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B3 · BRL

CSMG3

Companhia de Saneamento de Minas Gerais

R$56.31-1.09% (-R$0.62)
Day's range
R$56.31 – R$58.06
Day's volume
R$243.6m
52-week range
R$32.73 – R$67.82

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See how CSMG3 weighs in your net worth, what it has paid you and how far it is from your target allocation.

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CSMG3 in numbers

Market cap
R$21.4bn
P/E
16.56
P/B
2.42
Dividend yield (12m)
3.54%
Net debt/EBITDA
5.08

The 12-month dividend yield of CSMG3 is 3.54%, below its 5-year average of 8.15%.

CSMG3 price history

01/10/202530/09/2026
Compare with

CSMG3 risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+55.15%+367.62%+522.71%
Volatility (annualised)30.34%31.81%31.25%
Largest drawdown-13.95%-19.00%-23.21%
Positive months8/1226/3636/60

How much did investing in CSMG3 return?

R$1,000.00 invested on 01/09/2021 would be worth R$6,250.39 today.

Value today in CSMG3
R$6,250.39
Return over the period
+525.04%
Return per year
+44.28%
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.

CSMG3 fundamentals

Valuation

  • P/E
    16.56
  • P/B
    2.42
  • EV/EBITDA
    12.35
  • EV/EBIT
    18.80
  • EV/Revenue
    4.19
  • P/EBIT
    11.07
  • P/S
    2.46
  • P/OCF
    9.79
  • P/FCF
    -19.47
  • Earnings yield
    5.32%
  • PEG ratio
    —
  • Earnings per share
    R$3.40
  • Book value per share
    R$23.28

Debt

  • Net debt
    R$15bn
  • Net debt/EBITDA
    5.08
  • Net debt/Equity
    1.69
  • Debt/Equity
    1.85
  • Current ratio
    1.21
  • Quick ratio
    1.18
  • Cash ratio
    0.52

Efficiency

  • Gross margin
    41.57%
  • EBITDA margin
    33.90%
  • Operating margin
    22.27%
  • Net margin
    14.88%
  • Asset turnover
    0.41

Profitability

  • ROE
    14.60%
  • ROA
    6.12%
  • ROIC
    6.73%
  • Payout
    58.62%

Growth

  • Revenue CAGR (5 years)
    9.05%
  • Earnings CAGR (5 years)
    6.00%
  • Revenue growth (year)
    5.74%
  • Earnings growth (year)
    7.50%
  • Revenue growth (quarter)
    7.35%
  • Earnings growth (quarter)
    -4.79%

What is CSMG3's fair price?

Two classic value formulas, with today's numbers. The current price is R$56.31.

Graham's fair price
R$42.21
25.05% below the price

√(22.50 × R$3.40 × R$23.28)

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$29.71
47.23% below the price

R$1.78 (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.

CSMG3 indicators by year

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

Indicator20252024202320222021202020192018
P/E11.806.015.657.079.007.6411.4213.48
P/B1.950.981.030.820.720.971.281.25
EV/EBITDA9.716.215.746.136.546.087.648.83
Dividend yield5.21%12.70%12.95%2.45%7.43%50.99%1.82%19.62%
Earnings per shareR$3.72R$3.46R$3.63R$2.22R$1.41R$2.15R$5.95R$4.57
Book value per shareR$22.56R$21.17R$19.92R$19.08R$17.78R$16.98R$53.20R$49.12
ROE16.50%16.36%18.21%11.63%7.95%12.65%11.19%9.29%
ROIC7.90%8.98%9.46%7.52%5.63%7.92%7.38%6.29%
Gross margin42.41%42.82%41.35%37.49%36.46%44.99%41.81%39.04%
EBITDA margin35.46%35.49%34.83%32.10%27.07%36.06%34.10%31.47%
Net margin17.00%16.72%18.63%13.65%9.12%15.28%14.63%12.22%
Net debt/EBITDA4.063.382.723.123.512.852.743.60

CSMG3 financial statements

Line202520242023202220212020
Net revenueR$8.3bnR$7.9bnR$7.4bnR$6.2bnR$5.9bnR$5.3bn
Cost of sales-R$4.8bn-R$4.5bn-R$4.3bn-R$3.9bn-R$3.7bn-R$2.9bn
Gross profitR$3.5bnR$3.4bnR$3.1bnR$2.3bnR$2.1bnR$2.4bn
EBITDAR$3bnR$2.8bnR$2.6bnR$2bnR$1.6bnR$1.9bn
EBITR$2bnR$2bnR$1.8bnR$1.3bnR$846.8mR$1.3bn
Net finance result-R$257.9m-R$321.5m-R$2.9m-R$206.4m-R$192.3m-R$175.1m
Profit before taxR$1.7bnR$1.7bnR$1.8bnR$1bnR$654.4mR$1.1bn
Income tax-R$333.4m-R$356.1m-R$406.9m-R$202.6m-R$116.9m-R$288.8m
Net incomeR$1.4bnR$1.3bnR$1.4bnR$843.4mR$537.6mR$816.5m

