ENERGY CO OF PARANA

ELPC

Companhia Paranaense de Energia - COPEL, together with its subsidiaries, engages in the research, study, planning, construction, production, transformation, transportation, distribution, and commercialization of electricity in Brazil. The company operates through three segments: Generation and Transmission of Electrical Energy; Electrical Energy Distribution; and Commercialization.

About the company

Price: $10.91Market Cap: $8.1B

Investment snapshot

24%positive consensus

Scored 1d ago

Positive

BUY / PASS

Neutral / negative

4 / 8

NEUTRAL / FAIL

Median fair value

$4.54

-58.4% vs price

Models with upside

2 / 17

Positive margin of safety

Strongest signal

Models split on ELPC at $10.91 — fair values range $1.81–$16.11

Key risk

No clean pass — all 8 investors flag at least one efficiency criterion

Framework analysis

Verdict	Meaning
BUY	Positive purchase signal: the framework's buy requirements are met.
PASS	The company clears the framework's checklist or screen, but the framework does not produce a buy signal. For valuation frameworks this often means margin of safety is missing, insufficient, or unavailable; some screen-only frameworks have no intrinsic-value BUY state.
NEUTRAL	Neither a positive nor negative conclusion. It does not mean to hold an existing position.
FAIL	The company does not clear the framework's requirements.
Ranked	Ranked strategies do not use PASS: selected cohort is BUY, outside the cohort is FAIL, and unranked is NEUTRAL.

Current investor scores use trailing 12-month flows and the latest balance sheet where supported. Multi-year and EPS tests retain annual history; each framework shows its financial basis below. Intrinsic values use annual financials.

Metric	Graham Defensive Value	Buffett Quality Compounder	Lynch GARP	Greenblatt Magic Formula	Piotroski F-Score	Dreman Contrarian Value	Munger Quality Focus	Pabrai Dhandho Framework	Akre Three-Legged Stool	Marks Risk-Aware Value	Ackman Activist Value	Templeton Global Bargain Hunter	Sleep Scale Economies Shared	Asness Systematic Factors	Neff Low-P/E Total Return	Schloss Asset-Value Discipline	O'Shaughnessy Systematic Factor Composite
Verdict	FAIL	FAIL	FAIL	FAIL · Rank #1977 (Top 63.8%)	NEUTRAL	NEUTRAL	NEUTRAL	FAIL	FAIL	FAIL	PASS	PASS	PASS	BUY	FAIL	FAIL	NEUTRAL
Score
Analysis	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…	Checking access…
Intrinsic Value (annual)	N/A	N/A	N/A	N/A	N/A	N/A	N/A				N/A	N/A	N/A	N/A	N/A	N/A	N/A
Margin of Safety	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-50.7%	+39.9%	+83.1%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Financial Basis	Annual history · FY 2024 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Qualitative assessment · Annual history · FY 2024 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 · Market data at 2026-11-01 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 · Qualitative assessment Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 Latest source filing: 2025-04-17 Score computed: 2026-11-14	Annual history · FY 2024 · Price history 2025-01-01–2026-11-01 Latest source filing: 2025-04-17 Score computed: 2026-11-14

Where It Passes

Valuation models67% pass✓ 2✗ 1▾
Models split on ELPC at $10.91 — fair values range $1.81–$16.11
Pabrai fair value$1.81
✗Pabrai-50.7% margin vs $10.91
Akre fair value$4.54
✓Akre+39.9% margin vs $10.91
Marks fair value$16.11
✓Marks+83.1% margin vs $10.91
Cash Flow60% pass✓ 7✗ 5▾
6 of 10 pass — Pabrai, Ackman, Neff +1 more object
Free Cash Flow Proxy$361.6M
✓BuffettPositive and growing
FCF Positive and Growing$659.3M
✓LynchPositive and growing
Operating Cash Flow$549.3M
✓PiotroskiCFO > 0
(CFO / Total Assets) vs ROACFO/Assets=5.91%, ROA=4.88%
✓PiotroskiCFO/Assets > ROA
Price / (CFO / Shares)6.4x
✓Dreman< 8x
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
FCF Positive7/8 years FCF positive
✓MarksPositive FCF in majority of recent years
(OCF - CapEx) / Market Cap
✗Ackman>= 4%
Price / FCF per Share
✗Ackman<= 25
Positive Operating Cash Flow frequency10/10 years positive
✓SleepPositive OCF in >= 70% of available years
Operating Cash Flow - Capital Expenditures
✗Neff> $0 (app proxy for a strong fundamental case)
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section

