Apresentação do PowerPoint - TheMediaGroupstatic.cteep.mediagroup.com.br/Arquivos/Download/2699-3Q18... · FREE FLOAT OF 64% ISA CTEEP Notes: ¹ Common share l ² Preferred share

INSTITUTIONAL PRESENTATION 3 Q 1 8 | R E S U L T S

ISA CTEEP and the Transmission Sector

Sustainable Value

Financial Highlights

ISA CTEEP

WHY TO INVEST AT

ISA CTEEP?

No demand risk and no default risk

Strong Cash Generation

Minimum payout of 75% (regulatory net

income)

Dividends

Reference Company for quality and O&M

Benchmark

Valuation Attractive valuation

Fitch: AAA(bra)

Investment Grade

Sustainable value

Profitability

Opportunities in brownfield projects, greenfield and M&A

Growth

51% IE Madeira

Revenue: BRL 497 million³

100% IENNE

Revenue: BRL 44 million

ISA CTEEP

Revenue: BRL 2.421 million

IE Serra do Japi 100%


100% IE Pinheiros


100% Evrecy


100% IE Sul


51% IE Garanhuns


100% IEMG


Largest listed transmission utility in Brazil

Transmission of 24% of Brazil’s power generation

Transmission of 90% of the power load in the State of São Paulo

Benchmark player in cost and quality

18,600 km of transmission lines

126 substations

65,500 MVA of transformation capacity

IENS¹: 2.26 x 10-6

Availability Discount/Revenue: 0.68%

Regulatory Net Revenue²: BRL 2.8 billion

Regulatory EBITDA²: BRL 2.3 billion (margin of 84%)

Nota: ¹ Index of Non-Supplied Energy on 09/30/2018 ² Last 12 months ended on 09/30/2018 ³ Total revenue of the asset

100% IE Itaúnas


100%² IE Biguaçú


50% IE Paraguaçu


Largest listed transmission utility in Brazil

Sustainable growth

Nota: ¹ Average of last 5 revenue cycles ² ISA CTEEP’s investments in 10 projects acquired in 2016, 2017 and 2018 auctions ³ Total revenue of the project

Organic growth: capex of around

BRL 200 million/year and revenue

(RAP) of BRL 40 million/year¹

Greenfield Projects²: CapEx of BRL

2.9 billion and revenue (RAP) of

BRL 448 million/year

+2,000 km of transmission lines

+8,000 MVA of transformation

capacity

50% IE Aimorés


50% ERB I


100% IE Tibagi


100% IE Itapura Lorena


100% IE Itapura Bauru

100% IE Aguapeí


100% IE Itaquerê



A successful story of growth, resilience and performance

1999 2013 2001 2012 2006 2007 2017 2016

‘000 km of transmission lines

Consolidated regulatory

EBITDA in BRL billion

0.1 0.7 1.4 1.6 0.2 0.7 1.4

11.5 12.3 15.4 17.7 18.6

Transmissão Paulista merger with EPTE

Origin from CESP spin off and creation of Transmissão Paulista

Set up of RBSE compensation

(Ordinance 120 Ministry of Mining

and Energy)

Winner bid for 3 lots in October

auction

Expansion to 17 Brazilian states through greenfield projects and acquisitions

ISA acquires CTEEP and

becomes the controlling

shareholder

Winner bid for 5 lots in April auction

Extension of Main Concession

Contract (059/2001) for 30 years

Winner bid for 2 lots in June auction

2018¹

18.6

2.3

Note: ¹ Last twelve months ending on September 30, 2018

Tickers: TRPL3¹ and TRPL4²

Corporate Governance: Level 1 at B3

Average daily volume in 3Q18: BRL 24 million

Market cap³: BRL 10.8 billion

Free Float: 77% of Brazilian investors 23% of foreign investors

ADR: “CTPTY” and “CTPZY”

