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Companhia Energética do Ceará - Coelce BOVESPA:COCE5 Stock Report

Last Price


Market Cap







25 Sep, 2022


Company Financials
COCE5 fundamental analysis
Snowflake Score
Future Growth0/6
Past Performance3/6
Financial Health1/6

COCE5 Stock Overview

Companhia Energética do Ceará - Coelce engages in the distribution of electricity.

Companhia Energética do Ceará - Coelce Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Companhia Energética do Ceará - Coelce
Historical stock prices
Current Share PriceR$45.98
52 Week HighR$61.51
52 Week LowR$43.50
1 Month Change-0.46%
3 Month Change-9.84%
1 Year Change-18.07%
3 Year Change-23.23%
5 Year Change-14.82%
Change since IPO1,110.00%

Recent News & Updates

Shareholder Returns

COCE5BR Electric UtilitiesBR Market

Return vs Industry: COCE5 underperformed the BR Electric Utilities industry which returned 7.6% over the past year.

Return vs Market: COCE5 underperformed the BR Market which returned -13.6% over the past year.

Price Volatility

Is COCE5's price volatile compared to industry and market?
COCE5 volatility
COCE5 Average Weekly Movement3.8%
Electric Utilities Industry Average Movement3.9%
Market Average Movement5.7%
10% most volatile stocks in BR Market9.5%
10% least volatile stocks in BR Market2.7%

Stable Share Price: COCE5 is less volatile than 75% of BR stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: COCE5's weekly volatility (4%) has been stable over the past year.

About the Company

n/a1,093Roberto Zanchi

Companhia Energética do Ceará - Coelce engages in the distribution of electricity. It operates in 184 municipalities in the state of Ceará in Brazil. The company is based in Fortaleza, Brazil.

Companhia Energética do Ceará - Coelce Fundamentals Summary

How do Companhia Energética do Ceará - Coelce's earnings and revenue compare to its market cap?
COCE5 fundamental statistics
Market CapR$3.58b
Earnings (TTM)R$521.54m
Revenue (TTM)R$8.82b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
COCE5 income statement (TTM)
Cost of RevenueR$7.33b
Gross ProfitR$1.49b
Other ExpensesR$968.89m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)6.70
Gross Margin16.90%
Net Profit Margin5.92%
Debt/Equity Ratio115.4%

How did COCE5 perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio
We’ve recently updated our valuation analysis.


Is COCE5 undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for COCE5?

Other financial metrics that can be useful for relative valuation.

COCE5 key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue0.9x
Enterprise Value/EBITDA5.2x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does COCE5's PE Ratio compare to its peers?

COCE5 PE Ratio vs Peers
The above table shows the PE ratio for COCE5 vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average26.7x
CBEE3 Ampla Energia e Serviços
CSRN3 Companhia Energética do Rio Grande do Norte - COSERN
CEPE5 Companhia Energética de Pernambuco - CELPE
EQMA3B Equatorial Maranhão Distribuidora de Energia
COCE5 Companhia Energética do Ceará - Coelce

Price-To-Earnings vs Peers: COCE5 is good value based on its Price-To-Earnings Ratio (6.9x) compared to the peer average (26.7x).

Price to Earnings Ratio vs Industry

How does COCE5's PE Ratio compare vs other companies in the BR Electric Utilities Industry?

Price-To-Earnings vs Industry: COCE5 is good value based on its Price-To-Earnings Ratio (6.9x) compared to the BR Electric Utilities industry average (7.8x)

Price to Earnings Ratio vs Fair Ratio

What is COCE5's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

COCE5 PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.9x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate COCE5's Price-To-Earnings Fair Ratio for valuation analysis.

Share Price vs Fair Value

What is the Fair Price of COCE5 when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: COCE5 (R$45.98) is trading below our estimate of fair value (R$52.43)

Significantly Below Fair Value: COCE5 is trading below fair value, but not by a significant amount.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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Future Growth

How is Companhia Energética do Ceará - Coelce forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

Future Growth Score


Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted Utilities industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Companhia Energética do Ceará - Coelce has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

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  • Examine whether Companhia Energética do Ceará - Coelce is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.

Past Performance

How has Companhia Energética do Ceará - Coelce performed over the past 5 years?

Past Performance Score


Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: COCE5 has a high level of non-cash earnings.

Growing Profit Margin: COCE5's current net profit margins (5.9%) are lower than last year (6.5%).

Past Earnings Growth Analysis

Earnings Trend: COCE5's earnings have grown by 3.5% per year over the past 5 years.

