B3 · BRL

CEEB3

Companhia de Electricidade do Estado da Bahia - COELBA

R$46.000.00% (R$0.00)Updated 30/09/2026, 18:31

Day's range: R$45.50 – R$46.00
Day's volume: R$9.2k
52-week range: R$34.70 – R$50.75

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CEEB3 in numbers

Market cap: R$11.4bn

P/E: 8.08

P/B: 1.45

Dividend yield (12m): 13.77%

Net debt/EBITDA: 3.61

The 12-month dividend yield of CEEB3 is 13.77%, above its 5-year average of 13.47%.

CEEB3 price history

01/10/202530/09/2026

Compare with

CEEB3 risk and return

Monthly closes adjusted for splits and distributions.

Metric	12 months	36 months	60 months
Return	+36.08%	+63.82%	+136.63%
Volatility (annualised)	19.58%	15.35%	17.04%
Largest drawdown	-3.21%	-7.45%	-18.35%
Positive months	8/12	22/36	35/60

How much did investing in CEEB3 return?

Amount invested

R$1,000.00 invested on 01/09/2021 would be worth R$2,436.61 today.

Value today in CEEB3: R$2,436.61

Return over the period: +143.66%

Return per year: +19.50%

In the Ibovespa: R$1,657.66

With dividends reinvested, before taxes and costs, at month-end closes. Past returns do not guarantee future ones.

CEEB3 fundamentals

Valuation

P/E
8.08
P/B
1.45
EV/EBITDA
5.72
EV/EBIT
7.20
EV/Revenue
1.59
P/EBIT
2.65
P/S
0.59
P/OCF
14.78
P/FCF
-3.13
Earnings yield
13.89%
PEG ratio
—
Earnings per share
R$5.69
Book value per share
R$31.73

Debt

Net debt
R$19.5bn
Net debt/EBITDA
3.61
Net debt/Equity
2.35
Debt/Equity
2.56
Current ratio
1.20
Quick ratio
1.20
Cash ratio
0.29

Efficiency

Gross margin
28.41%
EBITDA margin
27.88%
Operating margin
22.16%
Net margin
7.70%
Asset turnover
0.51

Profitability

ROE
17.94%
ROA
3.93%
ROIC
12.51%
Payout
111.24%

Growth

Revenue CAGR (5 years)
8.47%
Earnings CAGR (5 years)
-0.48%
Revenue growth (year)
11.20%
Earnings growth (year)
8.08%
Revenue growth (quarter)
10.72%
Earnings growth (quarter)
-30.02%

What is CEEB3's fair price?

Two classic value formulas, with today's numbers. The current price is R$46.00.

Graham's fair price: R$63.75; 38.58% above the price

√(22.50 × R$5.69 × R$31.73)

Benjamin Graham paid no more than a P/E of 15 and a P/B of 1.5. Their product, 22.5, times earnings (EPS) and book value per share gives the fair price.

Bazin's ceiling price: R$87.66; 90.57% above the price

R$5.26 (5-year average) ÷ 6%

Décio Bazin only bought shares yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years divided by 6%.

Graham ignores growth and debt; Bazin assumes past distributions will repeat. They are reference points for comparison, not a buy recommendation.

CEEB3 indicators by year

Multiples at each year's closing price; margins and returns from that year's accounts.

Indicator	2025	2024	2023	2022	2021	2020	2019	2018
P/E	6.10	0.65	0.67	0.77	0.61	1.11	1.20	1.26
P/B	1.52	0.16	0.19	0.20	0.16	0.22	0.23	0.16
EV/EBITDA	5.60	3.22	3.12	3.35	3.36	3.64	5.09	5.46
Dividend yield	13.03%	7.31%	11.21%	16.26%	19.55%	1.12%	10.38%	1.78%
Earnings per share	R$7.46	R$59.60	R$60.62	R$51.65	R$55.02	R$40.18	R$33.28	R$21.05
Book value per share	R$29.94	R$244.72	R$212.18	R$194.85	R$203.58	R$201.37	R$172.04	R$171.57
ROE	24.90%	24.35%	28.57%	26.51%	27.02%	19.95%	19.34%	12.27%
ROIC	15.40%	14.69%	17.38%	14.75%	13.51%	11.26%	9.55%	7.39%
Gross margin	29.26%	30.04%	30.89%	29.18%	25.04%	22.62%	22.76%	18.67%
EBITDA margin	28.73%	29.90%	30.66%	28.44%	24.49%	21.13%	21.04%	17.13%
Net margin	10.63%	10.94%	12.13%	11.21%	11.70%	10.80%	9.88%	6.91%
Net debt/EBITDA	3.35	2.99	2.86	3.05	3.07	3.08	4.53	4.95