Coverage of 15 institutions: 60% Buy 40% Hold

Common shares: 89.5% Preferred shares: 1.3%

ISA 35.8%


Free Float 64.2%


Eletrobras 35.4%


Others 28.8%

Common shares: 64,484,433 Preferred shares: 100,236,393 Total: 164,720,826

CONTROLLED BY ISA FREE FLOAT OF 64%

ISA CTEEP

Notes: ¹ Common share l ² Preferred share l ³On 11/1/2018

Shareholder Structure on 09/30/2018

Notes: ¹ Considers 2017 IFRS Results adjusted by participation l ² On 11/01/2018 | ³ ALAS20 - Sustainability Leaders Agenda 2020

Central America

Transmission Telecom

Brazil 34% of net income Transmission Telecom

Bolivia Transmission Argentina

Telecom

Peru 21% of net income


Ecuador Telecom

Colombia 25% of net income Transmission Telecom Highway concessions Real Time Systems

Chile 18% of net income


Highway concessions

Transmission: 77.2%

The largest energy transmission company in Colombia and Peru, with 70% of capacity in each market

2nd largest player in Chile with 18% of market share

2nd largest player in Brazil with investments in ISA CTEEP and TAESA

Highway concessions: 22.0%

Real Time Systems: 0.7%

Telecom: 0.1%

ISA CTEEP represents 31% of ISA’s¹ net income

2017 Net Income Breakdown:

Benchmark player in the sector


87,100 MVA of transformation capacity

907 km of highways

Controlled by the Colombian government (51.4% of shares)

Market Cap: USD 4.3 billion²

Alas20 Award³ - Recognition in Corporate Governance

ISA INTERCONEXIÓN ELÉTRICA, S.A.E.S.P.

A multilatina company focused in transmission, telecom, highway concession and real time systems with growth opportunities in Brazil

Solid Presence in Latin America: 8 countries, 4 sectors, 40 companies

CORPORATE STRUCTURE

ISA CTEEP and its subsidiaries Assured Annual Revenue (RAP) 2018/2019 Cycle BRL 3.4 billion

Notes: ¹ RAP considers 100% of the project value. For projects under construction RAP of the bid | ² Auction ANEEL 02/2018

RAP ISA CTEEP

Cycle 2018/2019

(BRL million)

ISA CTEEP Operational São Paulo 2.421 2.421 ISA CTEEP 100% Fully consolidated

IE Madeira Operational Rondônia / SP 280 143 ISA CTEEP 51% / Furnas 24.5% / Chesf 24.5% Equity method

ERBI Under construction Paraná 267 134 ISA CTEEP 50% / TAESA 50% Equity method

Paraguaçu Under construction Bahia / MG 107 53 ISA CTEEP 50% / TAESA 50% Equity method

IE Garanhuns Operational Pernambuco 602 307 ISA CTEEP 51% / Chesf 49% Equity method

Aimorés Under construction Minas Gerais 71 36 ISA CTEEP 50% / TAESA 50% Equity method

IE Pinheiros Operational São Paulo 54 54 ISA CTEEP 100% Fully consolidated

IE Serra do Japi Operational São Paulo 60 60 ISA CTEEP 100% Fully consolidated

IE Aguapeí Under construction São Paulo 54 54 ISA CTEEP 100% Fully consolidated

Itaúnas Under construction Espírito Santo 47 47 ISA CTEEP 100% Fully consolidated

IE Itaquerê Under construction São Paulo 46 46 ISA CTEEP 100% Fully consolidated

IENNE Operational Tocantins 44 44 ISA CTEEP 100% Fully consolidated

IE Biguaçu² Operational Santa Catarina 38 38 ISA CTEEP 100% Fully consolidated

IE Tibagi Under construction SP / Paraná 18 18 ISA CTEEP 100% Fully consolidated

IE Sul Operational Rio Grande do Sul 315 158 ISA CTEEP 100% Fully consolidated

IEMG Operational Minas Gerais 18 18 ISA CTEEP 100% Fully consolidated

Evrecy Operational Espírito Santo 7 7 ISA CTEEP 100% Fully consolidated

IE Itapura - Bauru Under construction São Paulo 11 11 ISA CTEEP 100% Fully consolidated

