Companhia Paranaense de Energia

ELPC

Regulated Electric · Utilities

Price

$11.01

+0.24 (+2.23%)

Market Cap

$2.04B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 23, 2026 · filings through Jun 30, 2026

How the score breaks down

Quality

Good

Growth

Strong

Cash Flow

Weak

Stability

Good

Valuation

Good

Dividends

Good

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Share count rising — dilution

+8.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 171.0M (2021) → 185.6M (2025)

Winston Score History

The full picture

Companhia Paranaense de Energia, known as Copel, is a Brazilian electric utility company based in the state of Paraná. It generates, transmits, and distributes electricity to homes, businesses, and industrial customers across Paraná and neighboring states. Copel is one of the largest integrated electric utilities in Brazil and is majority-owned by the state government of Paraná.

Copel earns money through regulated tariffs — fixed rates set by Brazil's energy regulator, ANEEL — for distributing electricity to millions of customers, as well as through power generation from its hydroelectric plants and transmission lines. The company operates almost entirely within Brazil, with a market cap around $2.2 billion. Its regulated business model provides relatively stable cash flows, since tariffs are adjusted periodically by the government. The main risk is exposure to Brazil's hydrology — droughts can reduce water levels in reservoirs, cutting hydroelectric output and squeezing earnings.

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+11.1% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+83.1% YoY

YoY Growth Rate

Strong earnings growth

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

36.0%ownership

Insiders own a meaningful stake in the company

Cash Runway

5+ years

Quarterly Free Cash Flow

↑ Burn rate improving

R$7.6B cash & investments at current burn rate

Growth context

Companhia Paranaense de Energia is growing revenue at 11% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Profit per sale

Gross Margin

39.3%

Modest — 39.3% gross margin

Profit after running costs

Operating Margin

20.7%

Excellent — 20.7% operating margin

Return on the money invested

ROCE

11.6%

Below par — 11.6% return on capital

ROIC between 5% and 15%. They earn 5 to 15 cents back per year on every dollar invested.

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Growth

Sales growth

Sales YoY

+17.1%

Fast-growing sales (+17.1% YoY)

Profit growth

EPS YoY

+5.6%

Modest earnings growth (+5.6% YoY)

Single-digit earnings growth — steady but not exciting.

How steady the profit is

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Profit that turns into cash

Cash Conversion

40%

Weak — only 40% of profit becomes cash

Spare cash per sale

FCF Margin

3.9%

Thin free cash flow (3.9%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

What it owes vs what it owns

Debt / Equity

0.97

Moderate — manageable debt (0.97)

Covers its interest

Interest Cover

3.55x

Tight — interest eats into profit (3.6x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

Price vs profit

P/E Ratio (TTM)

3.3x

Attractive valuation — P/E 3.3

P/E under 10. The price tag is small relative to last year's profit.

Cheaper or dearer next year

P/E vs Forward

-8.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend

Dividend Yield

4.49%

Healthy income — 4.49% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record

Dividend Growth

N/A

Data not available

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