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Preferred-share ADR of Cemig, the Brazilian regulated electric utility for the state of Minas Gerais.
Preferred-share ADR of Cemig, the Brazilian regulated electric utility for the state of Minas Gerais.
These preferred shares have priority in dividends but, under Brazil's two-class share structure, no voting rights, so control stays with the Minas Gerais state government through the ordinary shares. Distribution tariffs are set by the regulator, ANEEL, so allowed returns on the network drive earnings.
Moat: narrow (regulatory licence, scale). Regulated concession territory with a large hydroelectric generation base.
Headquarters: Belo Horizonte, Brazil · Founded: 1952 · Employees: 5,320
Size Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd (CIG) is a United States Utilities company (Electric Utilities) with a market value of $6.45B, the 1010th largest of 3,117 United States companies the cockpit tracks. Shares closed at $1.86 on 6 Nov 2026.
Performance Over six months the shares fell 22.8%, against -4.5% for the median peer and -1.1% for the United States market (cap-weighted) — 4th lowest of 21 in its peer set.
Growth Revenue grew 12.9% over the last twelve months (peer median +8.0%); the operating margin is 12.7% (peer median 17.3%).
Valuation It trades at 9.0× forward earnings against a peer median of 16.6× (cheapest of 21).
Price implies For today's price to make sense, revenue must grow about -2% a year for seven years (Req g). Recent delivered growth is +9%, so the hurdle is -11 pp: the price already allows for a slowdown.
Capital Return on invested capital runs 1.2 points above its cost of capital (7.6% WACC).
Short interest Short interest is 0.1% of the free float (15 Oct 2026).
Next results Next results expected around 12 Nov 2026 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $8.28B | $7.65B | $7.39B | $7.38B | $6.67B |
| Revenue growth | — | +4% | 0% | +11% | — |
| Gross profit | $1.26B | $1.29B | $1.42B | $1.52B | $1.30B |
| EBITDA | $1.36B | $1.35B | $1.50B | $1.59B | $1.37B |
| Net income | $867M | $877M | $1.32B | $1.15B | $792M |
| Free cash flow | $565M | $605M | $895M | $1.11B | $1.25B |
| Capital expenditure | $157M | $193M | $171M | $253M | $56.6M |
| Total debt | $4.40B | $3.63B | $2.06B | $2.11B | $2.07B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% |
| Companhia Paranaense de Energia Sponsored ADR ELPC | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | CIG | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | -21.2% | +0.2% | 2nd lowest of 21 |
| 6-month return | -22.8% | -4.5% | 4th lowest of 21 |
| Distance from 52-week high | -32.6% | -19.9% | 6th lowest of 21 |
| Revenue growth (TTM) | +12.9% | +8.0% | 8th highest of 21 |
| Operating margin | 12.7% | 17.3% | 8th lowest of 21 |
| Forward P/E | 9.0× | 16.6× | cheapest of 21 |
| Growth the price implies (Req g, 7 yrs) | -1.6% | 0.0% | 7th least demanding of 13 |
| Growth delivered (Del g) | +9.4% | +7.1% | 5th highest of 13 |
| Hurdle (Req g minus delivered) | -10.9 pp | -7.1 pp | 4th least demanding of 13 |
| ROIC minus cost of capital | +1.2 pp | -0.9 pp | 5th highest of 21 |
| EV / EBITDA | 7.5× | 11.7× | 2nd cheapest of 15 |
| Net debt / EBITDA | 2.8× | 4.9× | 2nd least indebted of 15 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| Companhia Energetica de Minas Gerais SA Sponsored ADR Pfd CIG | United States | $6.45B | -23% | +13% | 13% | 9.0× | -1.6% | +9.4% |
| TXNM Energy TXNM | United States | $6.41B | -1% | +10% | 24% | 22.5× | n/a | n/a |
| Shenergy 600642.SS | China | $6.64B | +1% | -2% | 12% | 12.6× | -1.6% | +7.2% |
| ATCO ACO-X.TO | Canada | $6.15B | +25% | +5% | 12% | 16.8× | 15.0% | +5.5% |
| YTL 1773.T | Japan | $6.14B | +1% | +19% | 19% | 12.5× | n/a | n/a |
| Hera HER.MI | Italy | $6.14B | -3% | -11% | 8% | 11.9× | -8.9% | +12.6% |
| Torrent Power TORNTPOWER.NS | India | $6.78B | -26% | +8% | 13% | 23.3× | n/a | n/a |
| Enel Chile SA Sponsored ADR ENIC | United States | $6.06B | -6% | +16% | 19% | 9.4× | 3.4% | +6.9% |
| HK Electric Investments & HK Electric Investments 2638.HK | Hong Kong | $6.99B | -3% | +4% | 42% | 17.1× | 3.5% | +3.1% |
| Capital Power CPX.TO | Canada | $7.13B | -4% | +25% | 10% | 19.5× | 18.9% | +11.8% |
| SPIC Hydropower 600292.SS | China | $7.26B | -34% | +301% | 28% | 72.6× | -6.8% | +27.0% |
| Inner Mongolia MengDian HuaNeng Thermal Power 600863.SS | China | $7.35B | +16% | -3% | 16% | 18.4× | -1.9% | +6.5% |
| Ormat Technologies ORA | United States | $5.65B | -24% | +31% | 19% | 41.2× | n/a | n/a |
| China Southern Power Grid Energy Storage 600995.SS | China | $5.48B | -21% | +18% | 41% | 18.7× | n/a | n/a |
| Portland General Electric POR | United States | $5.47B | -5% | +3% | 16% | 12.9× | n/a | n/a |
| Sembcorp Industries U96.SI | Singapore | $7.91B | -8% | +8% | 11% | 11.5× | n/a | n/a |
| Companhia Paranaense de Energia Sponsored ADR ELPC | United States | $7.92B | -15% | +27% | 19% | 16.3× | -5.5% | +5.3% |
| Acea ACE.MI | Italy | $5.14B | -7% | -21% | 26% | 14.3× | 5.8% | -3.3% |
| Bkw BKW.SW | Switzerland | $8.12B | -17% | -5% | 11% | 14.1× | 1.6% | +7.4% |
| NorthWestern Energy NWE | United States | $5.09B | +14% | +11% | 19% | 20.6× | n/a | n/a |
| Beijing Jingneng Power 600578.SS | China | $5.06B | +3% | -6% | 11% | 11.0× | -2.8% | +12.2% |