IE Itapura - Lorena² Under construction São Paulo 10 10 ISA CTEEP 100% Fully consolidated

Total 4,471 3,659

Operational Status¹ Location

RAP Cycle

2018/2019¹

(BRL million)

Participation (%) Consolidation

Corporate Governance Structure

Remuneration Committee

Audit Committee

CFO and IRO COO

Institutional Relations Department

Rinaldo Pecchio Carlos Ribeiro Rafael Noda

Project Director

Weberson Abreu

Board of Auditors 8 effective members, of which 2 are independent and one is elected by the

employees

5 effective members

and 5 substitute members

Board of Directors

Reynaldo Passanezi Filho

CEO

Ethics and Transparency recognized at ISA and at ISA CTEEP levels 2018 Transparency Trophy from ANEFAC

CONNECTIONS THAT CREATE VALUE THROUGH

Forest projects that reduce the impact of greenhouse gases

Climate change mitigation

Conservation of biodiversity in jaguar’s habitat

JAGUAR CONNECTION: Carbon neutral until 2030

Barretos Cancer Hospital

GRAACC – Support group of teenagers and children with cancer

33rd Bienal of Art in São Paulo

SOCIAL RESPONSIBILITY:

ACTIONS

CONEXIONS THAT INSPIRE

C O N N E C T I O N S T O G E N E R A T E S U S T A I N A B L E V A L U E

Digitalization Real Estate Opportunities Energy Storage Distributed Energy Resources

Sustainable Value



ISA CTEEP

6

7

11

18

63

State Grid

Alupar

TAESA

ISA CTEEP

Eletrobras

2017 M a rk e t S h a re ( t hou s and km o f l i n e s )

T ra n s m is s io n R e v e n u e s ¹ ( 2017 /2018 c y c l e )

Total: BRL 37 billion

IS THE PURE TRANSMISSION COMPANY IN THE SECTOR IN BRAZIL

Transmission companies are remunerated by the availability of its assets

Notes: ¹ Considers auctions held until June of 2018 | ² Interconnected National System| ³ National Electric Energy Agency | 4 National Operator of the Electric System

SIN² is composed of 135 thousand km of transmission lines and serves 98% of the market

The transmission sector is regulated and monitored by ANEEL³ and coordinated and controlled by ONS4

Transmission companies are remunerated by the availability of its assets. There is no demand risk and no default risk.

38%

10% 8% 9%

31%

4%

Alupar Others Eletrobras ISA CTEEP State Grid TAESA

Source: ANEEL

Concessions prior to 1998

Concessions between 1999 and 2006

Concessions after 2008

Note: ¹ Regulatory Asset Base

THE COMPANY’S MAIN IS IN

Revenue (RAP) annually adjusted by IPCA

Contracts renewed in 2013 (Provisional Measure 579/2012)

Tariff Reset every 5 years (O&M, WACC and RAB¹)

RAP annually adjusted by IGP-M

RAP reduction in 50% on the 16th year of operation

No tariff reset

Reset of reinforcements and improvements, starting in July 2019 every 5 years

RAP annually adjusted by IPCA

30 year contract, with 3 tariff reset (cost of debt applied at WACC)

Reset of reinforcements and improvements every 5 years

RAP in operation: 72%



RAP under construction: 13%

DEMAND DOES NOT IMPACT TRANSCO’S REVENUE

Annual Costs of

Electric Assets

(CAAE)

O&M Revenue

(AOM)

Gross Investment x

%O&M

+ Gross Investment x

Depreciation Rate

Net Investment x

Regulatory WACC

Annual Allowed Revenue (RAP) Breakdown

PV

RBSE

(CAEE)

O&M

(AOM)

NI

(CAAE & AOM)

PA

PV

OTHERS¹

Note: ¹Other revenue considers bilateral and sharing contracts

Revenue (RAP) approved by ANEEL with periodic tariff reset (“PTR”)

