Valuation: Análise Fundamentalista Básica da Energisa (ENGI11)

Abstract

This work aimed to estimate the market value of Energisa (ENGI11) based on the analysis of its 2024 financial statements, historical performance, and future perspectives of the Brazilian electricity sector. The research applied fundamental analysis, combining accounting and liquidity indicators with market multiples, in order to identify discrepancies between intrinsic value and market pricing. The findings revealed that, despite Energisa’s consistent growth in revenue, profit, and business diversification—especially with its entry into the natural gas sector—its shares remain undervalued compared to industry peers. The study indicates that, if the company were priced in line with comparable distributors, there would be significant potential for share appreciation. Furthermore, the research reinforces the relevance of valuation as a strategic tool for corporate and investment analysis, particularly in regulated and capital-intensive sectors such as the electricity industry.