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CEBR3 Fair Value & Analysis

Utilities · BR · Market cap R$1.8B

C CEBR3 CEBR3 · SA
PriceR$24.00
Fair ValueR$26.94
Upside+12.3%
Quality79/100
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Healthy Growth
Highly profitable · 34.9% net margin
Low debt · generates free cash flow
Ranks above peers (9/15)
Wide moat 72/100
Evidence: Medium Range R$21.68 – R$34.37 Share as image

Fair value as of: Jul 14, 2026

From 24 valuation models · updated 27 days ago

Fair value updated Jul 14, 2026, revised from R$25.40 to R$26.94 (+6.1%) since Jul 5, 2026. Share price −2.9% over the past month.

A strong business, screening 12% undervalued on our models.

What matters now

  • Our model range runs from R$21.68 (bear) to R$34.37 (bull), base R$26.94. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 79/100 (high quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

R$34.52 R$5.36 Fair Value R$26.94 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range R$5.36 – R$34.52 · fair‑value band R$21.68 – R$34.37 · the R$24.00 price screens below the R$26.94 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

CEBR3 (CEBR3) currently trades at R$24.00, while our model-based Fair Value estimate is R$26.94, implying the stock looks roughly 12.3% undervalued today. The Quality Score stands at 79/100 (high quality), in the Utilities sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, CEBR3 generated revenue of R$478M at a net margin of 34.9%. Revenue declined 23.5% year over year. It earns a return on equity of 16.6%. The balance sheet holds a net cash position of R$425M. Fundamentals as of Jul 14, 2026

Our scenario range runs from R$21.68 (bear case) to R$34.37 (bull case); at R$24.00, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 32% below its 52-week high and 64% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at 12%, CEBR3 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF R$19.40 R$22.78 R$28.36 80
Residual Income R$14.14 R$17.22 R$33.77 76
Rev-Margin DCF R$18.08 R$23.24 R$29.84 74
All 24 models by family
DCF Models
FCF DCF R$19.06 R$22.59 R$28.95 38
Owner Earnings R$25.35 R$30.56 R$39.97 31
5Y Revenue Exit R$18.08 R$22.96 R$30.19 39
5Y EBITDA Exit R$19.32 R$25.06 R$32.81 41
5Y P/E Exit R$28.66 R$40.91 R$55.72 38
10Y Revenue Exit R$18.12 R$22.18 R$26.72 36
10Y EBITDA Exit R$19.10 R$23.44 R$28.28 37
10Y P/E Exit R$24.34 R$33.00 R$41.92 35
Earnings-Based
Graham-Dodd R$17.51 R$29.30 R$35.63 54
EPV R$14.66 R$15.85 R$16.85 59
Dividend Discount
Gordon GGM R$42.85 R$51.26 R$59.50 70
DDM Multi-Stage R$42.85 R$54.42 R$67.11 61
Multiples
P/E Multiple R$34.76 R$46.34 R$57.93 63
P/S Multiple R$13.27 R$17.70 R$22.12 58
P/B Multiple R$17.13 R$22.84 R$28.55 55
EV/EBIT R$28.33 R$35.80 R$43.28 53
EV/EBITDA R$21.68 R$26.94 R$32.20 54
EV/Revenue R$18.28 R$23.59 R$28.90 43
Asset-Based
NCAV (Graham) R$6.34 R$8.50 R$12.69 50
Growth DCF
Growth DCF R$19.40 R$22.78 R$28.36 80
Rev-Margin DCF R$18.08 R$23.24 R$29.84 74
Economic Profit
Residual Income R$14.14 R$17.22 R$33.77 76
ROIC Compounder R$14.74 R$16.11 R$17.54 72
Growth Earnings
Growth-Adj P/E R$24.70 R$35.28 R$45.87 68

Widest divergence: Dividend Discount (R$51.26) versus Asset-Based (R$8.50). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) R$478M
Revenue growth (YoY) -23.5%
Net margin 34.9%
Return on equity 16.6%
Free cash flow R$113M FY2025
P/E ratio 12.3
More key figures
Operating margin 27.4%
EPS (TTM) R$2.22
EPS growth (YoY) -37.6%
Net cash R$425M FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 79/100

Of which business quality 76 · Market factors (momentum, volatility) 61

Profitability 61
Margins and returns on capital today
Quality Growth 54
Are margins and returns improving?
Cashflow 69
Earnings quality: real cash, not paper profit
Fin. Strength 100
Balance sheet, leverage, solvency risk
Investment 94
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 69
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Companhia Energética de Brasília - CEB, through its subsidiaries, generates and distributes electrical energy and gas in Brazil. The company operates through Power Generation, Commercialization of Electric Energy, Public Lighting, and Others segments.

