Brazilian Utilities Potentially Undervalued Companies

ISA Energía Brasil

Market Cap: R$20.2b

Engages in the electric power transmission business in Brazil.

Neoenergia

Market Cap: R$41.0b

Generates, transmits, distributes, trades in, and commercializes electric energy in Brazil.

Energisa

Market Cap: R$16.9b

Through its subsidiaries, engages in the generation, transmission, and distribution of electricity in Brazil.

NRG Energy

Market Cap: R$28.9b

Operates as an energy and home services company in the United States and Canada.

Light

Market Cap: R$938.8m

Engages in the generation, transmission, distribution, and sale of electric power in Brazil.

Engie Brasil Energia

Market Cap: R$36.9b

Engages in the generation, commercialization, trading, and transmission activities in Brazil.

Companhia de Eletricidade do Estado da Bahia - COELBA

Market Cap: R$12.5b

Engages in the distribution of electricity.

Transmissora Aliança de Energia Elétrica

Market Cap: R$13.2b

Engages in the construction, operation, and maintenance of electric power transmission lines in Brazil.

Transmissora Aliança de Energia Elétrica

Market Cap: R$13.2b

Engages in the construction, operation, and maintenance of electric power transmission lines in Brazil.

Auren Energia

Market Cap: R$13.2b

Engages in the investment platform for the management, operation, acquisition, development and construction of energy generation, transmission and trading assets in Brazil.

Energisa

Market Cap: R$16.9b

Through its subsidiaries, engages in the generation, transmission, and distribution of electricity in Brazil.

Companhia de Gás de São Paulo - COMGÁS

Market Cap: R$16.4b

Companhia de Gás de São Paulo – COMGÁS operates as a piped natural gas distributor in Brazil.

AES

Market Cap: R$10.5b

Operates as a power generation and utility company.

AXIA Energia

Market Cap: R$155.6b

Through its subsidiaries, engages in the generation, transmission, distribution, and commercialization of electricity in Brazil.

Companhia Energética do Ceará - COELCE

Market Cap: R$2.9b

Companhia Energética do Ceará – COELCE distributes electricity in Brazil.

Edison International

Market Cap: R$26.8b

Through its subsidiaries, engages in the generation and distribution of electric power.

Companhia de Saneamento do Paraná - SANEPAR

Market Cap: R$11.4b

Provides sanitation services in Brazil.

Companhia de Saneamento Básico do Estado de São Paulo - SABESP

Market Cap: R$100.4b

Provides basic and environmental sanitation services in the São Paulo State, Brazil.

Rio Paranapanema Energia

Market Cap: R$3.6b

Generates and sells electricity in Brazil.

Alupar Investimento

Market Cap: R$10.9b

Engages in the transmission, generation, and commercialization of energy in Brazil, Colombia, Peru, and Chile.

Companhia de Saneamento do Paraná - SANEPAR

Market Cap: R$11.4b

Provides sanitation services in Brazil.

Vistra

Market Cap: R$50.3b

Operates as an integrated retail electricity and power generation company in the United States.

CPFL Energia

Market Cap: R$50.4b

Through its subsidiaries, operates as an energy company in Brazil.

Companhia Energética de Minas Gerais - CEMIG

Market Cap: R$37.2b

Through its subsidiaries, engages in the generation, transmission, distribution, and sale of energy in Brazil.

Equatorial

Market Cap: R$48.0b

Through its subsidiaries, engages in the generation, distribution, and commercialization of energy in Brazil.

Companhia Paranaense de Energia - COPEL

Market Cap: R$44.3b

Engages in the research, study, planning, construction, production, transformation, transportation, distribution, and commercialization of electricity in Brazil.

Alupar Investimento

Market Cap: R$10.9b

Engages in the transmission, generation, and commercialization of energy in Brazil, Colombia, Peru, and Chile.