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

CSMG3 against its sector

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

StockP/EP/BDividend yield (12m)ROEMarket cap
CSMG3Mg16.562.423.54%14.60%R$21.4bn
AXIA3AXIA313.391.323.41%9.86%R$159bn
AXIA7AXIA7——0.00%—R$159bn
SBSP3CIA SANEAMENTO BASICO EST SAO PAULO12.062.1512.68%17.80%R$96.7bn
ENEV3ENEVA S.A56.292.660.00%4.73%R$54.2bn
CPFE3CPFL ENERGIA S.A.8.732.318.20%26.43%R$52.4bn
EQTL3EQUATORIAL S.A.53.421.963.89%3.67%R$51.2bn

Does CSMG3 pay dividends?

Announced payments
TypeLast day to ownPaymentPer share
Interest on equity21/09/202609/11/2026R$0.26

Dividend yield per year

  • 16.13%2017
  • 19.62%2018
  • 1.82%2019
  • 50.99%2020
  • 7.43%2021
  • 2.45%2022
  • 12.95%2023
  • 12.70%2024
  • 5.21%2025
  • 2.15%2026
Payment history
TypeLast day to ownPaymentPer share
Interest on equity23/06/202617/08/2026R$0.38
Dividend06/03/202630/06/2026R$0.00
Interest on equity22/12/202530/06/2026R$0.36
Interest on equity23/03/202611/05/2026R$0.47
Dividend16/12/202526/12/2025R$0.37
Interest on equity16/12/202526/12/2025R$0.16
Interest on equity22/09/202510/11/2025R$0.45
Interest on equity23/06/202511/08/2025R$0.43
Dividend26/03/202530/06/2025R$0.04
Interest on equity23/12/202430/06/2025R$0.37
Interest on equity05/03/202525/04/2025R$0.30
Dividend05/03/202525/04/2025R$0.18
See all 93 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Interest on equity17/09/202430/09/2024R$0.33
Dividend17/09/202430/09/2024R$0.03
Dividend25/03/202430/08/2024R$0.42
Dividend25/06/202419/08/2024R$0.07
Interest on equity25/06/202419/08/2024R$0.32
Interest on equity21/12/202328/06/2024R$0.24
Dividend25/03/202417/05/2024R$0.14
Interest on equity25/03/202417/05/2024R$0.31
Dividend26/04/202410/05/2024R$0.79
Dividend13/12/202328/12/2023R$0.98
Interest on equity21/09/202314/11/2023R$0.34
Interest on equity21/06/202314/08/2023R$0.34
Interest on equity22/03/202327/06/2023R$0.65
Interest on equity22/03/202316/05/2023R$0.35
Interest on equity20/09/202214/11/2022R$0.15
Interest on equity21/06/202212/08/2022R$0.14
Interest on equity22/03/202216/05/2022R$0.09
Dividend24/09/202119/11/2021R$0.15
Interest on equity24/09/202119/11/2021R$0.28
Interest on equity22/06/202116/08/2021R$0.15
Interest on equity02/03/202125/06/2021R$0.20
Interest on equity19/03/202118/05/2021R$0.17
Dividend19/11/202010/12/2020R$6.49
Interest on equity17/09/202016/11/2020R$0.50
Interest on equity18/06/202017/08/2020R$0.35
Interest on equity25/03/202026/06/2020R$0.67
Interest on equity20/03/202019/05/2020R$0.36
Interest on equity19/09/201918/11/2019R$0.41
Interest on equity24/09/201816/11/2018R$0.43
Interest on equity25/06/201817/08/2018R$0.41
Dividend07/05/201817/05/2018R$2.22
Interest on equity27/02/201817/05/2018R$0.36
Interest on equity26/03/201806/04/2018R$0.61
Dividend17/11/201730/11/2017R$0.95
Interest on equity22/09/201723/10/2017R$0.31
Interest on equity21/06/201711/08/2017R$0.29
Interest on equity16/03/201709/06/2017R$0.29
Interest on equity22/03/201715/05/2017R$0.25
Interest on equity16/11/201606/01/2017R$0.24
Interest on equity22/08/201611/10/2016R$0.22
Interest on equity11/05/201611/10/2016R$0.21
Interest on equity11/11/201531/05/2016R$0.02
Interest on equity11/08/201531/05/2016R$0.01
Interest on equity11/05/201531/05/2016R$0.04
Interest on equity24/03/201526/06/2015R$0.02
Interest on equity22/09/201418/11/2014R$0.27
Interest on equity24/06/201422/08/2014R$0.28
Interest on equity24/03/201420/05/2014R$0.29
Interest on equity03/02/201403/04/2014R$0.29
Interest on equity24/09/201319/11/2013R$0.26
Interest on equity25/06/201323/08/2013R$0.30
Interest on equity21/03/201317/05/2013R$0.32
Interest on equity01/03/201326/04/2013R$0.40
Interest on equity21/09/201213/11/2012R$0.32
Interest on equity21/06/201217/08/2012R$0.31
Interest on equity21/03/201215/05/2012R$0.33
Interest on equity13/03/201227/04/2012R$0.26
Interest on equity21/09/201114/11/2011R$0.37
Interest on equity06/07/201126/08/2011R$0.36
Interest on equity31/03/201123/05/2011R$0.34
Interest on equity18/03/201129/04/2011R$0.58
Interest on equity30/09/201029/11/2010R$0.50
Interest on equity30/06/201024/08/2010R$0.49
Interest on equity31/03/201025/05/2010R$0.38
Interest on equity31/03/201029/04/2010R$0.47
Interest on equity30/09/200923/11/2009R$0.33
Interest on equity30/06/200921/08/2009R$0.38
Interest on equity31/03/200926/05/2009R$0.32
Interest on equity31/03/200930/04/2009R$0.34
Interest on equity26/09/200830/04/2009R$0.22
Interest on equity04/08/200830/04/2009R$0.45
Interest on equity28/03/200809/05/2008R$0.24
Interest on equity11/09/200709/05/2008R$0.27
Interest on equity11/06/200709/05/2008R$0.18
Interest on equity03/04/200707/05/2007R$0.17
Interest on equity13/11/200607/05/2007R$0.24
Interest on equity25/07/200607/05/2007R$0.22
Interest on equity23/05/200607/05/2007R$0.16
Interest on equity21/06/2019—R$0.17
Interest on equity26/03/2019—R$0.42
Interest on equity08/03/2019—R$0.73
Splits, share consolidations and bonus shares
EventLast day to ownRatio
Split25/11/20203 for 1

