Companhia de Eletricidade do Estado da Bahia - COELBA (CEEB5.SA)

Companhia de Eletricidade do Estado da Bahia - COELBA (CEEB5.SA) — VMCI valuation read

Companhia de Eletricidade do Estado da Bahia - COELBA sits at VMCI 64/100, with the Utilities sector median at 50. That 14-point spread is the first thing to note on CEEB5.SA: it tells the reader the composite is favorable before any single ratio is examined, and the mid-cap tier sets the comparison set.

Form 4 disclosures on CEEB5.SA are blank for the trailing 30 days. With the insider channel offline, the EV/EBITDA delta, free-cash-flow trajectory, and the next earnings print do the talking.

**Investor frame.** The Value read on CEEB5.SA: CEEB5.SA trades at 22.0x earnings, 22% above the Utilities median of 18.0x, with EV/EBITDA at 13.0x against 12.0x. The Quality read: ROIC of 16.0% sits 6.0pp above the Utilities median (10.0%). The Risk read: net debt to EBITDA of -0.9x leaves covenant headroom, anchoring the bear scenario on a measurable balance-sheet metric.

CEEB5.SA fell 2.8% over the trailing 7 days, with a +1.9% read on a 30-day basis.