Where It Falls Short

Efficiency0% pass✓ 1✗ 10▾
No clean pass — all 8 investors flag at least one efficiency criterion
Current Ratio1.26
✗Graham>= 2.0
ROIC (3-5 yr avg)-3.7%
✗Buffett> 10%
ROIC - WACC-13.7%
✗BuffettPositive (WACC = 10%)
EBIT / (NWC + Net Fixed Assets)-11.7%
✗Greenblatt> 25%
Current Ratio Change YoY1.47 -> 1.26
✗PiotroskiIncreased YoY
Revenue / Total Assets Change YoY0.38x -> 0.39x
✓PiotroskiImproved YoY
Current Assets / Current Liabilities1.26
✗Dreman> 1.5
Return on Invested Capital-2.5%
✗Munger> 15%
ROIC (high and growing)FY2022: ROIC=-7.4%; FY2023: ROIC=-3.9%; FY2024: ROIC=-2.5%
✗AkreLatest 3 consecutive FYs: ROIC > 15% in each
Reinvestment Rate x ROIC-2.5% (RR=100% x ROIC=-2.5%)
✗AkreReinvestment Rate * ROIC > 10%
ROIC (5-year)0/5 years above 12% (latest -2.5%)
✗SleepROIC > 12% in a majority of years
Valuation8% pass✓ 7✗ 21▾
12 of 13 flag ELPC's valuation — Graham, Lynch, Greenblatt +9 more
Price / Book Value per Share0.9x
✓Dreman< 1.2x✓Templeton< 1.5x✗SchlossP/B <= 0.80x (app cutoff)
Net income / market capitalization+5.59%; #1519/6340 (top 24.0%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Price / 3-yr avg EPS
✗Graham<= 15x
Price-to-Book Ratio0.9x
✓Graham<= 1.5x
P/E x P/B
✗Graham<= 22.5
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
EBIT / Enterprise Value-1.8%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1.8%, ROC=-11.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Price / EPS
✗Dreman< 12x✗Templeton< 12x (fixed ceiling; proxy for the market's cheapest 40%)
Price / (CFO / Shares)6.4x
✓Dreman< 8x
Valuation ReasonablenessOE Yield=19.5%
✓MungerP/E < 25 or Owner Earnings Yield > 5%
P/E or FCF Yield
✗PabraiP/E < 15 or FCF Yield > 10%
P/B or P/E vs. Historical AverageP/B=0.9x
✓MarksP/E < 15 or P/B < 2.0
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Price / FCF per Share
✗Ackman<= 25
Price vs. Trailing Low186% of trailing low ($1.47)
✗Templeton<= 120% of trailing low (certified split-adjusted live window)
Positive book equity / market capitalization+0.5131; #2839/6449 (top 44.0%)
✗AsnessTop 30% of eligible cross-section
Price / Diluted EPS
✗NeffP/E <= 15x (app proxy for a P/E 40%-60% below the market)
(EPS CAGR % + Dividend Yield %) / P/E
✗Neff> 0.7 (Neff's published traditional edge)
Price / Tangible Book Value per Share2.42x
✗SchlossP/TBV <= 1.00x (app cutoff)
Book Value per Share Change
✗SchlossLatest BVPS >= earliest BVPS over >= 3 years (app rule)
Revenue / market capitalization+0.4527; #2765/5247 (top 52.7%)
✗OshaughnessyTop 10% of eligible cross-section
(Operating cash flow - capex) / market capitalization
✗OshaughnessyTop 10% of eligible cross-section
