Daily Current "Brazilian Utilities" Ajeje

Research evidence excerpt

Daily Current "Brazilian Utilities" Ajeje

February 25 - UBS BB Open Mic - Reliability is now the scarce commodity: A structural shift creating clear equity winners

February 19 - Axia - Migration to Novo Mercado - A new milestone in the turnaround

February 13 - After market feedback, LRCAP price caps revised

February 10 - LRCAP heating up - Ceiling prices disappoint

February 5 - Eneva - Higher goals for the LRCAP - Upgrade to Buy

January 28 - Copasa - Closer and closer…formal progress on privatization framework

January 22 - Sabesp: Scarcity concerns overdone - Upgrade to Buy

January 19 - High Conviction Calls rebalanced: Hydrology, regulation and the search for asymmetry

January 18 - Buy thesis intact, though leverage limits upside - Reiterate Buy

January 13 - The prices caught up with the story; Downgrade to Neutral

January 12 - Why current reservoir levels may not translate to earnings risk

January 6 - 2x Orizon; Reiterate Buy and raise PT

January 5 - Deep dive into regulatory OPEX updated methodology

December 16 - Winds of change: when climate tail-risk starts to matter

December 16 - The Architecture of Upside: Mapping Copasa's Privatization Path

December 11 - A New Payout Mechanism for the Same Cash Machine

December 5 - Equatorial - Sustaining the spark; Reiterate Buy and raise PT

December 4 - Health Plan Settlement Finalized: Cemig Removes a Multi-Year Overhang

December 2 - First tariff review of 6.8% - A few surprises and positive derisking

November 28 - Tax Efficiency + Financial Flexibility: Axia announces stock bonus

November 27 - Our Initial Qualitative Thoughts on Winners and Negative Impacts of the vetoes of MP 1,304

November 26 - Sabesp: Review around the corner - Model update

November 17 - CPFL: Earnings growth plus dividends - Reiterate Buy