Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3) Fair Value & Analysis
Utilities · BR · Market cap R$12.4B (≈ $2.4B) · ISIN BRCEEBACNOR3
What is Companhiade Eletricidade do Estado da Bahia - COELBA really worth?
Below-average quality, trading 51% below our fair value of R$95.09.
Strengths
Risks
For context
Fair value as of: Aug 23, 2026
From 25 valuation models · updated 13 days ago
Share price +0.1% over the past month.
What runs behind every stock
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$46.45 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.
Analysis
Companhiade Eletricidade do Estado da Bahia - COELBA (CEEB3) currently trades at R$46.45, while our model-based Fair Value estimate is R$95.09, implying the stock looks roughly 51.2% 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$46.45 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
Our scenario range runs from R$56.73 (bear case) to R$167.74 (bull case); at R$46.45, 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 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 −37% fair-value upside, at 105%, CEEB3 screens cheaper than that median.
Fair Value models
This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly R$12.01 per share, which is 12.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.
All 25 models by family
Widest divergence: Multiples (R$126.74) versus Asset-Based (R$20.06). Highest evidence: EPV (72).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 23, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 41 · Market factors (momentum, volatility) 72
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.
of which total revenue +11.1 % · buybacks/dilution −3.2 %
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).
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Peer Group
Utilities - Regulated Electric · 153 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
Strength profile in five axes (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.
Similar stocks
10 more Utilities - Regulated Electric stocks, each showing price versus our Fair Value estimate (as of Aug 23, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| NextEra Energy, Inc NEE | $83.47 | $32.94 | −61% |
| The Southern Company SO | $88.25 | $58.81 | −33% |
| Duke Energy Corporation DUK | $120.25 | $74.89 | −38% |
| National Grid plc NGG | $80.68 | $63.94 | −21% |
| American Electric Power Company AEP | $122.96 | $77.23 | −37% |
| Dominion Energy, Inc D | $66.01 | $46.34 | −30% |
| Entergy Corporation ETR | $105.75 | $52.92 | −50% |
| Xcel Energy Inc XEL | $76.34 | $44.61 | −42% |
| Exelon Corporation EXC | $43.96 | $37.60 | −14% |
| Endesa, S.A ELE | €42.30 | €25.72 | −39% |
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