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Closing prices as of

18 SEP 2026

ENEV3

(Eneva S.A.)

B3 LISTED

Utilities • Rio de Janeiro, Brazil

R$ 27.13

+12.57%

Reference Price • Change over 90 days

Research Synthesis

Consensus across all agents

BEARISH • 85%

The overall picture points to a company that is decent operationally but unattractive as an investment at the current price. Both analysts agree that the business has real strengths: the balance sheet appears sound, debt is under control, and the company has shown an ability to grow over time. That reduces the risk of financial distress and suggests the underlying enterprise is not fundamentally broken. The problem is that business quality alone is not enough to justify buying the stock. The clearest point of agreement is that the shares appear too expensive relative to what the company is delivering today. At the same time, profits have not been consistently dependable, which makes it harder to argue that a premium price is justified. In other words, investors seem to be paying up for a future that still needs to be proven. There is some disagreement only in degree, not direction. One view is more forgiving of the company’s financial strength and general resilience, while the other is more concerned about uneven profitability and only average evidence of shareholder-oriented management. But both arrive at the same conclusion: without a clearer margin of safety, the stock does not offer an attractive risk-reward balance. Taken together, the evidence supports a bearish stance for now. This looks more like a potentially respectable company to watch than a compelling stock to buy today.

Strength

Financial footing is solid — the business appears resilient, with manageable debt and enough stability to avoid major balance-sheet concerns.

Caution

Margin of safety is missing — the stock looks expensive while profits remain uneven and harder to rely on.

Watch

Sustained improvement in profit consistency or a materially lower share price would be the clearest sign the investment case is improving.

Agent Conviction Scores

Ben Graham

Deep Value Agent

BEARISH • 84%

Were I to judge this enterprise in the conservative manner I favor, I would say the business itself has several respectable qualities. Its finances appear sound, its obligations seem well carried, and its earnings record is more dependable than fragile. That is an important beginning, because a common stock should first be a satisfactory business before it can be a satisfactory investment. However, the investor must never confuse a good company with a good purchase. The central question is not whether the enterprise is real and useful—it plainly is—but whether one is being asked to pay too much for it. On that point, the evidence suggests that the shares are not offered with the discount that a prudent investor should demand. Without a sufficient margin of safety, even a capable and financially solid company may become a poor investment vehicle. There is also the matter of the dividend record. While I would not reject a company solely for lacking current distributions, a steady history of cash returned to owners provides an added layer of assurance. In this case, that extra safeguard is absent, which makes the purchase depend still more heavily on paying a modest price. If the price is not modest, caution becomes all the more necessary. The earnings record, though generally acceptable, is not so uniformly steady that one could justify any optimism based on rosy expectations. A Graham investor should not rely on favorable future developments to rescue an overpriced purchase. One should buy on what has been demonstrated already, and only at terms that allow for disappointment. So my conclusion is unfavorable from an investment standpoint. This appears to be a respectable operating company, but not a sufficiently bargain-priced security. For the defensive investor, I would refrain from purchase until a more attractive entry point provides the necessary margin of safety.

Inner Scoring Radar

Earnings

Stability 83/100

Growth 67/100

Overall stability appears acceptable, though not without some uneven periods, with results holding up well in most years. Growth has been present, but it has not followed a steady path, suggesting a mixed but generally resilient long-term picture.

Financial

Liquidity 100/100

Leverage 90/100

Payout 0/100

The business appears financially steady, with enough short-term resources to cover obligations and a track record of reliable operating profits, suggesting low risk. Debt looks manageable for its industry, though no dividends have been paid recently.

Valuation 25/100

Trading at 5.1x Graham Number — exceeds valuation ceiling, no margin of safety.

Warren Buffett

Value & Moat Agent

BEARISH • 84%

If I were looking at this business through my usual lens, I would start by asking a simple question: is this the kind of company I would be happy to own outright for a long time? Eneva has some respectable qualities. It operates in an important part of the economy, its balance sheet appears sensible, and the business has shown an ability to expand its footprint over time. Those are not trivial strengths. But investing is not only about liking the business; it is about liking the business, the people running it, and the price you must pay. Here, the picture becomes less attractive. The company’s earnings record does not appear steady enough to qualify as the sort of predictable enterprise I prefer. Revenue may grow, but what matters to an owner is whether that growth reliably turns into durable profits. If profits are uneven and occasionally slip backward, the business becomes harder to appraise with confidence. I also place great weight on management’s alignment with shareholders and their skill in allocating capital. The evidence here suggests a mixed record rather than an outstanding one. That does not mean management is poor, but it does mean I do not see the unmistakable signs of a shareholder-oriented stewardship culture that would make me especially enthusiastic. Most importantly, even a decent business can become a poor investment if purchased at too rich a price. A wonderful business bought without a margin of safety can lead to disappointing results. In this case, the shares appear to offer no cushion for error. When a company has uneven profitability, only moderate confidence in management quality, and a price that already assumes a favorable future, I would rather be patient and look elsewhere. So my conclusion is bearish—not because the company is hopeless, but because it does not combine the qualities I want most: consistently dependable earnings, clearly exceptional capital stewardship, and a price that gives the buyer a comfortable margin of safety. In investing, the right decision is often not to swing at every pitch.

Inner Scoring Radar

Fundamentals

ROE 93/100

ROIC 86/100

Leverage 100/100

Returns on shareholder funds and overall invested capital have trailed the cost of capital slightly, pointing to value creation that is close to break-even. At the same time, leverage has stayed conservative and within a healthy range for the industry.

Consistency

Revenue 100/100

Margin 70/100

Net Income 25/100

Revenue has increased steadily over time, pointing to a business that is growing on a stable path. Profitability remains uneven, with margins swinging between stronger and weaker periods, and some results have slipped into losses, highlighting higher earnings risk.

Management

Ownership 36/100

Earnings 78/100

Payout 0/100

Ownership appears moderate in quality but somewhat unstable, led more by shifting institutional stakes than by committed long-term insiders. Results have been mostly positive, with uneven growth showing resilience but not consistency. No dividends were paid in recent years.

Valuation 0/100

Overvalued: market price exceeds estimated intrinsic value, with no margin of safety against downside risk.

Financial Metrics

Revenue vs Net Income Trend

BRL thousands • 2014-2025

Revenue

Net Income

Balance Sheet Key Components

BRL thousands • 2014-2025

Fixed Assets

Other

Net Debt

Working Capital

Leverage & Efficiency Trends

Debt to Equity 1.0x

Well below utilities industry average.

Operating Margin 30.0%

Positive operating margin trend, but with significant period-to-period volatility.

Return on Equity 0.9x

Return on equity has been slightly below the cost of capital, suggesting near-breakeven value creation.

Return on Invested Capital 0.9x

Return on invested capital has been slightly below the cost of capital, suggesting near-breakeven value creation.

Operating Margin Trend

% • 2014-2025

Ownership Structure & Distributions

Voting Ownership

Shareholder	Voting %
Btg Pactual Group	48.1%
Free Float	51.9%

Payout History

DIVIDEND

R$ 0.000 / share

Dec 2025

DIVIDEND

R$ 0.000 / share

Dec 2024

DIVIDEND

R$ 0.000 / share

Dec 2023

DIVIDEND

R$ 0.000 / share

Dec 2022