Fact based stock research
CEMIG (BOVESPA:CMIG4)

BRCMIGACNPR3

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

CEMIG stock research in summary

novoportal.cemig.com.br

ANALYSIS: With an Obermatt Combined Rank of 76 (better than 76% compared with investment alternatives), CEMIG (Electric Utilities, Brazil) shares have much better financial characteristics than comparable stocks. Shares of CEMIG are a good value (attractively priced) with a consolidated Value Rank of 98 (better than 98% of alternatives), are safely financed (Safety Rank of 78, which means low debt burdens), but show below-average growth (Growth Rank of 30). ...read more

RECOMMENDATION: A Combined Rank of 76, is a strong buy recommendation based on CEMIG's financial characteristics. As the company CEMIG's key financial metrics exhibit good value (Obermatt Value Rank of 98) but low growth (Obermatt Growth Rank of 30) while being safely financed (Obermatt Safety Rank of 78), it may be a safer investment because companies with low debt can better withstand times of crises. Yet the good value, better than 98% of comparable companies, may also indicate that the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity and the downside is limited due to below-average financing risks. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	98
Growth Rank	30
Safety Rank	78
Combined Rank	76

Country	Brazil
Industry	Electric Utilities
Index	BOVESPA, Low Emissions, Human Rights, Low Waste, Recycling, Solar Tech
Size class	Medium

This stock has achievements: Top 10 Stock.

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: CEMIG

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	98	98	94	98
GROWTH
GROWTH	23	67	86	30
SAFETY
SAFETY	33	69	70	78
SENTIMENT
SENTIMENT	68	72	50	^new
360° VIEW
360° VIEW	66	98	98	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Mar-2025. Stock research history is based on the Obermatt Method. The higher the rank, the better CEMIG is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	98	98	94	98
GROWTH
GROWTH	23	67	86	30
SAFETY
SAFETY	33	69	70	78
COMBINED
COMBINED	46	94	98	76

Last update of combined financial performance: 31-Jul-2025. Stock analysis on combined financial performance: The higher the rank of CEMIG the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 98 (better than 98% compared with alternatives) for 2025, CEMIG shares are significantly less expensive than comparable stocks. The Value Rank is based on consolidating four value indicators that are all above average for CEMIG. Price-to-Sales is 88 which means that the stock price compared with what market professionals expect for future sales is lower than for 88% of comparable companies, indicating a good value for CEMIG's revenue size. The same is valid for expected Price-to-Profits, more favorable than for 92% of alternatives, and this is also true for the Price-to-Book capital ratio (also referred to as market-to-book ratio) with a Price-to-Capital Rank of 78. Compared with other companies in the same industry, dividend yields of CEMIG are expected to be higher than for 92% of all competitors (a Dividend Yield rank of 92). ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 98, is a buy recommendation based on CEMIG's stock price compared with the company's operational size and dividend yields. Since all value metrics are above the industry average, there is no objection to investing in CEMIG based on its detailed value metrics. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	93	86	81	88
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	97	97	95	92
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	85	83	70	78
DIVIDEND YIELD
DIVIDEND YIELD	77	96	85	92
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	98	98	94	98

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of CEMIG; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 30 (better than 30% compared with alternatives), CEMIG shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with half of the indicators below and half above average for CEMIG. Capital Growth has a rank of 81, which means that currently professionals expect the company to grow its invested capital more than 1% of its competitors. Investors welcomed this, visible in the Stock Returns rank of 74 (above 74% of alternative investments). But Sales Growth has only a rank of 17, which means that, currently, professionals expect the company to grow less than 83% of its competitors, and Profit Growth is also low at a rank of 1. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 30, is a hold recommendation for growth and momentum investors. This is an ambiguous picture. Revenue growth and capital growth are strong, but the growth in profit, which seems good, can also be an indication that growth momentum may be negative. The fact that stock returns have been above average doesn't help much, as stock returns are less reliable in showing a company’s future growth potential. Prices may perform well for the simple reason that investors were too pessimistic in the past and are now correcting their opinions and moving the stock price to a more reasonable level. As the growth picture is mixed for CEMIG, investors may want to look at value and sentiment indicators for a well-rounded picture of this stock. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is mixed here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	30	49	37	17
PROFIT GROWTH
PROFIT GROWTH	55	54	79	1
CAPITAL GROWTH
CAPITAL GROWTH	10	67	58	81
STOCK RETURNS
STOCK RETURNS	53	45	96	74
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	23	67	86	30

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of CEMIG.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 78 (better than 78% compared with alternatives) for 2025, the company CEMIG has safe financing practices, which means that their overall debt burden is low. This doesn't mean that the business of CEMIG is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, with two out of three indicators above average for CEMIG. Leverage is at a rank of 77, meaning the company has a below-average debt-to-equity ratio. It has less debt than 77% of its competitors. Liquidity is also good at a rank of 80, meaning the company generates more profit to service its debt than 80% of its competitors. This indicates that the company is on the safer side when it comes to debt service. But Refinancing is lower at a rank of 30, which means that the portion of the debt that is about to be refinanced is above-average. It has more debt in the refinancing stage than 70% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 78 (better than 78% compared with alternatives), CEMIG has a financing structure that is significantly safer than that of its competitors. The refinancing issues could be a short-term problem, especially if the company has reputation issues. Banks and investors don't like to refinance debt if there are clouds on the horizon. For this reason, investors should look at the refinancing environment for CEMIG. Does it look safe that debt that is coming due can be covered with new debt? If that is the case, then the financing situation of the company is on the safer side. If not, it may be better to wait until refinancing has been completed and the Refinancing rank is good again. Investors may have a short-term debt challenge with CEMIG and should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	50	70	81	77
REFINANCING
REFINANCING	39	55	34	30
LIQUIDITY
LIQUIDITY	37	65	72	80
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	33	69	70	78

Last update of Safety Rank: 31-Jul-2025. Stock analysis on safety metrics: The higher the rank, the lower the leverage of CEMIG and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	31	13	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	99	50	^new
PRO HOLDINGS
PRO HOLDINGS	96	44	98	^new
MARKET PULSE
MARKET PULSE	38	57	25	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	68	72	50	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for CEMIG.
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