RBSE receivables related to the non depreciated assets in operation in May/2000

O&M revenues related to the operation and maintenance services

New Investments (NI) organic growth with execution of authorized reinforcement and improvements

Variable Parcel (PV) revenue reduction due to unavailability

Adjustment Parcel (PA) compensates excess or deficit of revenues in the previews tariff cycle

ISA CTEEP



Sustainable Value

ISA CTEEP

STRATEGY BASED ON

Regulation

RBSE Receivables of ~BRL 9,200 million

Legal

Pension Fund Lawsuit receivables ~BRL 2,000 million

Growth

10 projects in execution with capex of ~BRL 2,900 million

Affiliates

EBITDA: BRL 400 million (87%margin)

Brownfield Projects

EBITDA: BRL 150 million (85% margin)

Operation and Maintenance

EBITDA: BRL 350 million (40% margin)

P E S S O A S

Regulação

Valor Justo

Jurídico

Gestão de Litígios

Crescimento

Disciplina de Capital

Integração

Subsidiárias

Projetos

Crescimento Orgânico

Operação e Manutenção

Eficiência, Qualidade, Segurança

SOLID & SUSTAINABLE RESULTS

Note: ¹ Regulatory results of the last 12 months ending on 09/30/2018

O&M Brownfield Projects

RBSE Receivables

100% JV

Adjusted Net Revenue

799 179 1,619 176 258 3,031

Adjusted EBITDA

347 156 1,619 151 228 2,501

LAST 12 MONTHS¹

(BRL million)

OPERATIONAL HOLDING SUBSIDIARIES Total

Focus in cost efficiency, service quality and operational safety to maximize results

0.0206%

0.0034%

0.0033%

0.0020%

0.0010%

0.0006%

88.51

14.05

12.64

6.7

3.83

1.86

1.44

0.4

0.26

0.11

0.1

0.093 ISA CTEEP

South

Southeast/ Midwest

SIN

Northeast

North

FREQ (times) Equivalent Frequency of Interruption

DREQ (minutes) Equivalent Duration of Interruption

ISA CTEEP

Southeast/ Midwest

South

SIN

Northeast

North

IENS (%) Index of Non Supplied Energy

ISA CTEEP

Southeast/ Midwest

South

SIN

Northeast

North

Focus in efficiency results in reduction of 41% of OPEX, excluding contingencies, going from BRL 915 million in 2006 to BRL 542 million in 20171

1

DREQ/FREQ indicators, in September/18, suggest that for every 23 years and 3 months, there would be 1 total shutdown of ISA CTEEP’s system of approximately 17 minutes

2

In the city of São Paulo, ISA CTEEP is

responsible for 3 minutes of every 16

hours of interruption

3

Note: ¹ Considers controlled and affiliates weighted by the Company’s share

2017 Numbers

Reinforcements and Improvements CapEx (BRL million)

Average: BRL 190 million/year

ORGANIC

FROM REINFORCEMENTS & IMPROVEMENTS

Opportunity for organic growth (transmission capacity increase)

Execution and project selection to guarantee proper profitability

Reinforcements and Improvements Revenue (BRL million)

220 198

214

147

210

150

2013 2014 2015 2016 2017 2018e

Average: BRL 40 million/year

26 31

47 41

61

2014/2015 2015/2016 2016/2017 2017/2018 2018/2019

IENNE (100%) TL: 710 km (500 kV) Substation: none RAP: BRL 44 million

IE Garanhuns (51%) TL: 842 km (230/500 kV) Substation: 2,100 MVA RAP: BRL 44 million

IE SUL2 (100%) TL: 175 km (230kV) Substation: 750 MVA RAP: BRL 9 million

IE Madeira (51%) TL: 2,375 km (±600 kVCC) Substation: 6,100 MVA RAP: BRL 253 million

IE Pinheiros (100%) TL: 1.8 km (345 kV) Substation: 4,200 MVA RAP: BRL 54 million

IE Serra do Japi (100%) TL: 137 km (230 kV) Substation: 2,000 MVA RAP: BRL 60 million

