy
Revenue² : BRL 10 million
100% IE Sul
Revenue² : BRL 18 million
51% IE Garanhuns
Revenue² : BRL 46 million
100% IEMG
Revenue: BRL 19 million
Largest publicly traded pure transmission utility in Brazil
Transmission of ~25% of Brazil’s power generation
Transmission of ~100% of the power generated in the State of São Paulo
Benchmark player in costs and quality
18.6 thousand km of transmission lines
126 substations
65.9 thousand MVA of transformation capacity
Regulatory Net Revenue¹: BRL 2.9 billion
Regulatory EBITDA¹: BRL 2.3 billion (margin of 78%)
Notes: ¹ Last 12 months ending on 06/30/2019. Figures consider IE Madeira and IE Garanhuns proportional results to ISA CTEEP’s participation ² 2019/2020 Revenue Cycle proportional to ISA CTEEP’s participation
100% IE Itaúnas
Revenue³ : BRL 52 million
100% IE Biguaçú
Revenue³ : BRL 40 million
50% IE Paraguaçu
Revenue³: BRL 59 million
Largest publicly traded pure transmission utility in Brazil
Sustainable growth
Notes: ¹ ISA CTEEP’s investments in 10 projects acquired in 2016, 2017 and 2018 auctions. CAPEX and 2019/2020 Revenue adjusted to ISA CTEEP’s participation ² Figures consider 100% of the projects ³ Considers 2019/2020 Revenue Cycle adjusted to ISA CTEEP’s participation
Organic growth: CapEx of around BRL 180
million/year
Greenfield Projects¹: CapEx of BRL 2.9
billion and revenue (RAP) of BRL 490
million/year
+2 thousand km of transmission lines²
+8 thousand MVA of transformation
capacity²
50% IE Aimorés
Revenue³ : BRL 40 million
50% IE Ivaí
Revenue³ : BRL 146 million
100% IE Tibagi
Revenue³ : BRL 20 million
100% IE Itapura Lorena
Revenue³ : BRL 10 million
100% IE Itapura Bauru
100% IE Aguapeí
Revenue³ : BRL 12 million
100% IE Itaquerê
Revenue³ : BRL 51 million
Revenue³ : BRL 59 million
A successful story of growth, resilience and performance
1999 2013 2001 2012 2006 2007 2017 2016
‘000 km¹ of transmission lines
Consolidated regulatory EBITDA²
ICVM 527 in BRL billion 0.1 0.7 1.1 1.6 0.2 0.7
1.6
11.5 12.3 15.4 17.7 18.6
Transmissão Paulista merger with EPTE
CESP spin off creates Transmissão Paulista
Set up of RBSE compensation
(Ordinance 120 Ministry of Mining
and Energy)
Winner bid for 3 lots in October
auction
Expansion to 17 Brazilian states through greenfield projects and acquisitions
ISA acquires CTEEP and
becomes the controlling
shareholder
Winner bid for 5 lots in April auction
Extension of Main Concession
Contract (059/2001) for 30 years
Winner bid for 2 lots in June auction
2018
18.6
2.5 2.3
18.6
2019³
Note: ¹ Information considers 100% of the projects ² Figures consider JV’s proportional results to ISA CTEEP’s participation ³ Last 12 months ending on 06/30/2019
Tickers: TRPL3¹ and TRPL4²
Corporate Governance: Level 1 at B3
Average daily volume in 1H19: BRL 31 million
Market cap³: BRL 17 billion
Distribution of capital: 54% of foreign investors 46% of Brazilian investors
ADRs: “CTPTY” and “CTPZY”
Coverage of 12 institutions: 75% Hold 25% Sell
Common shares: 89.5% Preferred shares: 1.3%
ISA 35.8%
Common shares: 10.5% Preferred shares: 98.7%
Free Float 64.2%
Common shares: 9.8% Preferred shares: 51.9%
Eletrobras 35.4%
Common shares: 0.7% Preferred shares: 46.8%
Others 28.8%
Common shares: 257,937,732 Preferred shares: 400,945,572 Total: 658,883,304
CONTROLLED BY ISA FREE FLOAT OF 64%
ISA CTEEP
Notes: ¹ Common share l ² Preferred share l ³On 06/30/2019
Shareholder Structure on 06/30/2019
Notes: ¹ Considers 2018 IFRS Results adjusted by participation l ² On 06/30/2019
Central America
Transmission Telecom
Brazil 33% of net income Transmission Telecom
Bolivia Transmission Argentina
Telecom
Peru 15% of net income
Transmission Telecom
Colombia 27% of net income Transmission Telecom Highway concessions Real Time Systems
Chile 25% of net income
Transmission Telecom
Highway concessions
The largest energy transmission company in Colombia and Peru
Business in Highway concessions, Real Time Systems and Telecom
ISA CTEEP represents 36% of ISA’s¹ net income
86% of Net Income in Transmission
Benchmark player in the sector
45,142 km of transmission lines
90,821 MVA of transformation capacity
907 km of highways
Controlled by the Colombian government (51% of shares)
Market Cap: USD 6 billion²
ISA INTERCONEXIÓN ELÉCTRICA, S.A.E.S.P.
