Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3) fair value: what the stock is really worth
We calculate from audited financials what Companhiade Eletricidade do Estado da Bahia - COELBA is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily, free.
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CECompanhiade Eletricidade do Estado da Bahia - COELBACEEB3 · SA
PriceR$46.58
Fair ValueR$95.09
Upside+104.1%
Quality46/100
Below-average quality, trading 51% below our fair value of R$95.09.
As of Aug 23, 2026, the fair value of Companhiade Eletricidade do Estado da Bahia - COELBA is R$95.09 per share against a price of R$46.58, so the fair value sits 104% above the price. A model estimate from reported figures, not an analyst target.
!Expensive Growth (revenue 5y +10.2 %/yr)
!Thin margins · 9.8% net margin
!High debt · generates free cash flow
·12.21% dividend yield
✓Ranks above peers (12/15)
✓Wide moat 69/100
Evidence: HighRange R$56.73 to R$167.74
Fair value as of: Aug 23, 2026
From 25 valuation models · updated 19 days ago
Share price +1.5% over the past month.
This is the short version. In the app for Companhiade Eletricidade do Estado da Bahia - COELBA:
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69 individual criteria per stock, every one traceable See the method →
What matters now
The price is below even our cautious bear case (R$56.73). The market is more pessimistic than our downside scenario.
The model range is unusually wide (R$56.73 to R$167.74). The outcome hinges heavily on assumptions, so read the point estimate with caution.
Solid quality (46/100) at a price below fair value, the discount is the argument here, not the business quality.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 23, 2026.
How to read this chart
60‑month range R$18.87 – R$49.45 · fair‑value band R$56.73 – R$167.74 · the R$46.58 price screens below the R$95.09 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 23, 2026.
Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3) currently trades at R$46.58, while our model-based Fair Value estimate is R$95.09, implying the stock looks roughly 51.0% undervalued today. The Quality Score stands at 46/100 (below-average quality), in the Utilities sector. Bull case: the Multiples group reads highest at a median of R$126.74 per share, and 24 of the 25 models we run sit above the R$46.58 price. Bear case: the Asset-Based group reads lowest at R$20.06, and 1 of the 25 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Companhiade Eletricidade do Estado da Bahia - COELBA generated revenue of R$18.4B at a net margin of 10.6%. Revenue grew 0.5% year over year. It earns a return on equity of 25.6%. Net debt stands at R$18.0B. Fundamentals as of Aug 23, 2026
Scenario range: R$56.73 (bear) to R$167.74 (bull), the price of R$46.58 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target. The share trades about 8% below its 52-week high and 52% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at −38% fair-value upside, at 104%, CEEB3 screens cheaper than that median.
Fair Value models
Based on fiscal year 2025 figures (about 8 months old). Earnings retained since then (R$12.30 per share) are deliberately not added.
Each model values the company its own way; the fair value above is the evidence-weighted blend. Evidence (0 to 100) shows how complete a model's inputs are. How we calculate →
ModelBear ⓘ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
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Key figures & financial health
P/E ratio2.0as of Jul 12, 2026
P/S ratio0.21P/E × margin
EPS (TTM)R$23.43price ÷ EPS = P/E 2.0
Dividend yield12.2%payout 24.3%
Net margin10.6%FY2025
Return on equity23.5%TTM
More key figures
Profitability
Return on assets (EBIT)12.5%avg 5y
Operating margin24.4%TTM
Growth
Revenue (TTM)R$19.1BTTM
Revenue growth (YoY)+17.7%3y avg +14.8%
EPS growth (YoY)−16.8%
Balance sheet & cash flow
Free cash flowR$1.8BFY2025
Net debtR$18.0BFY2025 · ≈ 10.2 yrs of FCF
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Overall quality46/100
Of which business quality 41
· Market factors (momentum, volatility) 71
Profitability48
Margins and returns on capital today
Quality Growth57
Are margins and returns improving?
Cashflow29
Earnings quality: real cash, not paper profit
Fin. Strength14
Balance sheet, leverage, solvency risk
Investment30
Disciplined investing over empire-building
Low Volatility84
Calm price path (market factor)
Momentum56
Price trend over the last 3–12 months (market factor)
52W Momentum82
Distance to the 52-week high (market factor)
Net Issuance82
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.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Companhia de Eletricidade do Estado da Bahia - COELBA engages in the distribution of electricity. The company was founded in 1960 and is headquartered in Salvador, Brazil. Companhia de Eletricidade do Estado da Bahia - COELBA operates as a subsidiary of Iberdrola, S.A.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Companhiade Eletricidade do Estado da Bahia - COELBA reported revenue of R$18.4B in FY2025 versus R$13.0B in FY2021, a compound +9.1%/yr. Reported net income was R$2.0B in FY2025, compounding +4.0%/yr from FY2021.
Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
R$18.4B
Latest YoY
+11.2%
Avg. revenue 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.
+14.8%
Avg. revenue 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.
+10.2%
Avg. revenue growth/yr (25Y) ⓘ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.
+10.4%
Value creation/yr (5Y, in BRL) ⓘEarnings growth per share (CAGR 5 years) plus dividend yield: value created per share and year. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+22.1%
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+9.9%
Dividend yield12.2%
Trend ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.5Y 9.9% vs 10Y 14.4%, flattening
Operating margin (EBIT) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.16.6% (2020) → 23.5% (2025) · rising
Worst earnings drop59% (2017) · in BRL
Revenue+9.1%/yr
FY21R$13.0B
FY22R$12.1B
FY23R$15.2B
FY24R$16.5B
FY25R$18.4B
Net income+4.0%/yr
FY21R$1.7B
FY22R$1.6B
FY23R$1.8B
FY24R$1.8B
FY25R$2.0B
Character of growth · EPS growth decomposed (2014-2025)+15.9 % p.a.
Revenue per share+7.5 %
of which total revenue +11.1 % · buybacks/dilution −3.2 %
EBIT margin+7.5 %
Tax rate+0.4 %
Residual (interest, one-offs)−0.1 %
Annual growth per factor. These are factors, not summands: multiplied they give the EPS growth rate, added they do not quite. Start and end points are 3-year averages (details on hover).
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Companhiade Eletricidade do Estado da Bahia - COELBA Fair Value". https://www.fairvalue-calculator.com/stock/CEEB3
Peer Group
Utilities - Regulated Electric · 155 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.
Valuation
Quality Score46 · Below median
Fair Value upside+102% · Top 25%
Profitability
Return on equity (TTM)23% · Top 25%
Return on assets8% · Top 25%
Net margin (TTM)10% · Below median
Operating margin (TTM)24% · Above median
Growth and dividend
Revenue growth18% · Top 25%
Dividend yield (TTM)12.2% · Top 25%
Balance sheet
Debt / equity2.29× · Highest 25%
Valuation Multiples vs Utilities - Regulated Electric median · lower = cheaper
P/E (TTM)2.0× · Cheapest 25%
P/B0.31× · Cheapest 25%
P/S (TTM)0.13× · Cheapest 25%
P/FCF1.4× · Cheaper than median
EV/EBITDA3.4× · Cheapest 25%
PEG1.22× · Cheapest 25%
What the price implies (reverse DCF)
The inverse question: what free-cash-flow growth must Companhiade Eletricidade do Estado da Bahia - COELBA deliver for ten years so that today's price is fair in our DCF model? Same formula, same discount rate as the fair value.
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.
This stockSector peers
VALUE100· sector 3
FUTURE89· sector 32
PAST94· sector 39
HEALTH0· sector 53
DIVIDEND100· sector 64
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
Similar stocks
10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
Is Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3) overvalued or undervalued?
As of Aug 23, 2026, our model estimates a fair value of R$95.09 versus a price of R$46.58, about +104% upside (undervalued).
What is the fair value of CEEB3?
Our model-based fair value for Companhiade Eletricidade do Estado da Bahia - COELBA is R$95.09 (as of Aug 23, 2026), built from audited fundamentals. The current price: R$46.58.
What is the quality score of CEEB3?
Companhiade Eletricidade do Estado da Bahia - COELBA has a Quality Score of 46/100. 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 price target for Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3)?
Our model-based price target is the fair value of R$95.09 (as of Aug 23, 2026) from 25 valuation models. Cautious scenario R$56.73, optimistic scenario R$167.74. It is a calculation from audited fundamentals, not an analyst target.
What is the Companhiade Eletricidade do Estado da Bahia - COELBA stock forecast for 2026?
Our models put fair value at R$95.09, about +104% upside versus a price of R$46.58 (undervalued). Cautious scenario R$56.73, optimistic scenario R$167.74. The calculation is refreshed regularly with new filings.
What is the revenue of Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3)?