Accelerating Growth: COCE5's earnings growth over the past year (20.5%) exceeds its 5-year average (3.5% per year).

Earnings vs Industry: COCE5 earnings growth over the past year (20.5%) exceeded the Electric Utilities industry 3.5%.

Return on Equity

High ROE: COCE5's Return on Equity (14.2%) is considered low.

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Financial Health

How is Companhia Energética do Ceará - Coelce's financial position?

Financial Health Score


Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: COCE5's short term assets (R$3.3B) do not cover its short term liabilities (R$3.7B).

Long Term Liabilities: COCE5's short term assets (R$3.3B) do not cover its long term liabilities (R$4.6B).

Debt to Equity History and Analysis

Debt Level: COCE5's net debt to equity ratio (108.1%) is considered high.

Reducing Debt: COCE5's debt to equity ratio has increased from 40.6% to 115.4% over the past 5 years.

Debt Coverage: COCE5's debt is not well covered by operating cash flow (10.2%).

Interest Coverage: COCE5's interest payments on its debt are well covered by EBIT (7.9x coverage).

Balance Sheet

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What is Companhia Energética do Ceará - Coelce current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Dividend Yield vs Market

Notable Dividend: COCE5's dividend (6.72%) is higher than the bottom 25% of dividend payers in the BR market (1.5%).

High Dividend: COCE5's dividend (6.72%) is low compared to the top 25% of dividend payers in the BR market (6.77%).

Stability and Growth of Payments

Stable Dividend: COCE5's dividend payments have been volatile in the past 10 years.

Growing Dividend: COCE5's dividend payments have fallen over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (46.1%), COCE5's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: COCE5 is paying a dividend but the company has no free cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Roberto Zanchi

no data


Roberto Zanchi serves as the Chief Executive Officer at Companhia Energética do Ceará - Coelce. Roberto Zanchi serves as a Director of Ampla Energia e Serviços S.A.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Ownership Breakdown

What is the ownership structure of COCE5?
Owner TypeNumber of SharesOwnership Percentage
General Public6,155,6877.9%
Public Companies63,151,57281.1%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Top 25 shareholders own 92.09% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
Enel SpA
57,652,675R$2.7b0%no data
Centrais Elétricas Brasileiras S.A. - Eletrobrás
5,498,897R$252.8m0%no data
Morgan Stanley, Investment Banking and Brokerage Investments
2,826,030R$129.9m100.06%no data
Onyx Equity Management Gestora de Investimentos Limitada
UNA Capital Ltda
Equitas Administração De Fundos De Investimento Lt
Morgan Stanley Investment Management Inc.
295,646R$13.6m0%no data
BB Gestão De Recursos - Distribuidora de Títulos e Valores Mobiliários S.A.
Dimensional Fund Advisors LP
205,096R$9.4m0.08%no data
Fibra Asset Management Distribuidora de Títulos e Valores Mobiliários Ltda.
Itau Unibanco S.A., Asset Management Arm
Constancia Investimentos Ltda
Edge Brasil Gestão de Ativos Ltda.
Novero Investimentos Ltda
Modulo Capital Gestao de Recursos Ltda.
Geração Futuro Corretora de Valores, Asset Management Arm
Norges Bank Investment Management
28,236R$1.3m0%no data
BlackRock, Inc.
22,240R$1.0m-8.63%no data
Teachers Insurance and Annuity Association-College Retirement Equities Fund
14,700R$675.9k0%no data
E2M Investimentos LTDA
Apex Capital Ltda.
State Street Global Advisors, Inc.
11,286R$518.9k7.63%no data
RBJ Administradora de Fundos Mobiliários LTDA
Fram Capital Gestão de Ativos SA
Absolute Gestao de Investimentos Ltda

Company Information

Companhia Energética do Ceará - Coelce's employee growth, exchange listings and data sources

Key Information

  • Name: Companhia Energética do Ceará - Coelce
  • Ticker: COCE5
  • Exchange: BOVESPA
  • Founded: NaN
  • Industry: Electric Utilities
  • Sector: Utilities
  • Implied Market Cap: R$3.580b
  • Shares outstanding: 77.86m
  • Website:

Number of Employees


  • Companhia Energética do Ceará - Coelce
  • Rua Padre Valdevino
  • No. 150
  • Fortaleza
  • Ceará
  • Brazil


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
COCE3BOVESPA (Bolsa de Valores de Sao Paulo)Common SharesBRBRLDec 1995
COCE5BOVESPA (Bolsa de Valores de Sao Paulo)YesClass A Preferred SharesBRBRLDec 1996

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/25 00:00
End of Day Share Price2022/09/23 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.