Morningstar - CPFL Energia S.A. ADS (CPL) State Grid Brazil Successfully Tenders Shares at Premium to Fair Value

Report

Morningstar

Andrew Bischof, CFA

EUR 147.86 For Business Accounts Only

State Grid Brazil Successfully Tenders Shares at Premium to Fair Value

We are increasing our fair value estimate to $16.25 per ADR share from $10 after the company disclosed that the State Grid Brazil, a wholly owned subsidiary of State Grid Corporation of China, had successfully tendered BRL 14.2 billion in shares at approximately $16.25 per share to majority state pension fundholders and industrial companies. State Grid Brazil now is the controlling shareholder of CPFL Energia, with a 55% stake.
State Grid Brazil shareholders will now tender minority shareholders...

23/01/2017 11 EN

Underlying

CPFL Energia S.A. ADS

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US1261531057 Brazil

Provider

Morningstar

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.

Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.

We have operations in 27 countries.

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Analysts

Andrew Bischof, CFA

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State Grid Brazil Successfully Tenders Shares at Premium to Fair Value

Feasibility Study Results in December to be a Catalyst for this Junior

State Grid Brazil successfully tendered 95% of shareholders as of late November.

Tender Auction for CPFL Energia to Take Place Later This Month

Business as Usual for No-Moat Lonza; Specialty Ingredients Carve-Out on Track for 2020

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

Astra Posts Solid 2Q, Driven by Strong Cancer Drug Sales and Moving Away From One-Time Divestments

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