A multilatina company focused in transmission with growth opportunities in Brazil
Solid Presence in Latin America: 7 countries, 4 sectors, 43 companies
CORPORATE STRUCTURE
ISA CTEEP and its subsidiaries Assured Annual Revenue (RAP) 2019/2020 Cycle of BRL 4.1 billion
RAP ISA CTEEP
Cycle 2019/2020
(BRL million)
ISA CTEEP Operational São Paulo 2,579 2,579 Real Profit ISA CTEEP 100% Fully consolidated
IE Madeira Operational Rondônia / SP 510 260 Real Profit ISA CTEEP 51% / Furnas 24,5% / Chesf 24,5% Equity method
IE Ivaí Under construction Paraná 292 146 Real Profit ISA CTEEP 50% / TAESA 50% Equity method
IE Paraguaçu Under construction Bahia / MG 118 59 Real Profit ISA CTEEP 50% / TAESA 50% Equity method
IE Garanhuns Operational Pernambuco 91 46 Real Profit ISA CTEEP 51% / Chesf 49% Equity method
IE Aimorés Under construction Minas Gerais 80 40 Real Profit ISA CTEEP 50% / TAESA 50% Equity method
IE Pinheiros Operational São Paulo 58 58 Presumed Profit ISA CTEEP 100% Fully consolidated
IE Serra do Japi Operational São Paulo 59 59 Presumed Profit ISA CTEEP 100% Fully consolidated
IE Aguapeí Under construction São Paulo 57 57 Presumed Profit ISA CTEEP 100% Fully consolidated
IE Itaúnas Under construction Espírito Santo 52 52 Presumed Profit ISA CTEEP 100% Fully consolidated
IE Itaquerê Under construction São Paulo 51 51 Presumed Profit ISA CTEEP 100% Fully consolidated
IENNE Operational Tocantins 46 46 Presumed Profit ISA CTEEP 100% Fully consolidated
IE Biguaçu Under construction Santa Catarina 40 40 Presumed Profit ISA CTEEP 100% Fully consolidated
IE Tibagi Under construction SP / Paraná 20 20 Presumed Profit ISA CTEEP 100% Fully consolidated
IE Sul Operational Rio Grande do Sul 19 19 Real Profit ISA CTEEP 100% Fully consolidated
IEMG Operational Minas Gerais 18 18 Presumed Profit ISA CTEEP 100% Fully consolidated
Evrecy Operational Espírito Santo 12 12 Presumed Profit ISA CTEEP 100% Fully consolidated
IE Itapura - Bauru Under construction São Paulo 10 10 Presumed Profit ISA CTEEP 100% Fully consolidated
IE Itapura - Lorena Under construction São Paulo 10 10 Presumed Profit ISA CTEEP 100% Fully consolidated
Total 4,124 3,584
ConsolidationLocation
RAP Cycle
2019/2020
(BRL million)
Share (%)Profit Regime
Corporate Governance Structure
Human Resources Committee
Audit Committee
CFO and IRO COO
Institutional Relations Department
Alessandro Gregori Filho Carlos Ribeiro Rafael Noda
Project Director
Weberson Abreu
Board of Auditors 8 effective members, of which 2 are independent and one is elected by the
employees
5 effective members
and 5 substitute members
Board of Directors
César Ramirez (temporary)
CEO
Ethics and Transparency recognized at ISA and at ISA CTEEP levels Experienced Management team focused on value creation 2018 Transparency Trophy from ANEFAC
Shareholders
CONNECTIONS THAT CREATE VALUE THROUGH
Forest projects that reduce the impact of greenhouse gases
Climate change mitigation
Conservation of biodiversity in jaguar’s habitat
JAGUAR CONNECTION:
~BRL 15 million in investments in 2018
Projects related to Youth Leadership, Local Development, and the Environment
Educational Focus
SOCIAL RESPONSIBILITY: Sponsorship with tax benefit
ACTIONS
CONEXIONS THAT INSPIRE
C O N N E C T I O N S T O G E N E R A T E S U S T A I N A B L E V A L U E
