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  • Final Work - Corporate Finances For Utilities

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    TAESA is a Brazilian electricity transmission company with 39 concessions across Brazil. It has over 13,500 km of transmission lines and $2.75 billion in contracted annual revenues. For 2019, TAESA reported $1.15 billion in EBITDA with an 82.7% margin. Financially, TAESA has a low beta of 0.54 and maintains a strong balance sheet with 66.11% of its capital as debt and an average cost of debt of 6.9%. TAESA stock performance has increased over 1000% since 2000 and it maintains consistent dividend payments.

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    Final Work - Corporate Finances for Utilities

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    TAESA is a Brazilian electricity transmission company with 39 concessions across Brazil. It has over 13,500 km of transmission lines and $2.75 billion in contracted annual revenues. For 2019, TAESA reported $1.15 billion in EBITDA with an 82.7% margin. Financially, TAESA has a low beta of 0.54 and maintains a strong balance sheet with 66.11% of its capital as debt and an average cost of debt of 6.9%. TAESA stock performance has increased over 1000% since 2000 and it maintains consistent dividend payments.

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    10 views15 pages

    Final Work - Corporate Finances For Utilities

    Uploaded by

    Thor Batista Avengers
    TAESA is a Brazilian electricity transmission company with 39 concessions across Brazil. It has over 13,500 km of transmission lines and $2.75 billion in contracted annual revenues. For 2019, TAESA reported $1.15 billion in EBITDA with an 82.7% margin. Financially, TAESA has a low beta of 0.54 and maintains a strong balance sheet with 66.11% of its capital as debt and an average cost of debt of 6.9%. TAESA stock performance has increased over 1000% since 2000 and it maintains consistent dividend payments.

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    of 15

    FINAL W O R K

    CO R P O R A TE
    FINANCES
    FOR
    UTILITIES
    TAESA | Electric Power Transmission
    Abstract

    TAESA

    General Informations
    Sector & Subsector
    Market Share
    Core Business
    Revenues & Regulation
    Financial Analysis
    Performance of Stocks
    Performance of
    Dividends
    General
    Inform ations

    Founded in 2000

    Electrical Power

    Transmission Headquarters

    located in
    Rio de Janeiro

    CEO Raul Lycurgo Leite

    39 electrical
    transm ission
    concessions

    Majority Shareholder
    CEMIG
    Sector &
    Sub sectors

    GENERATION TRANSMISSION DISTRIBUTION


    170 .1 GW of 155 thousand 30 % State - owned
    installed capacity kilom eters of high 84 million Clients
    46 % State - owned voltage lines 26 % 66% Cap tive
    10 Group s c ontrol 59 % State - owned Consum ers

    of installed capacity 34% Free Consumers


    Regulated tariff ( adjusted
    Generation Source : according to the
    65% Hidro , 21% Thermo , concession category )
    14% Others

    BRAZIL ELECTRIC EN E R G Y SECTOR


    Sector &
    Sub sectors

    ENERGY
    ELECTRICITY
    C O N SU M P TIO N
    BY CLASS
    GE N E R A TIO N

    BRAZIL ELECTRIC EN E R G Y SECTOR


    Sector &
    Sub sectors

    BRAZIL TRANSMISSION SUBSECTOR

    The National Interconnected


    System (SIN) transports 98% of
    the national energy volume

    SIN is regulated by ANEEL


    (National Agency of Electrical
    Energy) and operated by ONS
    (National System Operator)

    Concessions contracts are 30


    years long, have fixed revenues
    annually adjusted by IGP-M or
    IPCA
    M arket
    Share
    Core
    Business

    39 concessions with 13,576km in


    transmission lines

    R$ 2.75 billions contracted


    Annual Permitted Revenues
    (RAP) for 2019-2020 cycle

    EBITDA of R$ 312.7 million with


    an EBITDA margin of 83.9% for
    1Q20. For 2019, R$ 1,153.7
    million and margin of 82.7%
    Revenues &
    Regulation

    Strategic assets with great Concessions with revenue


    geographic complementarity Assets with high
    guaranteed until s 2047
    and synergies with TAESA's operating quality and high
    category 2 and 3 in
    portfolio margins
    Revenues &
    Regulation
    Financial Analysis
    Financial Analysis

    Net Revenues

    2 0 15 2 0 16 2 0 17 2 0 18 2 0 19

    Net Income

    2 0 15 2 0 16 2 0 17 2 0 18 2 0 19
    Revenues & Regulation

    Net Equity ( E ) Ke
    3.692.147 6 ,2 7 %

    Total Debt ( D ) Ka
    7.200.865 6 ,9 0 %

    D+E D / D +E
    10.893.012 6 6 ,11%

    B et a E / D +E

    0 ,5 4 5 1,2 7 %

    Rf
    W A CC
    2 ,2 5 %
    4 ,9 5 %

    Rm
    10 ,8 6 %

    IR
    0,34
    Performance of Stocks

    0 2 / 0 1/ 20 0 20 / 0 6 / 20 20
    9
    R $ 2,21 R$ 28,10

    1171 %
    Performance of Dividends

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