Full company description

Companhia Energética de Brasília - CEB, through its subsidiaries, generates and distributes electrical energy and gas in Brazil. The company operates through Power Generation, Commercialization of Electric Energy, Public Lighting, and Others segments. The company produces electrical energy from hydraulic power plants; distributes piped gas; public lighting services; and provides maintenance and expansion services. It is also involved in the provision of services for the preparation of studies; engineering projects; execution of works for the implementation, expansion, renovation, or maintenance of overhead and underground electricity transmission and distribution networks; and installation of public lighting systems and electrical building. The company was formerly known as Companhia de Eletricidade de Brasília and changed its name to Companhia Energética de Brasília " CEB in 1992. Companhia Energética de Brasília " CEB was founded in 1968 and is headquartered in Brasília, Brazil.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

CEBR3 reported revenue of R$510M in FY2025 versus R$343M in FY2021, a compound +10.4%/yr. Reported net income was R$186M in FY2025, compounding −37.9%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
R$510M
Latest YoY
+45.7%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+16.6%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.9%
Avg. growth/yr (19Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.3%
Revenue +10.4%/yr
FY21 R$343M
FY22 R$322M
FY23 R$353M
FY24 R$350M
FY25 R$510M
Net income −37.9%/yr
FY21 R$1.3B
FY22 R$196M
FY23 R$184M
FY24 R$174M
FY25 R$186M
Character of growth · EPS growth decomposed (2015-2025) +6.8 % p.a.
Revenue per share −19.8 pp

of which total revenue −18.4 pp · buybacks/dilution −1.4 pp

EBIT margin +27.2 pp
Tax rate −1.8 pp
Residual (interest, one-offs) +1.2 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "CEBR3 Fair Value". https://www.fairvalue-calculator.com/stock/CEBR3

Peer Group

Utilities - Regulated Electric · 154 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 79 · Top 25%
Fair Value upside +12% · Above median
Return on equity (TTM) 17% · Top 25%
Return on assets 5% · Top 25%
Net margin (TTM) 35% · Top 25%
Operating margin (TTM) 27% · Above median
Revenue growth -24% · Bottom 25%
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper

P/E (TTM) 11.2× · Cheaper than median
P/B 1.96× · Pricier than median
P/S (TTM) 3.75× · Pricier than 75% of peers
P/FCF 3.1× · Pricier than median
EV/EBITDA 10.8× · Pricier than median
PEG 0.87× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 50 · sector 7
FUTURE 0 · sector 32
PAST 67 · sector 39
HEALTH 100 · sector 54
DIVIDEND 0 · sector 56

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
NextEra Energy, Inc NEE $88.80 $32.94 -63%
The Southern Company SO $95.61 $61.06 -36%
Duke Energy Corporation DUK $126.11 $97.11 -23%
National Grid plc NGG 61,175 ARS 44,377 ARS -27%
American Electric Power Company AEP $132.50 $79.33 -40%
Dominion Energy, Inc D $70.08 $46.92 -33%
NTPC Limited NTPC ₹341.85 ₹377.16 +10%
CEZ, a. s. CEZ 232.40 PLN 159.33 PLN -31%
Power Grid Corporation POWERGRID ₹283.55 ₹252.77 -11%
China National Nuclear Power Co 601985 ¥8.91 ¥7.69 -14%

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Frequently asked questions

Is CEBR3 overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of R$26.94 versus a price of R$24.00, about +12% (undervalued).
What is the fair value of CEBR3?
Our model-based fair value for CEBR3 is R$26.94 (as of Jul 14, 2026), built from audited fundamentals. The current price is R$24.00.
What is the quality score of CEBR3?
CEBR3 has a Quality Score of 79/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of CEBR3?
CEBR3 reported trailing-twelve-month revenue of about R$478M (latest available figure, as of Jul 14, 2026).
What is the net profit margin of CEBR3?
The net profit margin of CEBR3 is about 34.9%, meaning it keeps roughly 34.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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