Digitalization Real Estate Opportunities Energy Storage
Operational safety optimization with cost reduction through substation
teleassistance and retrofitting
Ancillary Services
NEW BUSINESSES EFFICIENCY
Sustainable Value
Financial Highlights
ISA CTEEP in the Transmission Sector
ISA CTEEP
6
7
13
19
65
State Grid
Alupar
TAESA
ISA CTEEP
Eletrobras
2 0 1 8 M a rk e t S h a re ( t hou s and km o f l i n e s )
T ra n s m is s io n R e v e n u e s ¹ ( 2019 /2020 c y c l e )
Total: BRL 37 billion
IS THE PURE TRANSMISSION COMPANY IN THE SECTOR IN BRAZIL
Transmission companies are remunerated by the availability of its assets
Notes: ¹ Considers auctions held until December of 2018 | ² Interconnected National System| ³ National Electric Energy Agency | 4 National Operator of the Electric System
SIN² is composed of 135 thousand km of transmission lines and serves 98% of the market
The transmission sector is regulated and monitored by ANEEL³ and coordinated and controlled by ONS4
Transmission companies are remunerated by the availability of its assets. There is no demand risk and no default risk.
36%
10% 7%
9%
34%
4%
TAESA Eletrobras ISA CTEEP State Grid Alupar Others
Source: ANEEL
Concessions prior to 1998
Concessions between 1999 and 2006
Concessions after 2008
Note: ¹ Regulatory Asset Base
THE COMPANY’S MAIN IS IN
Revenue (RAP) annually adjusted by IPCA
Contracts renewed in 2013 (Provisional Measure 579/2012)
Tariff Reset every 5 years (O&M, WACC and RAB¹)
RAP annually adjusted by IGP-M
50% RAP reduction on the 16th year of operation
No tariff reset
Reset of reinforcements and improvements, starting in July 2019 every 5 years
RAP annually adjusted by IPCA
30-year-contract, with 3 tariff resets (cost of debt applied at WACC)
Reset of reinforcements and improvements every 5 years
RAP in operation: 72%
RAP in operation: 1%
RAP in operation: 13%
RAP under construction: 14%
DEMAND DOES NOT IMPACT TRANSCO’S REVENUE
Annual Costs of
Electric Assets
(CAAE)
O&M Revenue
(AOM)
Gross Investment x
%O&M
+ Gross Investment x
Depreciation Rate
Net Investment x
Regulatory WACC
Annual Allowed Revenue (RAP) Breakdown
PV
RBSE
(CAEE)
O&M
(AOM)
NI
(CAAE & AOM)
PA
PV
OTHERS¹
Note: ¹Other revenues consider bilateral and sharing contracts
Revenue (RAP) approved by ANEEL with periodic tariff reset (“PTR”)
RBSE Receivables related to the non depreciated assets in operation in May/2000 (Contract 059/2001)
O&M Part of revenues that reimburses operational costs of concessionaires partially or fully. Defined in the PTR process and annually adjusted by inflation
New Investments (NI) Organic growth with execution of authorized reinforcements and improvements
Variable Parcel (PV) Revenue reduction due to unavailability
Adjustment Parcel (PA) Compensates excess or deficit of revenues in the previews tariff cycle
ISA CTEEP
ISA CTEEP in the Transmission Sector
Financial Highlights
Sustainable Value
ISA CTEEP
P E S S O A S
Regulação
Valor Justo
Jurídico
Gestão de Litígios
Crescimento
Disciplina de Capital
Integração
Subsidiárias
Projetos
Crescimento Orgânico
Operação e Manutenção
Eficiência, Qualidade, Segurança
SOLID & SUSTAINABLE RESULTS
O&M Reinforcement Projects
RBSE Receivables
100% JV
Adjusted Net Revenue
874 247 1,378 182 257 2,937
Adjusted EBITDA
