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Centrais Elétricas de Santa Catarina S.A (CLSC3) Fair Value & Analysis

Utilities · BR · Market cap R$4.9B

CE Centrais Elétricas de Santa Catarina S.A CLSC3 · SA
PriceR$127.82
Fair ValueR$192.67
Upside+50.7%
Quality51/100
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Expensive Growth
Thin margins · 5.9% net margin
Moderate debt · generates free cash flow
Ranks above peers (9/15)
Moderate moat 52/100
Evidence: High Range R$130.35 – R$379.71 Share as image

Fair value as of: Jul 17, 2026

From 26 valuation models · updated 23 days ago

Share price +0.4% over the past month.

A solid business, screening 51% undervalued on our models.

What matters now

  • The model range is unusually wide (R$130.35 to R$379.71). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Solid quality (51/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

R$138.98 R$36.07 Fair Value R$192.67 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range R$36.07 – R$138.98 · fair‑value band R$130.35 – R$379.71 · the R$127.82 price screens below the R$192.67 fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Centrais Elétricas de Santa Catarina S.A (CLSC3) currently trades at R$127.82, while our model-based Fair Value estimate is R$192.67, implying the stock looks roughly 50.7% undervalued today. The Quality Score stands at 51/100 (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, Centrais Elétricas de Santa Catarina S.A generated revenue of R$12.4B at a net margin of 5.9%. Revenue grew 17.5% year over year. It earns a return on equity of 18.2%. Net debt stands at R$4.6B. Fundamentals as of Jul 17, 2026

Our scenario range runs from R$130.35 (bear case) to R$379.71 (bull case); at R$127.82, 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 5% below its 52-week high and 46% above its 52-week low, currently above its 200-day average. For context, the median of 10 Utilities peers we cover trades at -27% fair-value upside, at 51%, CLSC3 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 BearBaseBull Evidence
Highest evidence
Growth DCF R$35.69 80
Residual Income R$118.82 R$154.04 R$471.26 76
Rev-Margin DCF R$64.98 R$205.54 R$373.57 74
All 26 models by family
DCF Models
FCF DCF R$39.85 38
Owner Earnings R$210.90 R$404.91 R$703.81 31
5Y Revenue Exit R$64.98 R$210.37 R$404.44 39
5Y EBITDA Exit R$73.47 R$226.83 R$413.33 41
5Y P/E Exit R$62.57 R$205.68 R$362.56 38
10Y Revenue Exit R$15.05 R$136.50 R$314.71 36
10Y EBITDA Exit R$27.79 R$147.91 R$321.58 37
10Y P/E Exit R$20.89 R$133.26 R$282.37 35
Earnings-Based
Graham-Dodd R$128.61 R$473.78 R$639.86 54
Lynch FV R$113.33 R$161.90 R$210.46 50
PEG = 1.0 R$113.33 R$161.90 R$210.46 46
EPV R$81.67 R$111.40 R$137.06 59
Dividend Discount
Gordon GGM R$65.71 R$130.92 R$198.25 70
DDM Multi-Stage R$65.71 R$113.15 R$138.20 61
Multiples
P/E Multiple R$255.33 R$340.43 R$425.54 63
P/S Multiple R$241.14 R$321.52 R$401.90 58
P/B Multiple R$138.90 R$185.20 R$231.50 55
EV/EBIT R$192.73 R$292.52 R$392.32 53
EV/EBITDA R$167.35 R$258.68 R$350.01 54
EV/Revenue R$135.51 R$239.30 R$343.08 43
Asset-Based
NCAV (Graham) R$51.44 R$68.93 R$102.89 50
Growth DCF
Growth DCF R$35.69 80
Rev-Margin DCF R$64.98 R$205.54 R$373.57 74
Economic Profit
Residual Income R$118.82 R$154.04 R$471.26 76
ROIC Compounder R$81.67 R$118.41 R$182.79 72
Growth Earnings
Growth-Adj P/E R$193.24 R$276.05 R$358.87 68

Widest divergence: Growth Earnings (R$276.05) versus Asset-Based (R$68.93). Highest evidence: Growth DCF (80).

