Companhia de Saneamento do Paraná - SANEPAR (SAPR3.SA)

Companhia de Saneamento do Paraná - SANEPAR (SAPR3.SA) — VMCI valuation read

Headline read on SAPR3.SA: VMCI of 67/100 versus a Utilities sector median of 50. The 17-point above-median position is what makes Companhia de Saneamento do Paraná - SANEPAR a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on SAPR3.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 SAPR3.SA: value (SAPR3.SA trades at 15.0x earnings, 17% below 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 0.5x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.

SAPR3.SA rose 0.8% over the trailing 7 days, with a -5.2% read on a 30-day basis.