About Mg

Sector
Saneamento
Segment
Água e Saneamento
Listing segment
Novo Mercado
Tag along
100.00%
Free float
99.72%
Shares issued
380.25m ordinary
Average daily trading
R$232.1m
Ibovespa weight
0.84%
Listed since
08/02/2006
CNPJ
17.281.106/0001-03

A Companhia de Saneamento de Minas Gerais (Copasa) presta serviços de captação, tratamento e distribuição de água, além de coleta e tratamento de esgoto em centenas de municípios do estado de Minas Gerais, por meio de contratos de concessão e programas setoriais. A empresa também atua por subsidiárias em nichos de saneamento integrado e soluções correlatas, com receita regulada por tarifas e regras definidas em instrumentos públicos e agências competentes. No setor brasileiro de utilities de saneamento, a Copasa figura entre as maiores companhias de capital aberto em base de clientes e abrangência territorial. A operação combina infraestrutura intensiva em capital, gestão de perdas, expansão de redes e metas de universalização, com indicadores de desempenho operacionais e financeiros monitorados por órgãos reguladores e por investidores do segmento de serviços públicos essenciais.

Investor website
ShareholdersAs of 31/12/2026, from the Formulário de Referência filed with the CVM.
ShareholderOrdinaryPreferredTotal
GERAIS SANEAMENTO S.A (EQUATORIAL)30.00%0.00%30.00%
PERFIN INFRA SANEAMENTO MG FUNDO DE INVESTIMENTO FINANCEIRO MULTIMERCADO6.32%0.00%6.32%
Estado de Minas Gerais5.03%100.00%5.03%
Outros58.36%0.00%58.36%
Ações Tesouraria0.28%0.00%0.28%

Questions about CSMG3

How much is CSMG3 today?

CSMG3 is at R$56.31 (-1.09% on the day), last traded on 30/09/2026.

How much did CSMG3 pay in dividends in 2025?

CSMG3 paid R$2.29 per share in 2025, a dividend yield of 5.21%.

When is the next CSMG3 dividend?

The next announced payment is R$0.26 per share on 09/11/2026.

What are the P/E and P/B of CSMG3?

CSMG3 trades at a P/E of 16.56 and a P/B of 2.42.

How much did CSMG3 return in 12 months?

CSMG3 returned 55.15% in 12 months, with annualised volatility of 30.34% and a largest drawdown of -13.95%.

What sector is CSMG3 in?

Mg is in the Saneamento sector, Água e Saneamento segment.