Companhiade Eletricidade do Estado da Bahia - COELBA reported trailing-twelve-month revenue of about R$18.4B (latest available figure, as of Aug 23, 2026).
What is the net profit margin of CEEB3?
The net profit margin of Companhiade Eletricidade do Estado da Bahia - COELBA is about 10.6%, meaning it keeps roughly 10.6% of revenue as net income. Based on the latest reported figures.
Does Companhiade Eletricidade do Estado da Bahia - COELBA pay a dividend?
Companhiade Eletricidade do Estado da Bahia - COELBA currently shows a dividend yield of about 12.21% relative to its recent price (as of Aug 23, 2026).
What growth is priced into Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3)?
For today's price to be fair in a discounted-cash-flow model, Companhiade Eletricidade do Estado da Bahia - COELBA would have to grow free cash flow by +8.1 % per year for ten years (discount rate 11.2 %, then 2 % perpetual growth). Over the last 5 years revenue grew +10.2 % per year. As of Aug 23, 2026.
What discount rate (WACC) does the fair value of CEEB3 use?
Our models discount Companhiade Eletricidade do Estado da Bahia - COELBA at 11.2 %: a base by market capitalisation (mid), damped by beta 0.12, country premium for Brazil. The same rate applies in all 26 models.
What is the intrinsic value of Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Companhiade Eletricidade do Estado da Bahia - COELBA it is R$95.09 per share (as of Aug 23, 2026), against a price of R$46.58. It is the blended result of 25 valuation models (cash flow, earnings, asset, dividend).
Is Companhiade Eletricidade do Estado da Bahia - COELBA stock overvalued or undervalued in 2026?
As of Aug 23, 2026, CEEB3 trades below its calculated fair value: price R$46.58, fair value R$95.09, a gap of about +104% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CEEB3?
No. The price is what the market pays today (R$46.58); the fair value is what the company's own numbers justify (R$95.09). For Companhiade Eletricidade do Estado da Bahia - COELBA the two are R$48.51 per share apart. That gap is exactly why we show both numbers side by side.
How much is Companhiade Eletricidade do Estado da Bahia - COELBA worth?
The market values Companhiade Eletricidade do Estado da Bahia - COELBA at about R$12.2B (market capitalisation, as of Aug 23, 2026). Per share that is R$46.58; our models calculate a fair value of R$95.09 per share.
What do the bullish and bearish scenarios say about CEEB3?
Our models span a range for Companhiade Eletricidade do Estado da Bahia - COELBA: cautious scenario R$56.73, base R$95.09, optimistic R$167.74 per share (as of Aug 23, 2026, price R$46.58). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CEEB3?
Companhiade Eletricidade do Estado da Bahia - COELBA trades at a price-to-earnings ratio of 2.0 (as of Aug 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$95.09 is built from several models across several years. Other multiples: PEG 1.2, P/B 0.3, P/S 0.1, EV/EBITDA 3.4.
What is the PEG ratio of CEEB3?
The PEG ratio of Companhiade Eletricidade do Estado da Bahia - COELBA is 1.22 (P/E divided by earnings growth, as of Aug 23, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3)?
Balance-sheet figures for Companhiade Eletricidade do Estado da Bahia - COELBA (as of Aug 23, 2026): return on equity 23.5%, debt of 2.29 per unit of equity. They feed the Quality Score of 46/100, which measures business quality independently of the share price.
How far is CEEB3 from its 52-week high?
Companhiade Eletricidade do Estado da Bahia - COELBA trades at R$46.58, about 8% below its 52-week high of R$50.75 and 52% above the low of R$30.56 (as of Aug 23, 2026). Distance from the high says nothing about value: that is what the fair value of R$95.09 is for.
Which stocks are comparable to Companhiade Eletricidade do Estado da Bahia - COELBA?
From the same area (Utilities) we also value NextEra Energy, Inc, The Southern Company, Duke Energy Corporation, National Grid plc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Companhiade Eletricidade do Estado da Bahia - COELBA stock attractive at the current price?
The data as of Aug 23, 2026: price R$46.58, calculated fair value R$95.09 (+104%), Quality Score 46/100, from 25 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CEEB3 calculated?
We run Companhiade Eletricidade do Estado da Bahia - COELBA through 25 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$95.09, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 32.6 % above its aggregate fair value. Companhiade Eletricidade do Estado da Bahia - COELBA currently trades 104 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on <a href="/is-it-worth-investing-now/">is it worth investing now</a>.
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