Key figures & financial health

Revenue (TTM) R$12.4B
Revenue growth (YoY) +17.5%
Net margin 5.9%
Return on equity 18.2%
Free cash flow R$196M FY2025
P/E ratio 7.1
More key figures
Operating margin 12.0%
EPS (TTM) R$17.80
EPS growth (YoY) -0.8%
Net debt R$4.6B FY2025

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 51/100

Of which business quality 48 · Market factors (momentum, volatility) 64

Profitability 46
Margins and returns on capital today
Quality Growth 51
Are margins and returns improving?
Cashflow 32
Earnings quality: real cash, not paper profit
Fin. Strength 28
Balance sheet, leverage, solvency risk
Investment 71
Disciplined investing over empire-building
Low Volatility 78
Calm price path (market factor)
Momentum 50
Price trend over the last 3–12 months (market factor)
52W Momentum 73
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

Centrais Elétricas de Santa Catarina S.A., through its subsidiaries, engages in the generation, transmission, and sale of electrical energy in Brazil. The company primarily owns hydroelectric plants. Centrais Elétricas de Santa Catarina S.A. was founded in 1955 and is based in Florianópolis, Brazil.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Centrais Elétricas de Santa Catarina S.A reported revenue of R$11.9B in FY2025 versus R$10.7B in FY2021, a compound +2.7%/yr. Reported net income was R$729M in FY2025, compounding +6.7%/yr from FY2021.

Growth Quality 60/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
R$11.9B
Latest YoY
+12.0%
Avg. growth/yr (3Y)
+8.7%
Avg. growth/yr (5Y)
+7.7%
Avg. growth/yr (21Y)
+7.4%
Revenue +2.7%/yr
FY21 R$10.7B
FY22 R$9.3B
FY23 R$10.4B
FY24 R$10.6B
FY25 R$11.9B
Net income +6.7%/yr
FY21 R$563M
FY22 R$541M
FY23 R$557M
FY24 R$716M
FY25 R$729M

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Cite: Fair Value Calculator (2026). "Centrais Elétricas de Santa Catarina S.A Fair Value". https://www.fairvalue-calculator.com/stock/CLSC3

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 51 · Above median
Fair Value upside +51% · Top 25%
Return on equity (TTM) 18% · Top 25%
Return on assets 6% · Top 25%
Net margin (TTM) 6% · Below median
Operating margin (TTM) 12% · Below median
Revenue growth 18% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 1.14× · Higher than median

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

P/E (TTM) 7.1× · Cheaper than 75% of peers
P/B 1.24× · Cheaper than median
P/S (TTM) 0.40× · Cheaper than 75% of peers
P/FCF 4.9× · Pricier than median
EV/EBITDA 5.2× · Cheaper than median
PEG 6.01× · Pricier 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 100 · sector 7
FUTURE 88 · sector 32
PAST 73 · sector 39
HEALTH 43 · sector 54
DIVIDEND 0 · sector 56

Insider activity: 40/100

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 17, 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 Centrais Elétricas de Santa Catarina S.A (CLSC3) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of R$192.67 versus a price of R$127.82, about +51% (undervalued).
What is the fair value of CLSC3?
Our model-based fair value for Centrais Elétricas de Santa Catarina S.A is R$192.67 (as of Jul 17, 2026), built from audited fundamentals. The current price is R$127.82.
What is the quality score of CLSC3?
Centrais Elétricas de Santa Catarina S.A has a Quality Score of 51/100. 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 Centrais Elétricas de Santa Catarina S.A (CLSC3)?
Centrais Elétricas de Santa Catarina S.A reported trailing-twelve-month revenue of about R$12.4B (latest available figure, as of Jul 17, 2026).
What is the net profit margin of CLSC3?
The net profit margin of Centrais Elétricas de Santa Catarina S.A is about 5.9%, meaning it keeps roughly 5.9% 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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