Companhia Paranaense de Energia Sponsored ADR (ELPC)
NYSE:ELPC
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Companhia Paranaense de Energia Sponsored ADR
(NYSE:ELPC)
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Rating:70Outperform
Price Target:
$14.00
â–˛(5.03% Upside)
Action:Reiterated
Date:05/09/26
The score is driven by very attractive valuation (low P/E and high yield) and generally solid profitability, tempered by rising leverage and only modest cash-flow coverage versus operating profit. Technicals are mixed/neutral, while the latest earnings call supported the outlook with strong recurring results and capital discipline but acknowledged operational and hydrology-driven volatility.
Positive Factors
Integrated utility model
Copel’s vertical integration across generation, transmission and distribution delivers multiple regulated and contracted revenue streams. This diversified footprint creates durable cash-flow correlation: availability‑based transmission fees, tariff‑regulated distribution income, and contracted generation sales together reduce reliance on any single market and support steady earnings over multi‑year horizons.
Negative Factors
Rising leverage
Leverage increasing to near 1.0x debt/equity reduces balance‑sheet flexibility and heightens sensitivity to interest‑rate and liquidity shocks. For a capital‑intensive utility, elevated debt constrains capacity for additional unplanned investments or regulatory headwinds and amplifies refinancing risk during adverse market cycles, affecting multi‑year resilience.
Read all positive and negative factors
Positive Factors
Negative Factors
Integrated utility model
Copel’s vertical integration across generation, transmission and distribution delivers multiple regulated and contracted revenue streams. This diversified footprint creates durable cash-flow correlation: availability‑based transmission fees, tariff‑regulated distribution income, and contracted generation sales together reduce reliance on any single market and support steady earnings over multi‑year horizons.
Read all positive factors
Companhia Paranaense de Energia Sponsored ADR (ELPC) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$8.72B
Dividend Yield5.43%
Average Volume (3M)2.50K
Price to Earnings (P/E)4.2
Beta (1Y)0.44
Revenue Growth21.84%
EPS Growth-4.20%
CountryUS
Employees4,396
SectorUtilities
Sector Strength65
IndustryDiversified Utilities
Share Statistics
EPS (TTM)14.75
Shares Outstanding745,702,640
10 Day Avg. Volume2,293
30 Day Avg. Volume2,505
Financial Highlights & Ratios
PEG Ratio-0.21
Price to Book (P/B)0.42
Price to Sales (P/S)0.38
P/FCF Ratio3.44
Enterprise Value/Market Cap3.38
Enterprise Value/Revenue1.08
Enterprise Value/Gross Profit4.24
Enterprise Value/Ebitda4.65
Forecast
1Y Price Target
$13.10Price Target Upside-1.73% Downside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)0.77
Revenue Forecast (FY)$4.57B
Companhia Paranaense de Energia Sponsored ADR Business Overview & Revenue Model
Company Description
Companhia Paranaense de Energia - COPEL engages in the generation, transformation, distribution, and sale of electricity to industrial, residential, commercial, rural, and other customers in Brazil. The company operates through Power Generation an...
How the Company Makes Money
Copel makes money primarily by providing regulated and contractual electricity services and selling electricity. A major revenue stream comes from electricity distribution, where it earns regulated tariff revenue for delivering power to residentia...
Companhia Paranaense de Energia Sponsored ADR Earnings Call Summary
Earnings Call Date:Feb 26, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Aug 05, 2026
Earnings Call Sentiment Positive
COPEL reported a quarter with solid, recurring operating and financial performance: double-digit EBITDA growth, strong recurring net income expansion, improved debt costs, sizeable shareholder returns and clear strategic initiatives (Vision 2035, LRCAP readiness, Novo Mercado migration). These positives were tempered by hydrological pressures (low GSF, higher curtailment), increased energy purchase costs and rising operating expenses in distribution that introduced volatility and one-off effects. Overall, the company demonstrated resilience and disciplined capital allocation while managing short-term headwinds from the power market and operations.Positive Updates
Strong Consolidated EBITDA Growth
Consolidated recurring EBITDA of nearly BRL 1.4 billion in Q4 2025, up 16% year-on-year, reflecting operational resilience and balanced contribution across businesses (DISCO ~54%, GenCo+TradeCo ~46%).