IEMG (100%) TL: 172 km (500 kV) Substation: none RAP: BRL 18 million

Evrecy (100%) TL: 154 km (230 kV) Substation: 450 MVA RAP: BRL 7 million

MANAGEMENT OF SUBSIDIARIES WITH GOVERNANCE AND INTEGRATION

8 subsidiaries fully in operation

14 concession contracts


17 substations

16,000 MVA of power transformation capacity

Revenue (RAP) of ~BRL 490 million¹

Notes: ¹ RAP Cycle 2018/2019 weighted by ISA CTEEP’s participation | ² Celebration of Purchase Agreement to acquirë 50% of Share Capital in April/18. The closing of the deal is subject to approvals.

Substation

Line Entrance

Transmission Line (TL)

In operation

RBSE (BASIC NETWORK OF EXISTING SERVICE) CASH FLOW BOOSTS CASH GENERATION FOR THE NEXT YEARS

RBSE: receivables related to the non depreciated assets in operation in May/2000

BRL 12 billion to be received, of which approximately BRL 1.6 billion were paid in the 2017/2018 cycle

April of 2017 injunction determined temporary exclusion of Ke

ANEEL recalculated the RAP for 2018/2019 cycle, excluding Ke¹ and considering the linearization of the Economic Component so that payments will be flat until 2022/2023 cycle (REH 2,408/18)

Bill for the restructuring of the electric sector proposes change from Ke to WACC from financial component

Notes: ¹ Technical Note 170/17 | ² Net of PIS/COFINS

RBSE Receivables Schedule² (BRL million)

Economic Component Financial Component ex-Ke Ke

Assumptions pursuant to RES ANEEL

762/2017

IPCA (Dec/12-Jun/17): 34.45%

WACC: 6.64% p.a.

Cost of Equity (Ke): 10.74% p.a. (1H13) and 10.44% p.a. (from Jul/13 to Jun/17)

Estimated amounts. WACC will be defined in tariff reset and asset base is subject to write-offs.

837 711 711 711 711 711

332

750

729 750 750 750 750 750

750

253

246 253 253 253 253 253

253

2021/2022 2017/2018

1,714

2020/2021 2018/2019

1,714 1,714

2019/2020

1,335

2024/2025 2022/2023 2023/2024

1,812 1,714 1,714

1,003

TO GUARANTEE

FAIR TARIFF RESET

ANEEL still has not disclosed the results of the analysis of the contributions

Postponement of RTP from 2018 to 2019, with retroactive effects

Transmission concession contracts renewed in 2013 are subject to periodic tariff reset (“RTP”) every five years

ANEEL opened public hearing 41/2017 to discuss and improve 2018 RTP rules

Regulatory Operational Costs (O&M)

Cost of Capital (WACC)

Regulatory Asset Base & Regulatory Price Reference

EVOLUTION OF MAIN DISPUTES WITH FAVORABLE DECISIONS REINFORCES FOCUS IN CONTINGENCIES REDUCTION

Supplemental Retirement Case Law 4,819/58

Collective Action

Starting in 2004, the Treasury Office (SEFAZ) began to pass through 70%¹ of the amount that retirees would receive

ISA CTEEP, by provisory judicial decision, has to pay the remaining amount (30%), which is equivalent to an estimated cash disbursement of BRL 180 million/year

Unanimous favorable decision in 2nd instance reinforces the merit of the case. In 2017, the payment was suspended for 4 months, but resumed by decision of the Federal Supreme Court injunction

Debt Collection

Debt collection action against the State of São Paulo (SEFAZ) with unanimous favorable decision in the 2nd instance

Amount on September of 2018: BRL 2 billion²

In August 2018, São Paulo state Court decision obliges Sefaz to transfer the amount in full for retiree benefits payment. No gloss up can be done before the administrative process is concluded.

