Comp En De Mn Cemig ADS (CIG) vs Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) (EDN)

Comp En De Mn Cemig ADS and Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) are both Utilities Regulated Electric companies. Comp En De Mn Cemig ADS is the larger, with a market value of $4.0B against $486.9M — 8.1× the size. Comp En De Mn Cemig ADS trades at the lower P/E: 4.9× against 5.3×. Comp En De Mn Cemig ADS grew revenue faster over the last twelve months: 12.8% against −3.03%. Comp En De Mn Cemig ADS has the higher net margin (10.4% vs 7.21%) and the lower return on invested capital (0.00% vs 5.95%). Across the 21 metrics below, Empresa Distribuidora Y Comercializadora Norte S.A. (Edenor) leads on 11 and Comp En De Mn Cemig ADS on 10.

Valuation

Metric CIG EDN Utilities Regulated Electric median
P/E 4.93 5.26 18.84
P/S 0.72 0.37 2.52
P/B 1.08 0.48 1.63
Price to free cash flow 7.71 n/m 36.22
EV/EBITDA 6.02 3.17 11.82
EV/Sales 1.07 0.49 4.58
Earnings yield 20.29% 19.00% 5.30%
Free cash flow yield 12.97% (10.67%) (5.06%)

Profitability

Metric CIG EDN Utilities Regulated Electric median
Gross margin 15.89% 24.73% 66.28%
Operating margin 15.03% 8.51% 21.79%
Net margin 10.44% 7.21% 12.94%
Free cash flow margin 0.00% (3.99%) (11.51%)
Return on equity 0.00% 9.97% 9.75%
Return on assets 15.42% 3.93% 2.75%
Return on invested capital 0.00% 5.95% 3.87%

Growth

Metric CIG EDN Utilities Regulated Electric median
Revenue growth (TTM) 12.78% (3.03%) 7.43%
EPS growth (last fiscal year) (33.33%) (34.55%) —
Revenue growth, 5-year CAGR 9.36% 13.03% 6.75%
Net income growth, 5-year CAGR 9.56% 0.00% 6.44%

Health

Metric CIG EDN Utilities Regulated Electric median
Debt to equity 0.69 0.62 1.53
Current ratio 0.93 1.46 0.81
Net debt to EBITDA 2.09 1.10 5.25

Dividend

Metric CIG EDN Utilities Regulated Electric median
Dividend yield 8.71% — 4.33%
Payout ratio 0.49 0.00 0.66

Size

Metric CIG EDN Utilities Regulated Electric median
Market cap 3.96b 486.86m 22.90b

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