Negative Updates
Adverse Hydrology Increasing Costs
Hydrological stress evidenced by a GSF of ~67% and curtailment rising to 34.2% in Q4 2025 (from 15.7% in Q4 2024), driving higher purchased energy costs (+BRL 104.7 million) and a curtailment-related negative impact of about BRL 37 million.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Consolidated EBITDA Growth
Consolidated recurring EBITDA of nearly BRL 1.4 billion in Q4 2025, up 16% year-on-year, reflecting operational resilience and balanced contribution across businesses (DISCO ~54%, GenCo+TradeCo ~46%).
Read all positive updates
Company Guidance
COPEL’s guidance emphasized upcoming value drivers and financial targets: it expects the DISCO tariff review in June 2026 to yield a new net remuneration base slightly above BRL 18.5 billion, will bid in the LRCAP on March 18 for Foz do Areia and Segredo (installation licenses and EPC precontracts in place) aiming to capture hydro capacity for 2030/31, and plans to remain net‑long through 2026 (hydro availability ~20–22%) using phased sales to capture elevated short‑term prices (Q4 PLD ~BRL 265/MWh, GSF ~67%). Capital and cash‑return guidance includes a BRL 18 billion multiyear CapEx plan over five years (Vision 2035), having invested BRL 3.4 billion in 2025 (Q4 CapEx BRL 768 million, 84% to distribution; >2 million smart meters installed), maintaining leverage near the optimal 2.7x (total debt BRL 20 billion, net debt BRL 16 billion, avg. debt cost ~87.7% of CDI, avg. amortization 4.9 years), and a shareholder‑friendly dividend stance (BRL 3.8 billion paid in 2025, aggregate payout 144%, ~14% yield, minimum payout frequency twice a year).Companhia Paranaense de Energia Sponsored ADR Financial Statement Overview
Summary
Income Statement
76
Positive
Balance Sheet
62
Positive
Cash Flow
58
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 27.27B | 25.60B | 22.65B | 21.48B | 20.54B | -13.33B |
| Gross Profit | 6.94B | 5.44B | 4.89B | 4.90B | 4.93B | -30.03B |
| EBITDA | 6.34B | 5.96B | 4.45B | 3.96B | 2.27B | 5.64B |
| Net Income | 2.72B | 2.64B | 2.81B | 2.26B | 1.11B | 4.95B |
Balance Sheet | ||||||
| Total Assets | 62.15B | 60.41B | 57.38B | 55.82B | 49.70B | 49.54B |
| Cash, Cash Equivalents and Short-Term Investments | 5.11B | 3.53B | 4.38B | 5.65B | 2.87B | 3.87B |
| Total Debt | 23.33B | 20.31B | 17.57B | 15.23B | 12.73B | 12.04B |
| Total Liabilities | 37.71B | 37.32B | 31.75B | 31.63B | 28.57B | 27.36B |
| Stockholders Equity | 23.54B | 23.13B | 25.67B | 23.89B | 20.82B | 21.84B |
Cash Flow | ||||||
| Free Cash Flow | 1.84B | 2.81B | 603.96M | 663.41M | 681.71M | 564.97M |
| Operating Cash Flow | 2.00B | 2.97B | 629.49M | 704.42M | 755.67M | 627.64M |
| Investing Cash Flow | -1.64B | -1.72B | -1.06B | -627.66M | -537.32M | 5.91M |
| Financing Cash Flow | -2.07B | -2.26B | 149.11M | 539.87M | -372.16M | -534.53M |
Companhia Paranaense de Energia Sponsored ADR Technical Analysis
Neutral
13.33
Price Trends
12.25
Negative
11.17
Positive
9.86
Positive
Market Momentum
-0.18
Positive
40.88
Neutral
19.82
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For ELPC, the sentiment is Neutral. The current price of 13.33 is above the 20-day moving average (MA) of 12.50, above the 50-day MA of 12.25, and above the 200-day MA of 9.86, indicating a neutral trend. The MACD of -0.18 indicates Positive momentum. The RSI at 40.88 is Neutral, neither overbought nor oversold. The STOCH value of 19.82 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for ELPC.
