Equatorial Maranhão Distribuidora de Energia S.A (EQMA3B) Fair Value & Analysis
Utilities · BR · Market cap R$4.9B
Fair value as of: Jul 13, 2026
From 25 valuation models · updated 27 days ago
Share price −3.9% over the past month.
A solid business, screening 191% undervalued on our models.
What matters now
- The price is below even our cautious bear case (R$44.99). The market is more pessimistic than our downside scenario.
- Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (R$44.99 to R$104.84) 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 13, 2026.
How to read this chart
60‑month range R$19.77 – R$43.05 · fair‑value band R$44.99 – R$104.84 · the R$28.86 price screens below the R$83.87 fair value. Dashed = 300-day average. As of Jul 13, 2026.
Analysis
Equatorial Maranhão Distribuidora de Energia S.A (EQMA3B) currently trades at R$28.86, while our model-based Fair Value estimate is R$83.87, implying the stock looks roughly 190.6% undervalued today. The Quality Score stands at 59/100 (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, Equatorial Maranhão Distribuidora de Energia S.A generated revenue of R$7.2B at a net margin of 12.3%. Revenue grew 13.4% year over year. It earns a return on equity of 19.8%. Net debt stands at R$4.1B. Fundamentals as of Jul 13, 2026
Our scenario range runs from R$44.99 (bear case) to R$104.84 (bull case); at R$28.86, 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 19% below its 52-week high and 14% 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 191%, EQMA3B 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.
All 25 models by family
Widest divergence: DCF Models (R$89.73) versus Asset-Based (R$18.37). Highest evidence: Growth DCF (80).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 57 · Market factors (momentum, volatility) 45
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
Equatorial Maranhão Distribuidora de Energia S.A. provides electricity distribution services in the state of Maranhão, Brazil. It serves residential, industrial, and commercial customers. The company was formerly known as Companhia Energética do Maranhão " CEMAR and changed it to Equatorial Maranhão Distribuidora de Energia S.A. in September 2019.
Full company description
Equatorial Maranhão Distribuidora de Energia S.A. provides electricity distribution services in the state of Maranhão, Brazil. It serves residential, industrial, and commercial customers. The company was formerly known as Companhia Energética do Maranhão " CEMAR and changed it to Equatorial Maranhão Distribuidora de Energia S.A. in September 2019. The company was founded in 1958 and is headquartered in São Luís, Brazil. Equatorial Maranhão Distribuidora de Energia S.A. is a subsidiary of Equatorial Energia Distribuição S.A.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Equatorial Maranhão Distribuidora de Energia S.A reported revenue of R$7.0B in FY2025 versus R$5.4B in FY2021, a compound +6.7%/yr. Reported net income was R$752M in FY2025, compounding −5.5%/yr from FY2021.
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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.
Valuation Multiples vs Utilities - Regulated Electric 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.
Insider activity: 25/100
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.
Similar stocks
10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Jul 13, 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
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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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