Note: ¹ The main exclusions are (i) payments above the ceiling which is the Governor’s salary (~R$ 22 thousand), and (ii) contributions to State retirement; ² Does not consider monetary adjustment and interest since the filing of the case

10 PROJECTS UNDER CONSTRUCTION WILL ADD BRL 448 MILLION OF RAP

CapEx ISA CTEEP: BRL 2.9 billion¹

Extension of lines: +2,000 km

Capacity: +8,000 MVA

Note: ¹ Total CapEx ANEEL of BRL 5.2 billion | ² Auction ANEEL 02/2018

IE Itaquerê (100%) 3 Synchronous Components (Araraquara Substation) CAPEX ANEEL: BRL 398 million Revenue: BRL 46 million Deadline ANEEL: Aug/21

IE Aguapeí (100%) TL: 111 km (440 kV) Substation: 1,400 MVA CAPEX ANEEL: BRL 602 million Revenue: BRL 54 million Deadline ANEEL: Aug/21

IE Paraguaçu (50%) TL: 338 km (500 kV) Substation: none CAPEX ANEEL: BRL 510 million Revenue: BRL 107 million Deadline ANEEL: Feb/22

IE Itaúnas (100%) TL: 79 km (345 kV) Substation: 1,197 MVA 1 Static Component CAPEX ANEEL: BRL 298 million Revenue: BRL 47 million Deadline ANEEL: Feb/22

IE Aimorés (50%) TL: 208 km (500 kV) Substation: none CAPEX ANEEL: BRL 341 million Revenue: BRL 71 million Deadline ANEEL: Feb/22

IE Itapura – Bauru (100%) 1 Static Component (Bauru Substation) CAPEX ANEEL: BRL 126 million Revenue: BRL 11 million Deadline ANEEL : Feb/21

IE Tibagi (100%) TL: 36 km (230 kV) Substation: 1000 MVA CAPEX ANEEL: BRL 135 million Revenue: BRL 18 million Deadline ANEEL: Aug/21

ERB I (50%) TL: 1,200 km (230/500 kV) Substation: 2,988 MVA CAPEX ANEEL: BRL 1,937 million Revenue: BRL 267 million Deadline ANEEL: Aug/22

Substation

Line Entrance

Transmission Lines (TL)

Under construction

IE Itapura - Lorena (100%)² TL: 6 km (230/500 kV) Substation : 1,200 MVA CAPEX ANEEL: BRL 238 million Revenue: BRL 10 million Deadline ANEEL : Sep/22

IE Biguaçú (100%)² TL: 57 km (230 kV) Substation: 300 MVA CAPEX ANEEL: BRL 641 million Revenue: BRL 38 million Deadline ANEEL : Sep/23

GROWTH OPPORTUNITIES

TO CREATE VALUE

Note: ¹ RAP based on RAP / Investment of 17.1% observed in the Auction 002/2018 l ² Source: PET/PELP, MME Study consolidating the expansion constructions

AUCTIONS ACQUISITIONS Always studying market opportunities

Recent acquisitions

IE Sul

Acquisition of 50% of shares from CYMI for BRL 20 million

ISA CTEEP holds 100% of IESUL as of 3Q18

IENNE

Acquisition of 50% of shares from ISOLUX and 25% of shares from CYMI for BRL 101 million

ISA CTEEP holds 100% of IENNE as of 3Q17

New auctions expected until 2022 amount to BRL 30 billion of capex and RAP² of BRL 5 billion

Outlook for Auction estimated for 4Q18 (Preliminary)

20 lots with estimated capex of BRL 15 billion

RAP¹ of ~BRL 2.5 billion

Construction of 4,900 km of transmission lines and sectioning and installation of 13,800 MVA


Sustainable Value


ISA CTEEP

46.2% 51.3% 76.0% EBITDA Margin

85.3% REGULATORY RESULTS HIGHLIGHTS

STRONG CASH GENERATION BOOSTED BY RBSE

Note: ¹ Last twelve months ended on 09/30/2018

² Costs do not consider depreciation and contingencies

Net Revenue and EBITDA include only 100% owned subsidiaries. Shared control companies are accounted as equity shareholder.

