Companhia Energética de Minas Gerais - CEMIG (CIG)
Utilities · NYQ · US
Fundamentals
Valuation and ratings
Companhia Energética de Minas Gerais - CEMIG trades at USD2.14, which is 31% below the USD2.81 our discounted cash flow model puts on the business. On that measure alone it screens as undervalued, though a DCF is an argument rather than a measurement, and the market is frequently right about why something is cheap.
Our moat model scores it 39 out of 100, which is little in the way of a moat. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.
It changes hands at 6.5 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.
About Companhia Energética de Minas Gerais - CEMIG
Companhia Energética de Minas Gerais - CEMIG, through its subsidiaries, engages in the generation, transmission, distribution, and sale of energy in Brazil. As of December 31, 2025, the company operated 32 hydro plants with a total capacity of 4,434 M, 2 wind farms with a total capacity of 71 MW, and 12 photovoltaic power stations with a total capacity of 169 MW; 365,577 miles of distribution lines; and 4,865 miles of transmission lines. It is also involved in the acquisition, transportation, and distribution of gas and its sub products and derivatives; sale and trading of energy; construction, implementation, operation and maintenance of electricity transmission; marketing and intermediation of energy-related business; installation, operation, maintenance and rental of solar plants; and distributed generation, account services, cogeneration, energy efficiency, and supply and storage management activities. The company was incorporated in 1952 and is headquartered in Belo Horizonte, Brazil.
CIG passes 6 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Smart money ownership
11 of the funds we track reported a position in their latest SEC 13F filing. Largest first:
- Renaissance Technologies, RENAISSANCE TECHNOLOGIES LLC$19.11M · 0.0% of book
- Marshall Wace, MARSHALL WACE, LLP$6.41M · 0.0% of book
- Israel Englander, MILLENNIUM MANAGEMENT LLC$3.43M · 0.0% of book
- Richard Pzena, PZENA INVESTMENT MANAGEMENT LLC$2.58M · 0.0% of book
- Ken Griffin, CITADEL ADVISORS LLC$2.23M · 0.0% of book
A word of warning on reading these figures: a 13F reports the market value of a holding, so a fund that traded nothing at all still appears to have sold when the price fell. We found 102 companies where the standard reading gives the opposite answer. Only the share count is honest.
Common questions
Is Companhia Energética de Minas Gerais - CEMIG (CIG) undervalued?
Against our discounted cash flow estimate of USD2.81, CIG at USD2.14 is 31% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.
Which funds own CIG?
11 of the institutions we track reported a position in CIG in their most recent SEC 13F filing. A 13F is filed up to 45 days after quarter end, so it tells you what a fund held then, not what it holds now.
What is CIG's P/E ratio?
CIG trades at 6.5 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.
The full research page for CIG, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.
Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.