Copasa has released 2010 results. A shame.
For the net earnings of 677 mi, 313 was due to the reversion of net actuarial liabilities, leaving a normal earnings of just BRL 364 millions.
Besides that, it altered the payout from 50% to 35%. I sold the remaining shares I had Tuesday, when I saw that release. With this figures, this piece of shit is not worthing more then 20,00.
P/E: 7.5
ROE: 10%
Yield: 5-6%
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The constantly low ROE, even having access to cheap money from FGTS...
A water/sanitation company in the hands of the state, well, I don't like it. The opportunities to corruption are too large.
The cash flow generated has been huge, the investments too, but the ROE is stubbornly dismal.
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