Energisa S.A. (ENGI11.SA)

Energisa S.A. (ENGI11.SA) — VMCI valuation read

Headline read on ENGI11.SA: VMCI of 51/100 versus a Utilities sector median of 50. The 1-point above-median position is what makes Energisa S.A. a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on ENGI11.SA: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on ENGI11.SA: value (ENGI11.SA trades at 25.0x earnings, 39% above the Utilities median of 18.0x), quality (ROIC of 11.0% sits 1.0pp above the Utilities median (10.0%)), and risk (net debt to EBITDA of -1.4x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.

ENGI11.SA fell 2.1% over the trailing 7 days, with a -16.0% read on a 30-day basis.