NET REVENUE (BRL MILLION) O&M COSTS² (BRL MILLION)

EBITDA (BRL MILLION) NET INCOME (BRL MILLION)

143 181 82 129 220

747 675 671

694

689

2015

21 20

1,778

23 112 135

2016

172 22

2017

1,660

LTM¹

890 955

2,773

212%

180 195 20 120 157 197

747

191 199

244

246

75

2015

23

411

125 24

2016 LTM¹

148 21

2017

1,660

488

1,351

2,322

465%

404 439 472 472

15 7 19

430

2015

22 9 19

2016 2017

23 26

LTM¹

467 509 521

21%

247 246

635

2015 2016

1,075

2017 LTM¹

335%

O&M

Others

RBSE

New Investments

Subsidiaries

SOLID DEBT PROFILE WITH

Debt Amortization Schedule (BRL million) Debt Breakdown

55% 19%

26%

Local bonds - CDI/IPCA BNDES - TJLP Others - CDI

Debt Profile on 9/30/2018

Gross Debt: BRL 3.0 billion

Average cost: 8.3% p.a

Average term: 3.3 years

Net Debt / Adjusted EBITDA: 0.6x

Investment Grade by Fitch: AAA(bra)

74

243 232

74 70

369

894

2025 + 2022 4Q18 2019 2020 2023 2021 2024

1,035

230 226

335

247

2016

585

2014 2018+ 2015 2017 2013

Note: ¹ The Company registered net loss due to the provision for losses related to Law 4,819/58

Strong cash generation allows higher dividends

(BRL million)

Regulatory Payout

N.A.¹ 91% 123% 108% 95%

Minimum payout of 75% of regulatory net income limited to the financial covenant of 3.0x Net Debt/EBITDA

Proceeds via interest on capital and dividends payments

BRL 760 million dividend payment in June of 2018 (BRL 4.62/share)

68

70

72

74

76

78

80

82

84

86

UBS

Brasil Plural

Eleven Financial

Goldman Sachs

BTG Pactual

HSBC

Santander

DOES NOT REFLECT ISA CTEEP’S CASH GENERATION

Bradesco

Itaú BBA

Credit Suisse

Merrill Lynch

Safra

JP Morgan

COVERAGE TARGET PRICE

RATING DATE OF UPDATE

Itaú BBA BRL 83.00 Buy Nov/18

Bradesco BRL 82.00 Hold Jul/18

Goldman Sachs BRL 78.00 Buy Aug/18

JP Morgan BRL 78.00 Buy Aug/18

Brasil Plural BRL 77.60 Hold Dec/18

Merrill Lynch BRL 75.00 Hold Aug/18

HBSC BRL 75.00 Buy Aug/18

XP Investimentos BRL 75.00 Hold Aug/18

Banco do Brasil BRL 73.00 Hold Aug/18

Santander BRL 72.17 Buy Aug/18

BTG Pactual BRL 70.00 Buy Aug/18

UBS BRL 70.00 Buy Aug/18

Citi BRL 70.00 Hold Nov/18

Safra BRL 69.40 Hold Aug/18

Average Target Price BRL 74.87

TRPL4 3Q18 Average

BRL 58.79

Citi

TARGET PRICE (BRL)

63

65

67

69

71

73

75

77

79

81

83

85

Hold Buy Sell

UBS

Goldman Sachs

BTG Pactual

HSBC

Santander

Bradesco

Merrill Lynch

Safra Citi

Itaú BBA

Banco do Brasil

JP Morgan

XP

Brasil Plural

e-mail: [email protected] phone: +55 11 3138-7557

www.isacteep.com.br/ir

INVESTOR RELATIONS

mailto:[email protected]

Documents

Apresentação do PowerPoint - TheMediaGroupstatic.cteep.mediagroup.com.br/Arquivos/Download/2699-3Q18... · FREE FLOAT OF 64% ISA CTEEP Notes: ¹ Common share l ² Preferred share