340 220 1,378 158 203 2,300
Last 12 months¹
(BRL million)
OPERATIONAL HOLDING SUBSIDIARIES Total
Note: ¹ Regulatory results of the last 12 months ending on 06/30/2019
Focus in cost efficiency, service quality and operational safety to maximize results
0.4
0.15
0.1
0.07
0.05
0.093 ISA CTEEP
South
Southeast/ Midwest
SIN
Northeast
North
FREQ (times) Equivalent Frequency of Interruption
DREQ (minutes) Equivalent Duration of Interruption
ISA CTEEP
South
Southeast/ Midwest
SIN
Northeast
North
IENS (%) Index of Non Supplied Energy
ISA CTEEP
South
Southeast/ Midwest
SIN
Northeast
North
Focus in efficiency results in reduction of 37% of OPEX, excluding contingencies, going from BRL 915 million in 2006 to BRL 572 million in 20181
DREQ/FREQ indicators, in June/19, suggest that for every 8 years and 4 months, there would be 1 total shutdown of ISA CTEEP’s system of approximately 23 minutes
Note: ¹ Considers controlled and affiliates weighted by the Company’s share
June/2019 figures
12.16
7.08
5.81
6.11
1.49
2.29
0.0056%
0.0033%
0.0030%
0.0032%
0.009%
0.0013%
Reinforcements and Improvements CapEx (BRL million)
Average: BRL 180 million/year
ORGANIC
FROM RETROFITTING PROJECTS
Opportunity for organic growth (increase of transmission capacity)
Execution and project selection to guarantee profitability
Reinforcements and Improvements Revenue (BRL million)
Average: BRL 50 million/year
198 214
147
210
144 150
2014 2018 2015 2019e 2016 2017
31
47 41
61 63
2016/2017 2015/2016 2017/2018 2018/2019 2019/2020
IENNE (100%) TL: 710 km Substation: none Revenue: BRL 46 million
IE Garanhuns (51%) TL: 633 km Substation: 2,100 MVA Revenue¹: BRL 46 million
IE SUL2 (100%) TL: 167 km Substation: 900 MVA Revenue: BRL 18 million
IE Madeira (51%) TL: 2,385 km Substation: 7,470 MVA Revenue¹: BRL 261 million
IE Pinheiros (100%) TL: 1 km Substation: 4,200 MVA Revenue: BRL 57 million
IE Serra do Japi (100%) TL: 137 km Substation: 2,000 MVA Revenue: BRL 59 million
IEMG (100%) TL: 173 km Substation: none Revenue: BRL 19 million
Evrecy (100%) TL: 154 km Substation: 450 MVA Revenue: BRL 10 million
MANAGEMENT OF SUBSIDIARIES WITH GOVERNANCE AND INTEGRATION
8 subsidiaries fully in operation
14 concession contracts
4.4 thousand km of transmission lines
27 substations
17 thousand MVA of power transformation capacity
Revenue (RAP) of BRL 516 million¹
Notes: ¹ 2019/2020 RAP Cycle weighted by ISA CTEEP’s participation | ² Fully consolidated as of September of 2018
Substation
Line Entrance
Transmission Line (TL)
In operation
RBSE (BASIC NETWORK OF EXISTING SERVICE) CASH FLOW BOOSTS CASH GENERATION FOR THE NEXT YEARS
RBSE: receivables related to the non depreciated assets in operation in May/2000
BRL 12 billion to be received, of which approximately BRL 3 billion were paid in the 2017/2018 and 2018/2019 cycle
April of 2017 injunction determined temporary exclusion of Ke
ANEEL recalculated the RAP for 2018/2019 cycle, excluding Ke¹ and considering the linearization of the Economic Component so that payments will be flat until 2022/2023 cycle (REH 2,408/18)
Notes: ¹ Technical Note 170/17 | ² Net of PIS/COFINS
RBSE Receivables Schedule² (BRL million)
Economic Component Financial Component ex-Ke Ke
Assumptions pursuant to RES ANEEL
762/2017
IPCA (Dec/12-Jun/17): 34.45%
WACC: 6.64% p.a.