Trailing six-month price return through the evaluation date-18.22%; #3880/6202 (top 62.6%)
✗OshaughnessyTop 10% of eligible cross-section
Profitability13% pass✓ 12✗ 23▾
14 of 16 flag ELPC's profitability — Graham, Buffett, Lynch +11 more
Net income / market capitalization+5.59%; #1519/6340 (top 24.0%)
✓AsnessTop 30% of eligible cross-section✗OshaughnessyTop 10% of eligible cross-section
Positive EPS (10 years)4/11 years positive
✗GrahamPositive EPS every year for 10 years
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Net Income Positive (10+ years)10/11 years positive
✗BuffettPositive every year for 10+ years
ROE (up to 5-year arithmetic mean)13.8%
✗Buffett> 15% arithmetic mean (app rule)
Operating Margin (10-yr trend)-3.7% (latest)
✓BuffettStable or rising over 10 years
Free Cash Flow Proxy$361.6M
✓BuffettPositive and growing
Earnings Variance (10-yr CoV)
✗BuffettCoV < 0.3
Retained Earnings Effectiveness
✗Buffett$1 retained -> > $1 market value created
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR8.9%
✓Lynch15-30% (Fast Grower); > 0% to pass
ROE10.9%
✗Lynch> 15%
EBIT / Enterprise Value-1.8%
✗Greenblatt> 10%
Earnings Yield + ROC AssessmentEY=-1.8%, ROC=-11.7%
✗GreenblattBoth EY > 10% and ROC > 25%
Net Income / Total Assets4.88%
✓PiotroskiROA > 0
ROA Change YoY4.17% -> 4.88% (delta: +0.71%)
✓PiotroskiCurrent ROA > Prior ROA
(CFO / Total Assets) vs ROACFO/Assets=5.91%, ROA=4.88%
✓PiotroskiCFO/Assets > ROA
Gross Margin Change YoY22.8% -> 21.6%
✗PiotroskiImproved YoY
Pre-Tax Income / Revenue12.8%
✓Dreman>= 8%
Net Income / Shareholders' Equity10.9%
✗Dreman> 12%
Margin of SafetyP/B=0.9x
✓PabraiP/B < 1.5 or P/E < 15
Return on Equity8.7% (3-yr avg)
✗AkreROE > 20% (3-year avg)
Discount to Intrinsic Value
✗Marks>= 20% below intrinsic value
Positive Net Income Frequency10/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
Operating Income / Revenue-3.7%
✗Ackman>= 15%
Net Income / Shareholders Equity10.9%
✗Ackman>= 15%
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Operating Margin Trend-9.6% (2022) -> -3.7% (2024)
✓TempletonNon-negative operating-margin trend over 3 years
Revenue growth vs. gross and operating margin trendgross margin 24.0% -> 21.6%, operating margin -9.6% -> -3.7%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
Gross profit / total assets+8.52%; #2904/3702 (top 78.4%)
✗AsnessTop 30% of eligible cross-section
Net income / positive book equity+10.90%; #1679/5226 (top 32.1%)
✗AsnessTop 30% of eligible cross-section
Negative 5-year standard deviation of ROA-0.0288; #1853/5884 (top 31.5%)
✗AsnessTop 30% of eligible cross-section
