Controlling Interest Sale on Track for CPFL Energia
We are reaffirming our fair value estimate of $10 per ADR share and our stable, narrow moat ratings for CPFL Energia after the company reported second-quarter adjusted net income of BRL 235 million compared with BRL 312 million in the year-ago period. Economic headwinds continued to stress CPFL Energia's results, with load in the company's main concession area down 2.3%. Performance in the company's expanding renewable operations boosted results.The takeover by State Grid Corporation of China ...
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