Cost of Equity (Ke): 10.74% p.a. (1H13) and 10.44% p.a. (from Jul/13 to Jun/17)
Estimated amounts. WACC will be defined in tariff reset and asset base is subject to write-offs.
837 711 747 747 747 747
347
785
729 750
785 785 785 785
785
264
246 253
264 264 264 264
264
2022/2023
1,796
2017/2018 2018/2019 2023/2024 2020/2021 2019/2020 2024/2025 2021/2022
1,812 1,714
1,796 1,796 1,796
1,396
1,049
GUARANTEE AN
ADEQUATE TARIFF RESET
Transmission concession contracts renewed in 2013 are subject to a periodic tariff reset (“PTR”) every five years
ANEEL opened Public Hearings 41/2017, 31/2018 and 09/2019 to discuss and improve 2018 PTR rules
PTR was postponed to Cycle 2020/2021, with retroactive effects to 2018
Regulatory Operational Costs (O&M)
Cost of Capital (WACC)
Regulatory Asset Base & Regulatory Price Reference
Improvements in small scale
GUARANTEE ADEQUATE TARIFF RESET
Regulatory Operational Costs
Cost of Capital WACC
Regulatory Asset Base & Price Reference
Technical Note (“TN”) 204/2018
Reduction of O&M costs of 17% (vs. 19% TN 141/2018), phased in 5 years
TN subject to approval in ANEEL board meeting
New Price Reference approved by Resolution 2,514/2019
Price Reference constructed based on investments in the sector between 2013 and 2017
Evaluation report of assets should be presented to ANEEL in mid July of 2019 (ANEEL dispatch 1,140/2019)
Next steps: ANEEL auditing of the report
Opening of Public Hearing 09/2019 and publication of Technical Note 37/2019
Increase of WACC from 6.64% to 7.32%
Contributions sent to Public Hearing on 04/22/2019
Contributions are in analysis
Technical Note 215/2018
Fixed revenue throughout the tariff cycle
ANEEL proposal based on investments realized in the last years
Annual revenue proposed of approximately BRL 10 million/year
Minor improvements
10 PROJECTS UNDER CONSTRUCTION WILL ADD BRL 490 MILLION OF REVENUE¹
CapEx ISA CTEEP: BRL 2.9 billion²
Extension of lines: +2 thousand km³
Capacity: +8 thousand MVA²
Note: ¹ 2019/2020 RAP Cycle proportional to ISA CTEEP’s participation ²Total CapEx ANEEL of BRL 5.2 billion ³ Considers information of the project (100%)
IE Itaquerê (100%) 3 Synchronous Components (Araraquara Substation) CAPEX ANEEL: BRL 398 million Revenue: BRL 51 million Deadline ANEEL: Aug/21
IE Aguapeí (100%) TL: 111 km Substation: 1,400 MVA CAPEX ANEEL: BRL 602 million Revenue: BRL 59 million Deadline ANEEL: Aug/21
IE Paraguaçu (50%)³ TL: 338 km Substation: none CAPEX ANEEL: BRL 510 million Revenue: BRL 118 million Deadline ANEEL: Feb/22
IE Itaúnas (100%) TL: 79 km Substation: 1,197 MVA 1 Static Component CAPEX ANEEL: BRL 298 million Revenue: BRL 52 million Deadline ANEEL: Feb/22
IE Aimorés (50%)³ TL: 208 km Substation: none CAPEX ANEEL: BRL 342 million Revenue: BRL 80 million Deadline ANEEL: Feb/22
IE Itapura – Bauru (100%) 1 Static Component (Bauru Substation) CAPEX ANEEL: BRL 126 million Revenue: BRL 12 million Deadline ANEEL : Feb/21
IE Tibagi (100%) TL: 36 km Substation: 1000 MVA CAPEX ANEEL: BRL 135 million Revenue: BRL 20 million Deadline ANEEL: Aug/21
IE Ivaí (50%)³ TL: 1,200 km (230/500 kV) Substation: 2,988 MVA CAPEX ANEEL: BRL 1,937 million Revenue: BRL 292 million Deadline ANEEL: Aug/22
