All the concessions are due after 2029.
May be a good option, but more study is necessary.
Efeitos no Brasil do cenário financeiro nos EUA
3 weeks ago
Thursday, May 26, 2011
GEPA3 - Geração Paranapanema
Although with a high P/E, depreciation is very huge and investments low, wich gives a FCF yield of 11%.
All the concessions are due after 2029.
May be a good option, but more study is necessary.
All the concessions are due after 2029.
May be a good option, but more study is necessary.
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4 comments:
If the investment is low, why the sudden increase in debt recently? To pay dividends?
I don't know, I said that more study was necessary.
But looking at the graph, you can see that GEPA has about 100% payout since a long time and even so net debt has been decreasing since then, except for the last quarter.
Company says that:
"
A dívida líquida, representada pelos empréstimos e financiamentos e debêntures deduzidos os
recursos de caixa e equivalentes de caixa, totalizou R$ 626.864, 56,8% superior aos R$
399.797 no mesmo período no ano anterior. A elevação da divida líquida deve-se à redução do
capital social da Companhia no montante de R$ 360.000, efetivada em janeiro de 2011"
I think they bought back some shares, that's why the debt increased without increasing the payout.
http://www.google.com/finance?q=SAO:GEPA3&fstype=ii
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