CEEB3 financial statements

Line	2025	2024	2023	2022	2021	2020
Net revenue	R$18.4bn	R$16.5bn	R$15.2bn	R$14bn	R$14.3bn	R$11.3bn
Cost of sales	-R$13bn	-R$11.6bn	-R$10.5bn	-R$9.9bn	-R$10.7bn	-R$8.7bn
Gross profit	R$5.4bn	R$5bn	R$4.7bn	R$4.1bn	R$3.6bn	R$2.6bn
EBITDA	R$5.3bn	R$4.9bn	R$4.6bn	R$4bn	R$3.5bn	R$2.4bn
EBIT	R$4.2bn	R$4bn	R$3.8bn	R$3.2bn	R$2.8bn	R$1.8bn
Net finance result	-R$2.1bn	-R$1.8bn	-R$1.8bn	-R$1.3bn	-R$757m	-R$353m
Profit before tax	R$2.1bn	R$2.2bn	R$2bn	R$1.9bn	R$2.1bn	R$1.5bn
Income tax	-R$144m	-R$398m	-R$186m	-R$320m	-R$392m	-R$239m
Net income	R$2bn	R$1.8bn	R$1.8bn	R$1.6bn	R$1.7bn	R$1.2bn

Figures the company filed with the CVM. Debt excludes leases; each quarter is that quarter alone.

CEEB3 against its sector

The same indicators for the company's other shares and the sector's largest stocks.

Stock	P/E	P/B	Dividend yield (12m)	ROE	Market cap
CEEB3Cia Eletricidade Est. Da Bahia - Coelba	8.08	1.45	13.77%	17.94%	R$11.4bn
AXIA3AXIA3	13.39	1.32	3.41%	9.86%	R$159bn
AXIA7AXIA7	—	—	0.00%	—	R$159bn
SBSP3CIA SANEAMENTO BASICO EST SAO PAULO	12.06	2.15	12.68%	17.80%	R$96.7bn
ENEV3ENEVA S.A	56.29	2.66	0.00%	4.73%	R$54.2bn
CPFE3CPFL ENERGIA S.A.	8.73	2.31	8.20%	26.43%	R$52.4bn
EQTL3EQUATORIAL S.A.	53.42	1.96	3.89%	3.67%	R$51.2bn

Does CEEB3 pay dividends?

Announced payments
Type	Last day to own	Payment	Per share
Interest on equity	23/09/2026	31/12/2026	R$0.50
Interest on equity	24/06/2026	31/12/2026	R$0.50
Interest on equity	10/03/2026	31/12/2026	R$0.50
Interest on equity	30/12/2025	31/12/2026	R$0.45

Dividend yield per year

7.51%2017
1.78%2018
10.38%2019
1.12%2020
19.55%2021
16.26%2022
11.21%2023
7.31%2024
13.03%2025
0.00%2026

Payment history
Type	Last day to own	Payment	Per share
Dividend	29/10/2025	05/12/2025	R$3.87
Interest on equity	02/10/2025	05/12/2025	R$0.52
Dividend	10/04/2025	05/12/2025	R$0.33
Interest on equity	02/07/2025	12/11/2025	R$0.46
Interest on equity	01/04/2025	12/11/2025	R$0.39
Interest on equity	23/12/2024	28/05/2025	R$0.35
Dividend	15/04/2024	31/12/2024	R$1.56
Interest on equity	30/09/2024	20/12/2024	R$0.31
Interest on equity	25/06/2024	20/12/2024	R$0.29
Interest on equity	25/03/2024	20/12/2024	R$0.28
Interest on equity	04/01/2024	20/12/2024	R$0.39
Interest on equity	04/10/2023	27/12/2023	R$0.40

