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Transmissora Aliança de Energia Elétrica S.A.

TAEE11.SA
55
Regulated Electric · Utilities
Price
R$41.53
-0.02 (-0.05%)
Market Cap
R$14.31B
Exchange
B3 S.A.
Winston Score
55
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Sep 7, 2026 · filings through Jun 30, 2026

§How the score breaks down

Quality
Strong
Growth
Weak
Cash Flow
Exceptional
Stability
Mixed
Valuation
Exceptional
Dividends
Good
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§Winston Score History

The full picture

Transmissora Aliança de Energia Elétrica S.A., together with its subsidiaries, engages in the construction, operation, and maintenance of electric power transmission lines in Brazil. It operates approximately a total length of 15,319 kilometers (km) of transmission lines, which include 14,677 km of transmission lines in operation and 642 km of lines under construction; 113 substations with voltage between 230 and 525KV; and one system operation center located in Rio de Janeiro. The company was founded in 2000 is headquartered in Rio De Janeiro, Brazil.

Growth Profile

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

Revenue Growth

-15.4% YoY

YoY Growth Rate

Revenue declining

EPS Growth

-62.8% YoY

YoY Growth Rate

Earnings declining

R&D Spend

R$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Cash Position

Cash flow positive

R$3.9B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Revenue declining

Transmissora Aliança de Energia Elétrica S.A.'s revenue is actually shrinking. In a growth stock, that removes the core investment thesis. The low Winston Score here may be warranted — unless there's a turnaround story.

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.

Share count broadly stable

−0.0% over 4y

The share count has stayed roughly flat over this period — little dilution or buyback activity.

Diluted shares outstanding: 344.5M (2021) → 344.5M (2025)

Score breakdown

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Quality

Profit per sale
Gross Margin
84.1%
Premium pricing power — 84.1% gross margin
Profit after running costs
Operating Margin
76.9%
Excellent — 76.9% operating margin
Return on the money invested
ROCE
12.9%
Good — 12.9% 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
+3.8%
Slow sales growth (+3.8% YoY)
Profit growth
EPS YoY
-30.2%
Earnings shrinking (-30.2% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

How steady the profit is
EPS Consistency
3/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Profit that turns into cash
Cash Conversion
105%
Turns 105% of profit into real cash
Spare cash per sale
FCF Margin
36.9%
Converts sales into free cash efficiently (36.9%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

What it owes vs what it owns
Debt / Equity
1.36
Elevated debt (1.36)
Covers its interest
Interest Cover
2.54x
Tight — interest eats into profit (2.5x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

Price vs profit
P/E Ratio (TTM)
11.4x
Attractive valuation — P/E 11.4

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

Cheaper or dearer next year
P/E vs Forward
+6.4
GROWING
Earnings expected to grow meaningfully — cheaper on forward P/E (11.4 → 5.0)

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Dividends

Dividend
Dividend Yield
5.78%
Healthy income — 5.78% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend record
Dividend Growth
+1.6%
Dividend flat

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