Companhia Paranaense de Energia Sponsored ADR Risk Analysis
Companhia Paranaense de Energia Sponsored ADR disclosed 49 risk factors in its most recent earnings report. Companhia Paranaense de Energia Sponsored ADR reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Companhia Paranaense de Energia Sponsored ADR Peers Comparison
UnderperformOutperform
Sector (66)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | $8.72B | 4.23 | 11.07% | 5.43% | 21.84% | -4.20% | |
66 Neutral | $17.65B | 18.10 | 5.60% | 3.62% | 6.62% | 11.55% | |
61 Neutral | $58.98B | 13.81 | 6.53% | 2.91% | 2.23% | -35.44% | |
59 Neutral | $7.40B | 47.54 | 16.88% | 12.98% | 10.16% | -29.63% | |
55 Neutral | $17.84B | -48.28 | 7.74% | 4.92% | 13.02% | ― | |
53 Neutral | $10.36B | 5.17 | 28.87% | 5.06% | 2.76% | 5.46% |
* Utilities Sector Average
ELPC
Companhia Paranaense de Energia Sponsored ADR
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4.19
55.66%
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38.42
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SRE
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22.47%
AES
AES
14.57
4.94
51.24%
Companhia Paranaense de Energia Sponsored ADR Corporate Events
Companhia Paranaense de Energia Files May 2026 Form 6-K With U.S. SEC
May 6, 2026
Companhia Paranaense de Energia (Copel), a Brazilian integrated electric utility headquartered in Curitiba, Paraná, provides electricity generation, transmission and distribution services across its regional market. The company operates as a ...
Companhia Paranaense de Energia Posts Higher Q1 2026 Earnings and Confirms June Dividend Payout
May 6, 2026
Copel reported strong financial and operational results for the first quarter of 2026, with recurring EBITDA rising 16.7% year on year to R$1.75 billion and recurring net income up 10.7% to R$638.9 million, despite lower overall energy sales. The ...
Copel Joins Dow Jones Best-in-Class Index for Global ESG Performance
May 4, 2026
On May 4, 2026, Copel announced it has been included in the Dow Jones Best-in-Class Index Global segment, placing it among the top-performing companies worldwide in environmental, social and governance practices. The index, a leading benchmark for...
Companhia Paranaense de Energia Confirms June 30, 2026 Dividend Payout
Apr 23, 2026
Companhia Paranaense de Energia (Copel), a Brazilian integrated power utility based in Paraná and listed in São Paulo, New York and on Latibex, focuses on generating, transmitting and distributing electricity to a broad customer base in ...
Copel Shareholders Approve 2025 Results, R$3 Billion 2026 Capex Plan and New Supervisory Board
Apr 23, 2026
Companhia Paranaense de Energia (Copel), a Brazilian integrated electric utility serving the state of Paraná, operates in power generation, transmission, distribution and commercialization, and is listed as a public company both domestically ...
Copel Sees 2.1% Rise in Billed Grid Market in First Quarter of 2026
Apr 22, 2026
In the first quarter of 2026, Copel reported that its billed distribution grid market, net of mini and micro distributed generation offsets, grew 2.1% year on year, while overall electricity consumption on Copel Distribuição’s grid...
Copel Approves R$706 Million Interest on Equity and Clears 2025 Form 20-F
Apr 22, 2026
On April 15, 2026, Copel’s board approved a proposal to distribute R$706 million in interest on equity from retained earnings, with shareholders of record on April 29, 2026 eligible and the shares trading ex-dividend from April 30, 2026. The...
Copel Announces R$706 Million Interest-on-Equity Distribution for 2026
Apr 16, 2026
On April 15, 2026, Copel’s board approved its first earnings distribution of 2026 in the form of interest on equity totaling R$706 million, based on retained earnings reported as of December 31, 2025. The payout, equivalent to R$0.2377034509...