3-5 Year Diluted EPS CAGR8.9% over 3 years
✓Neff7%-20% annualized
Positive Diluted-EPS Years
✗Schloss>= 70% positive over 5-10 observed years (app rule)
Verdicts31% pass✓ 4✗ 9▾
Split decision: 8 FAIL · 4 NEUTRAL · 3 PASS · 1 BUY
Overall verdict
✗GrahamFAIL (2/9)✗BuffettFAIL (2/9)✗LynchFAIL (4/7)✗GreenblattRank #1977•PiotroskiNEUTRAL (F-Score 7)•DremanNEUTRAL (7/11)•MungerNEUTRAL (3/4)✗PabraiFAIL (1/3)✗AkreFAIL (1/6)✗MarksFAIL (3/5)✓AckmanPASS (4/9)✓TempletonPASS (4/8)✓SleepPASS (3/6)✓AsnessBUY (Rank #496/2370 (Top 20.9%))✗NeffFAIL (1/6)✗SchlossFAIL (1/7)•OshaughnessyNEUTRAL (Not ranked)
Growth38% pass✓ 7✗ 6▾
5 of 8 flag ELPC's growth — Graham, Lynch, Ackman +2 more
EPS Growth (3-yr avg, 10-yr window)
✗Graham>= 33% growth
Basic earnings-growth PEG (dividends excluded)
✗Lynch< 1.0 (ideally < 0.5)
3-5 Year EPS CAGR8.9%
✓Lynch15-30% (Fast Grower); > 0% to pass
Inventory Growth vs Revenue GrowthInv: -38.7% vs Rev: -17.2%
✓LynchInventory growth < Revenue growth
EPS Growth Direction$0.98 (2015) -> $1.27 (2018)
✓DremanPositive over recent years
EPS CAGR8.9% CAGR over 3 years
✓Dreman> 5% annualized
Positive Net Income Frequency10/10 years positive
✓MarksPositive net income in >= 7 of last 10 years
3yr Median Revenue Growth6.8%
✓Ackman>= 5%
Positive EPS Growth Frequency
✗AckmanPositive EPS growth in >= 3 of last 5 years
5-Year EPS CAGR
✗Templeton> 0% (5-year EPS CAGR)
Revenue growth vs. gross and operating margin trendgross margin 24.0% -> 21.6%, operating margin -9.6% -> -3.7%
✗SleepRevenue rising; gross margin flat or falling; operating margin holding
5-year Revenue CAGR-1.9%
✗SleepCAGR > 7%
3-5 Year Diluted EPS CAGR8.9% over 3 years
✓Neff7%-20% annualized
Debt & Leverage50% pass✓ 9✗ 6▾
6 of 12 pass — Graham, Buffett, Lynch +3 more object
LT Debt vs Net Current Assets
✗GrahamLT Debt <= Net Current Assets
Debt/Equity & Interest CoverageD/E: 0.01, IC: -0.4x
✗BuffettD/E < 0.5 AND Interest Coverage > 5x
Total Debt / Equity0.01
✓Lynch< 0.33
Cash - Long-term Debt
✗LynchPositive preferred
LT Debt / Total Assets Change0.00% -> 0.00%
✓PiotroskiDecreased YoY
Current Assets / Current Liabilities1.26
✗Dreman> 1.5✗SchlossCurrent ratio >= 1.50x (app cutoff)
Total Debt / Shareholders' Equity0.01
✓Dreman< 0.8✓Templeton< 1.0 (fixed cap; proxy for below-sector-median leverage)✓SchlossD/E < 1.00x
Debt Levels0.01
✓MungerDebt/Equity < 0.5✓AkreDebt/Equity < 0.3
Interest Coverage & Debt/EBITDAIC=-0.4x, D/EBITDA=0.5x
✗MarksInterest Coverage > 3x; Debt/EBITDA < 4x
Total Debt / Shareholders Equity0.01
✓Ackman<= 1.0
Negative debt-to-equity (higher means less debt)-0.0128; #664/4210 (top 15.8%)
✓AsnessTop 30% of eligible cross-section

