Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBSP3.SA)

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (SBSP3.SA) — VMCI valuation read

Headline read on SBSP3.SA: VMCI of 57/100 versus a Utilities sector median of 50. The 7-point above-median position is what makes Companhia de Saneamento Básico do Estado de São Paulo - SABESP a relative-value candidate in the mid-cap cohort, before any pillar-level review.

Form 4 filings on SBSP3.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 SBSP3.SA: value (SBSP3.SA trades at 21.0x earnings, 17% 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 3.3x is the binding constraint on the bear case). The value read also implies an EV/EBITDA gap of +4.0x against the Utilities 12.0x baseline.

SBSP3.SA rose 2.1% over the trailing 7 days, with a +2.8% read on a 30-day basis.