See all 108 distributions

Earlier distributions
Type	Last day to own	Payment	Per share
Dividend	31/07/2023	27/12/2023	R$2.10
Interest on equity	03/07/2023	15/09/2023	R$0.44
Interest on equity	10/03/2023	21/07/2023	R$0.42
Dividend	18/04/2023	04/05/2023	R$0.81
Interest on equity	04/01/2023	28/03/2023	R$0.40
Interest on equity	05/10/2022	20/12/2022	R$0.38
Dividend	01/08/2022	16/08/2022	R$2.58
Interest on equity	05/07/2022	16/08/2022	R$0.39
Interest on equity	04/04/2022	16/08/2022	R$0.36
Dividend	18/04/2022	24/05/2022	R$2.22
Interest on equity	05/01/2022	30/03/2022	R$0.52
Dividend	03/12/2021	21/12/2021	R$1.94
Interest on equity	05/07/2021	14/10/2021	R$0.51
Dividend	05/07/2021	23/07/2021	R$3.04
Dividend	08/04/2021	12/05/2021	R$0.09
Interest on equity	06/01/2021	18/03/2021	R$0.97
Interest on equity	06/01/2020	10/12/2020	R$0.50
Dividend	16/04/2019	10/12/2019	R$0.99
Interest on equity	03/07/2019	07/08/2019	R$0.60
Interest on equity	04/01/2019	30/04/2019	R$0.71
Dividend	19/02/2019	27/02/2019	R$1.85
Interest on equity	03/07/2018	27/08/2018	R$0.47
Interest on equity	30/12/2016	31/12/2017	R$0.60
Interest on equity	05/07/2017	14/12/2017	R$0.59
Interest on equity	20/12/2016	14/02/2017	R$0.51
Dividend	20/12/2016	14/02/2017	R$0.09
Interest on equity	04/08/2016	31/12/2016	R$0.60
Interest on equity	30/06/2016	31/12/2016	R$0.60
Interest on equity	23/03/2016	18/05/2016	R$0.03
Interest on equity	30/12/2014	29/04/2015	R$0.62
Interest on equity	30/12/2013	25/06/2014	R$0.58
Interest on equity	29/12/2011	15/02/2012	R$0.15
Interest on equity	30/09/2011	30/12/2011	R$0.15
Dividend	29/08/2011	14/09/2011	R$1.42
Interest on equity	30/06/2011	10/08/2011	R$0.15
Interest on equity	31/03/2011	25/05/2011	R$0.15
Interest on equity	30/12/2010	23/02/2011	R$0.14
Dividend	30/09/2010	31/12/2010	R$1.45
Interest on equity	30/09/2010	15/12/2010	R$0.14
Interest on equity	30/06/2010	15/09/2010	R$0.14
Dividend	29/03/2010	16/06/2010	R$1.67
Interest on equity	31/03/2010	19/05/2010	R$0.14
Interest on equity	18/12/2009	19/05/2010	R$0.13
Interest on equity	30/09/2009	16/12/2009	R$0.13
Dividend	30/09/2009	16/12/2009	R$1.22
Interest on equity	29/06/2009	09/09/2009	R$0.26
Dividend	27/03/2009	10/06/2009	R$1.51
Interest on equity	30/12/2008	13/05/2009	R$0.12
Interest on equity	31/10/2008	10/12/2008	R$0.12
Dividend	31/10/2008	10/12/2008	R$1.39
Interest on equity	31/07/2008	10/09/2008	R$0.12
Interest on equity	28/04/2008	11/06/2008	R$0.12
Dividend	24/04/2008	11/06/2008	R$1.47
Interest on equity	17/12/2007	09/01/2008	R$0.10
Interest on equity	31/10/2007	12/12/2007	R$0.00
Dividend	01/10/2007	30/10/2007	R$0.01
Interest on equity	30/07/2007	31/08/2007	R$0.00
Interest on equity	19/06/2015	—	R$0.20
Dividend	19/06/2015	—	R$0.21
Dividend	29/04/2013	—	R$0.29
Interest on equity	28/12/2012	—	R$0.58
Dividend	18/04/2012	—	R$0.34
Dividend	18/04/2012	—	R$1.13
Dividend	27/04/2011	—	R$2.42
Interest on equity	28/05/2007	—	R$1.09
Dividend	28/03/2007	—	R$12.34
Interest on equity	14/12/2006	—	R$1.02
Interest on equity	17/11/2006	—	R$1.12
Dividend	28/09/2006	—	R$9.43
Interest on equity	24/07/2006	—	R$1.21
Interest on equity	22/05/2006	—	R$1.34
Dividend	07/03/2006	—	R$7.03
Interest on equity	16/12/2005	—	R$1.55
Interest on equity	30/11/2005	—	R$2.32
Dividend	20/10/2005	—	R$13.50
Interest on equity	22/07/2005	—	R$2.94
Interest on equity	22/04/2005	—	R$1.13
Interest on equity	13/12/2004	—	R$1.29
Dividend	29/11/2004	—	R$5.47
Interest on equity	12/11/2004	—	R$3.76
Interest on equity	29/07/2004	—	R$2.30
Dividend	30/03/2004	—	R$4.59
Dividend	30/03/2004	—	R$4.54
Interest on equity	30/12/2003	—	R$3.49
Interest on equity	03/01/2003	—	R$3.57
Dividend	30/04/2002	—	R$0.47
Interest on equity	08/01/2002	—	R$1.65
Interest on equity	04/01/2002	—	R$4.04
Interest on equity	14/08/2001	—	R$0.44
Dividend	25/04/2001	—	R$2.55
Interest on equity	05/01/2001	—	R$2.01
Interest on equity	28/08/2000	—	R$2.07
Interest on equity	23/04/1999	—	R$2.55
Dividend	23/04/1999	—	R$1.43
Interest on equity	19/10/1998	—	R$2.33
Dividend	16/04/1998	—	R$4.44

