Companhia de Gás de São Paulo " COMGÁS (CGAS3) Fair Value & Analysis

Utilities · BR · Market cap R$16.6B

A solid business, screening 69% undervalued on our models.

What matters now

• The price is below even our cautious bear case (R$145.48). The market is more pessimistic than our downside scenario.
• Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality.
• A fairly wide model range (R$145.48 to R$262.57) leaves room in how you read the outcome.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range R$72.07 – R$143.06 · fair‑value band R$145.48 – R$262.57 · the R$124.60 price screens below the R$210.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.

Full chart & analysis →

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Analysis

Companhia de Gás de São Paulo " COMGÁS (CGAS3) currently trades at R$124.60, while our model-based Fair Value estimate is R$210.05, implying the stock looks roughly 68.6% undervalued today. The Quality Score stands at 67/100 (solid 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: high), always confirm before acting.

Over the trailing twelve months, Companhia de Gás de São Paulo " COMGÁS generated revenue of R$10.7B at a net margin of 14.4%. Revenue declined 30.1% year over year. It earns a return on equity of 98.0%. Net debt stands at R$8.3B. Fundamentals as of Jul 20, 2026

Our scenario range runs from R$145.48 (bear case) to R$262.57 (bull case); at R$124.60, the current price sits below 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 14% below its 52-week high and 12% above its 52-week low, currently below its 200-day average. For context, the median of 10 Utilities peers we cover trades at -19% fair-value upside, at 69%, CGAS3 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.

Widest divergence: DCF Models (R$228.04) versus Asset-Based (R$7.29). Highest evidence: Growth DCF (80).

Key figures & financial health

Quality Score breakdown

About the company

Companhia de Gás de São Paulo " COMGÁS operates as a piped natural gas distributor in Brazil. The company's concession area covers approximately 180 municipalities in the São Paulo and Greater São Paulo regions. It serves industrial, residential, commercial, automotive, thermogeneration, and cogeneration categories markets.

Full company description

Companhia de Gás de São Paulo " COMGÁS operates as a piped natural gas distributor in Brazil. The company's concession area covers approximately 180 municipalities in the São Paulo and Greater São Paulo regions. It serves industrial, residential, commercial, automotive, thermogeneration, and cogeneration categories markets. The company was formerly known as Companhia Municipal de Gás (Comgás) and changed its name to Companhia de Gás de São Paulo - COMGÁS in 1974. The company was incorporated in 1872 and is headquartered in São Paulo, Brazil. Companhia de Gás de São Paulo " COMGÁS is a subsidiary of Compass Gas e Energia S.A.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Companhia de Gás de São Paulo " COMGÁS reported revenue of R$11.6B in FY2025 versus R$11.7B in FY2021, a compound −0.3%/yr. Reported net income was R$1.5B in FY2025, compounding −7.6%/yr from FY2021.

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Peer Group

Utilities - Regulated Gas · 104 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 Multiples vs Utilities - Regulated Gas median · lower = cheaper

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.

Values & ESG

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

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

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Frequently asked questions

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.