Companhia Paranaense de Energia Updates Securities Trading and Disclosure Policy
Apr 9, 2026
On April 2026, Copel filed a Form 6-K outlining an updated Securities Trading and Material Act or Fact Information Disclosure Policy, approved by its board and effective from October 15, 2025. The policy applies to the holding company, its wholly ...
Copel Receives Late Supervisory Board Nominations from BNDESPar Ahead of April AGM
Apr 9, 2026
Companhia Paranaense de Energia – Copel reported that shareholder BNDES Participações S.A. has nominated Filipe Bordalo di Luccio as an alternate member and Verônica Gomes Vairo as a substitute member for the company’s S...
Copel Board Renews D&O Coverage, Sets Indemnity Cap and Nominates Independent Director
Mar 30, 2026
At its 272nd ordinary meeting on March 19, 2026, Copel’s board approved renewal of its directors and officers liability insurance with Chubb from March 28, 2026, to March 28, 2027, opting for higher coverage while securing a 9% premium reduc...
Companhia Paranaense de Energia Sets Fully Digital Shareholder Meetings for April 23, 2026
Mar 23, 2026
Companhia Paranaense de Energia (Copel), a major Brazilian electric utility headquartered in Curitiba, operates across generation, transmission and distribution, serving the state of Paraná and international investors via sponsored ADRs. Its ...
Companhia Paranaense de Energia – Copel Sets Fully Digital Shareholders’ Meetings for April 23, 2026
Mar 23, 2026
On March 23, 2026, Copel called its shareholders to an Annual General Meeting and an Extraordinary General Meeting to be held exclusively online on April 23, 2026, in accordance with Brazilian corporate and securities regulations. The sessions wil...
Copel Unveils Major Hydropower Expansion After Brazil Capacity Reserve Auction
Mar 19, 2026
Copel disclosed details of its participation in Brazil’s recent capacity reserve power auction, outlining expansion plans at its Foz do Areia and Segredo hydroelectric plants in Paraná. The initiative supports the company’s 2035 s...
Copel Secures 15-Year Capacity Contracts for Two Major Hydropower Plants in Brazil Auction
Mar 19, 2026
On March 18, 2026, Copel announced it won Brazil’s 2026 Capacity Reserve Auction, securing 15‑year contracts for 1,862.8 MW of installed capacity from its Foz do Areia and Segredo hydroelectric plants, starting in August 2030. The cont...
Copel Discloses Partial Stake Sale by BNDES, Major Shareholder Now Holds 19.9%
Mar 11, 2026
Companhia Paranaense de Energia – Copel, a Brazilian power utility focused on generation, transmission and distribution in the state of Paraná, is listed on B3 under CPLE3, on the NYSE under ELPC and on Latibex under XCOPO. Its diversif...
Companhia Paranaense de Energia Board Clears 2025 Results and 2026 Investment Plan
Mar 6, 2026
On February 26, 2026, Copel’s board of directors approved the management report and individual and consolidated financial statements for the fiscal year ended December 31, 2025, following favorable reviews from the executive board, the statu...
Companhia Paranaense de Energia Files February 2026 Form 6-K With U.S. SEC
Feb 27, 2026
Companhia Paranaense de Energia (Copel), a Brazilian power utility headquartered in Curitiba, Paraná, focuses on electricity generation, transmission and distribution, and accesses international capital markets through sponsored ADRs. The com...
Copel Posts Strong 4Q25 Results and Completes Novo Mercado Migration
Feb 27, 2026
In 2025, Copel delivered recurring EBITDA of R$5.5 billion, up 10.2% year-on-year, and recurring net income of R$2.1 billion, supported by all operating segments and a net operating cash flow of R$3.0 billion. The company ended 2025 with leverage ...
Copel Names New General Director for Power Generation and Transmission Arm
Feb 27, 2026
On February 26, 2026, Copel announced that Rogério Pereira Jorge had taken office as General Director of its subsidiary Copel Geração e Transmissão, which manages the group’s power generation and transmission assets. Jorg...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
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This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.