State Grid Transaction Moving Forward for CPFL Shareholders
We are reaffirming our fair value estimate of $16.25 per ADR share and our stable, narrow moat rating for CPFL Energia after the company reported first-quarter adjusted net income of BRL 232 million, flat with the year-ago period.Economic headwinds appear to have eased, with load declines of just 0.4% compared with materially higher loss in 2016. Performance in the company's expanding renewable energy operations boosted results, with CPFL announcing the launch of a residential distributed solar...
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