Splits, share consolidations and bonus shares
Event	Last day to own	Ratio
Share consolidation	07/12/2007	1 for 100
Bonus shares	28/07/2006	100.00% in shares

About Cia Eletricidade Est. Da Bahia - Coelba

Sector: Energia
Segment: Energia Elétrica
Listing segment: Traditional
Tag along: 80.00%
Free float: 1.02%
Shares issued: 152m ordinary · 110.1m preferred
Average daily trading: R$32.6k
Listed since: 23/05/1995
CNPJ: 15.139.629/0001-94

A Companhia de Eletricidade do Estado da Bahia, conhecida comercialmente como Neoenergia Coelba e listada na B3 como CEEB3, é concessionária de distribuição de energia elétrica com atuação predominante no estado da Bahia. A empresa opera rede de distribuição em centenas de municípios, com base massiva de consumidores residenciais, comerciais, industriais e rurais, dentro de um regime tarifário regulado. Sua operação envolve manutenção de ativos, expansão de rede, redução de perdas e gestão de qualidade do fornecimento conforme metas regulatórias. O desempenho financeiro depende de reajustes e revisões tarifárias, custos de compra de energia, indicadores de inadimplência e execução de investimentos. A companhia integra o grupo Neoenergia/Iberdrola e mantém divulgação periódica de resultados e fatos relevantes ao mercado.

Investor website

ShareholdersAs of 31/12/2026, from the Formulário de Referência filed with the CVM.
Shareholder	Ordinary	Preferred	Total
Neoenergia S.AControlling	98.45%	99.72%	98.98%
Outros	1.55%	0.29%	1.02%

Questions about CEEB3

How much is CEEB3 today?

CEEB3 is at R$46.00 (0.00% on the day), last traded on 30/09/2026.

How much did CEEB3 pay in dividends in 2025?

CEEB3 paid R$5.92 per share in 2025, a dividend yield of 13.03%.

When is the next CEEB3 dividend?

The next announced payment is R$0.50 per share on 31/12/2026.

What are the P/E and P/B of CEEB3?

CEEB3 trades at a P/E of 8.08 and a P/B of 1.45.

How much did CEEB3 return in 12 months?

CEEB3 returned 36.08% in 12 months, with annualised volatility of 19.58% and a largest drawdown of -3.21%.

What sector is CEEB3 in?

Cia Eletricidade Est. Da Bahia - Coelba is in the Energia sector, Energia Elétrica segment.