Business & financials

Financial snapshot: annual FY 2024. Current investor scores may use newer quarterly data.

Company Profile

Industry: Utilities

SIC Sector: Electric, Gas & Sanitary Services

Size: Mid Cap($8.1B)

Revenue: $3.7B-17.2% YoY

Net Income: $453.1M-5.6% YoY

Financial Snapshot

Operating Margin-3.7%

Return on Equity10.9%

Debt / Equity0.01

Current Ratio1.26

Buybacks (1y)$922.4M

Shares Retired0.2% / −23.1% 2y

Similar Companies

SOSOUTHERN CO

$109.0B

AEPAMERICAN ELECTRIC POWER CO INC

$70.3B

LNGCheniere Energy, Inc.

$63.0B

DDOMINION ENERGY, INC

$59.5B

Shareholder Return

Fiscal 2024

Retired 0.2% of shares last year, 23.1% issued over two.

Buybacks: $922.4M
Dividends: —

Company Financials

Latest TTM and quarters alongside annual years

TTM sums four consecutive quarters and uses the latest quarter-end balances. Quarter columns show three-month results; annual columns show full-year totals. Growth compares the same period a year earlier. EPS is not added for TTM; full-year ratios are blank for quarters.

Metric	FY 2024 Sources 20-F · 2025-04-17	FY 2023 Sources 20-F · 2024-04-11	FY 2022 Sources 20-F · 2024-04-11	FY 2021 Sources 20-F · 2024-04-11	FY 2020 Sources 20-F · 2021-04-20
Market Cap	$8.1Bcurrent	$8.7Best.	$7.6Best.	--	--
Revenue	$3.7B↓17%	$4.4B↑10%	$4.0B↑7%	$3.8B↑5%	$3.6B
Operating Income	-$133.9M↑46%	-$248.1M↑36%	-$387.9M↓428%	$118.2M↑159%	-$198.8M
Net Income	$453.1M↓6%	$479.8M↑113%	$225.0M↓75%	$906.4M↑20%	$753.2M
EPS (Diluted)	--	--	--	--	--
Gross Margin	21.6%↓5%	22.8%↓5%	24.0%↑18%	20.3%↓28%	28.4%
Operating Margin	-3.7%↑35%	-5.6%↑42%	-9.6%↓407%	3.1%↑157%	-5.5%
ROE	10.9%↑12%	9.7%↑76%	5.5%↓76%	23.1%↑18%	19.6%
Total Debt	$53.2M↓5%	$55.8M↑4%	$53.6M↑40%	$38.2M↑18853%	$201.5K
Shareholders' Equity	$4.2B↓16%	$4.9B↑21%	$4.1B↑4%	$3.9B↑2%	$3.8B
Current Ratio	1.26↓14%	1.47↑13%	1.30↓7%	1.40↑19%	1.18
Debt / Equity	0.01↑13%	0.01↓14%	0.01↑35%	0.01↑18489%	0.00
Operating Cash Flow	$549.3M↓24%	$725.4M↓5%	$764.1M↑26%	$608.0M↓20%	$759.2M
Free Cash Flow	--	--	$659.3M↑20%	$547.3M↓24%	$715.6M

Score history

Historical Score Timeline

Industry peers

Industry Peers

Similar companies in Utilities

ELPC vs Peers — Financial Grading

Revenue$3.7BBottom 25%

Net Income$453.1MBottom 25%

ROE10.9%Median

D/E0.01Top 25%

Op. Margin-3.7%Bottom 25%

Curr. Ratio1.26Top 25%

Company	Market Cap	Price	Revenue	Net Income	ROE	D/E	Op. Margin	Curr. Ratio	Graham	Buffett	Lynch	Greenblatt	Piotroski	Dreman
SOUTHERN COSO	$109.0B	$93.59	$29.6B	$4.3B	12.1%	2.00	24.7%	0.65	2/9	2/9	2/7	0/3	F-Score 5	3/11
AMERICAN ELECTRIC POWER CO INCAEP	$70.3B	$129.18	$21.9B	$3.7B	11.9%	1.52	24.3%	0.45	4/9	3/9	2/7	0/3	F-Score 5	3/11
Cheniere Energy, Inc.LNG	$63.0B	$308.75	$20.0B	$5.3B	67.3%	2.88	45.6%	0.94	2/9	4/9	4/7	0/3	F-Score 8	3/11
DOMINION ENERGY, INCD	$59.5B	$67.66	$16.5B	$3.0B	10.3%	1.60	26.7%	0.77	2/9	0/9	1/7	0/3	F-Score 6	3/11
AMEREN CORPAEE	$31.8B	$114.77	$8.8B	$1.5B	10.9%	1.43	23.0%	0.66	2/9	1/9	1/7	0/3	F-Score 6	2/11
ATMOS ENERGY CORPATO	$29.8B	$176.30	$4.7B	$1.2B	8.8%	0.66	33.2%	0.77	3/9	3/9	2/7	0/3	F-Score 6	3/11
EVERSOURCE ENERGYES	$27.0B	$71.73	$13.5B	$1.7B	10.5%	1.75	22.1%	0.65	2/9	2/9	2/7	0/3	F-Score 6	4/11
PPL CorpPPL	$26.9B	$35.67	$9.0B	$1.2B	7.9%	1.27	23.5%	0.86	2/9	0/9	0/7	0/3	F-Score 5	2/11