Substation
Line Entrance
Transmission Lines (TL)
Under construction
IE Itapura - Lorena (100%) TL: 6 km Substation : 1,200 MVA CAPEX ANEEL: BRL 238 million Revenue: BRL 10 million Deadline ANEEL : Sep/22
IE Biguaçú (100%) TL: 57 km Substation: 300 MVA CAPEX ANEEL: BRL 641 million Revenue: BRL 40 million Deadline ANEEL : Sep/23
GROWTH OPPORTUNITIES
TO CREATE VALUE GREENFIELD PROJECTS AND RETROFITTING
M&A Constantly evaluating market opportunities for consolidation
2027 Decennial Energy Plan
Increase of around 55 thousand km of new transmission lines
Investment in transmission
Organic growth opportunity from BRL 70 billion to BRL 110 billion
BRL 38 billion in auctions
2019 Auction
December of 2019
13 lots in 12 States
2,380 km of lines
Investment of ~BRL 4 billion
ISA CTEEP in the Transmission Sector
Sustainable Value
Financial Highlights
ISA CTEEP
51% 76% 83% 78%
NET REVENUE (BRL MILLION)
247
747 691
716
758 874
172 135
129
2017 2016
143
1,620
201 188
1,778
2018
1,378
182
LTM¹
955
2,767 2,681
181%
180 177 220
747
220
267
416 340
73
488
157
2018 2016
120 148
1,620
2017
1,378
158
LTM¹
1,351
2,286 2,096
330%
439 472 490
541
2016
22 19 9 15 26
2017
24 24
2018
24
LTM¹
467 509 538
591
27%
246
635
2016 2018 2017 LTM¹
1,290
1,117
354%
RBSE
O&M
Subsidiaries
New Investments
REGULATORY RESULTS HIGHLIGHTS
STRONG CASH GENERATION BOOSTED BY RBSE
O&M COSTS² (BRL MILLION)
EBITDA ICVM 527 (BRL MILLION) NET INCOME (BRL MILLION) EBITDA Margin
Note: ¹ Last 12 months ending on 06/30/2019
² Costs do not consider depreciation and contingencies
Net Revenue and EBITDA include only 100% owned subsidiaries. Shared control companies are accounted as equity shareholder.
SOLID DEBT PROFILE WITH
Debt Amortization Schedule (BRL million) Debt Breakdown
48%
19%
33%
Local bonds - CDI/IPCA BNDES - TJLP Others
Debt Profile on 06/30/2019
Gross Debt: BRL 3.1 billion
Average cost: 7.7% p.a
Average term: 3.5 years
Net Debt / EBITDA: 0.8x
Investment Grade by Fitch: AAA(bra)
270 245
82 77
387
921
51
2019 2025-2029 2010 2030+ 2021 2022 2023 2024
1,062
Note: ¹Net Debt/ EBITDA considering IE Madeira and IE Garanhuns figures reaches 1.2x
Average term considering IE Madeira and IE Garanhuns figures reaches 4.5 years
Note: ¹ The Company registered net loss due to the provision for losses related to Law 4,819/58
Strong cash generation allows higher dividends
(BRL million)
Regulatory Payout
91% 136% 101% 92% 154%
Minimum payout of 75% of regulatory net income limited to the financial covenant of 3.0x Net Debt/EBITDA
Proceeds via interest on capital and dividends payments
Dividend yield of 2.3% in 1H19
79%
226
335
247
585
2017
1,985
2015 1H19 2016 2018 2014
370
68
70
72
74
76
78
80
82
84
86
DOES NOT REFLECT ISA CTEEP’S CASH GENERATION
COVERAGE TARGET PRICE
(BRL/share) RATING
HBSC 24 Hold
Citi 24 Hold
JP Morgan 23 Sell
Brasil Plural 23 Sell
XP Investimentos 22 Hold
Itaú BBA 21 Hold
Bradesco 21 Hold
BTG 20 Hold
Safra 19 Hold
Merrill Lynch 19 Hold
Santander 18 Hold
Banco do Brasil 17 Sell
Average Target Price BRL 21
TARGET PRICE (BRL)
16
17
18
19
20
21
22
23
24
25
Hold Buy Sell
Itaú BBA
Merrill Lynch
Safra
Citi
JP Morgan
XP
Santander
Bradesco
Banco do Brasil
HSBC
Brasil Plural
BTG