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    Regulated Electric
Companhia Energética do Ceará - Coelce

Companhia Energética do Ceará - Coelce

COCE3.SA
Companhia Energética do Ceará - CoelceBR flagB3 S.A.
31.72
BRL
-1.60
- -
2.74BMarket Cap
Companhia Energética do Ceará - Coelce
COCE3.SA
(B3 S.A.)

Recent

price

31.72

P/E

ratio

- -

div

yld

- -

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
FRC
36.6
50.74
54.84
52.73
41.57
47.75
46.8
86.22
59.62
63.24
70.35
154.83
103.04
102.13
96.74
92.82
100.67
Revenue per Share
6.06
9.8
8.74
3.26
3.23
4.66
5.05
9.07
4.68
5.2
3.41
6.28
8.23
4.05
5.97
4.57
4.98
Basic EPS, GAAP
5.28
8.64
12.48
10.45
2.86
6.09
13.64
15.54
4.3
7.83
0.3
-13.42
11.52
6.5
21.75
21.12
19.33
Free Cash Flow per Basic Share
2.73
6.92
5.74
4.45
0.99
0.54
0.93
3.22
1.09
1.87
1.16
2.56
1.81
2.23
0.27
0.32
- -
Dividend per Share
5.69
9.21
9.21
9.21
5.69
5.69
7.13
12.81
9.52
10.38
11.46
11.74
13.94
16.47
17.83
24.72
21.45
Book Value per Share
-8.52
-12.38
-15.42
-16.93
-7.95
-8.13
-8.98
-11.23
-13.37
-15.27
-23.17
-30.77
-42.09
-53.93
-53.73
-59.85
-61.18
Tangible Book Value per Share
78
48
48
48
78
78
78
48
78
78
78
78
78
78
78
86
78
Basic Weighted Avg Shares
2,850
2,439
2,636
2,535
3,237
3,718
3,644
4,144
4,642
4,924
5,477
12,054
8,023
7,952
7,531
8,011
7,837
Sales/Revenue/Turnover
23.26
25.33
20.57
9.79
15.43
14.55
15.68
15.21
11.11
11.79
12.12
44.69
15.3
13.25
18.28
20.66
17.71
Operating Margin (%)
144
134
115
153
184
156
170
190
223
271
313
341
408
542
646
604
714
Depreciation Expense
472
471
420
157
252
363
393
436
365
405
265
489
641
315
465
394
388
Net Income, GAAP
18.55
18.31
30.07
5.83
- -
17.55
19.15
19.67
19.76
17.69
28.07
24.85
20.38
30.89
6.19
4.76
1.88
Effective Tax Rate (%)
16.56
19.32
15.93
6.18
7.77
9.77
10.79
10.51
7.85
8.22
4.84
4.05
7.98
3.97
6.17
4.92
4.95
Profit Margin (%)
-320
81
112
45
389
209
102
-109
-177
110
-449
-152
-1,313
-2,260
-2,592
-2,503
-2,278
Working Capital
581
859
766
774
1,134
902
696
831
1,213
1,827
1,663
2,936
3,220
3,129
2,684
4,218
3,695
LT Debt
1,357
1,471
1,560
1,566
1,716
2,005
2,313
2,583
2,863
3,114
3,231
3,487
3,957
4,191
5,140
5,461
5,246
Total Equity
24.8
20.84
14.8
9.36
- -
14.25
14
14.31
9.56
9.12
8.04
56.88
11.29
7.28
11.89
13.77
12.2
Return on Invested Capital (%)
36.88
37.59
32.36
16.41
- -
27.58
30
29.35
20.36
18.43
10.68
15.42
18.94
10.33
13.93
14.24
13.22
Return on Capital (%)
113.62
106.37
94.82
35.34
56.79
81.97
78.78
74.44
53.72
52.27
31.19
54.09
64.07
26.65
34.82
22.37
23.85
Return on Common Equity (%)

Capital Structure

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
ST Debt
2,840
3,697
2,084
LT Borrowings
2,625
2,101
3,560
LT Finance Leases
59
146
135
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
78
78
86
Market Capitalization
2,025
1,848
2,177

Working Capital

FRC

•

in mil. unless spec.
Dec'24
Mar'25
Jun'25
Total Current Assets
3,082
3,166
3,042
Cash, Cash Equivalents & STI
215
300
185
Accounts Receivable, Net
2,004
1,945
1,970
Inventories
- -
- -
- -
Total Current Liabilities
5,674
6,632
5,320
Payables & Accruals
- -
- -
- -
ST Debt
2,840
3,697
2,084
Deferred Revenue
- -
- -
- -

Growth Rates

FRC

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
10.66%
11.24%
6.26%
Free Cash Flow
-450.79%
-906.57%
7.66%
Net Income, GAAP
7.61%
19.34%
-15.26%
Sales/Revenue/Turnover
12.79%
17.37%
6.36%
Total Cash Common Dividend
23.64%
12.17%
33.7%

Quarterly Revenue

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,714
1,667
2,150
2,001
7,531
2025
1,676
2,011
2,274
- -
8,011
2026
2,051
- -
- -
- -
- -

Quarterly Earnings Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1.63
0.86
0.88
- -
5.97
2025
0.44
1.07
3.5
- -
4.57
2026
1.68
- -
- -
- -
- -

Quarterly Dividends Per Share

FRC

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
- -
- -
0.27
2025
- -
- -
- -
- -
0.32
2026
- -
- -
- -
- -
- -
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Business
Companhia Energética do Ceará - Coelce (COCE3.SA) operates as an electricity distribution utility in Brazil, serving approximately 4.7 million consumer units across 184 municipalities in the state of Ceará through its concession area of 148,921 square kilometers; the company provides core services including electricity distribution from transmission grid connection points to residential, commercial, industrial, and rural customers, network operation and maintenance, energy consumption metering, billing, and customer service, with revenue primarily derived from distribution system usage fees (TUSD). Regulated by the Brazilian Electricity Regulatory Agency (ANEEL), it maintains infrastructure such as primary and secondary distribution networks, substations, transmission lines, smart grids, and rural electrification systems, headquartered in Fortaleza, Ceará, and functioning as a subsidiary of Enel Brasil S.A. under the Italian Enel Group, which acquired control through Enersis in 2014 and rebranded it as Enel Distribuição Ceará in 2016. Recent developments include a 10.1% increase in investments to R$779.9 million in the first half of 2025 compared to the prior year, alongside a commitment to R$7.4 billion in capital expenditures from 2025-2027 focused on network modernization, expansion, digitalization, and automation to address service quality issues highlighted by ANEEL, including DEC Global metric shortfalls that have jeopardized its concession renewal beyond 2028; Enel Brasil announced R$25.3 billion in total investments over the next three years encompassing Ceará operations, while ANEL approved tariff reductions effective April 2025 and leadership transitioned with a new director-president in 2025. The company continues to pursue concession extension amid regulatory scrutiny and operational enhancements.