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B3 · BRL

CEEB3

Companhia de Electricidade do Estado da Bahia - COELBA

R$46.000.00% (R$0.00)
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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See how CEEB3 weighs in your net worth, what it has paid you and how far it is from your target allocation.

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CEEB3 in numbers

Market cap
R$11.4B
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

10/01/202509/30/2026
Compare with

CEEB3 risk and return

Monthly closes adjusted for splits and distributions.

Metric12 months36 months60 months
Return+45.16%+55.43%+143.66%
Volatility (annualized)19.19%15.94%16.99%
Largest drawdown-3.15%-7.45%-18.35%
Positive months9/1222/3636/60

How much did investing in CEEB3 return?

R$1,000.00 invested on 09/01/2021 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$19.5B
  • 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 stocks yielding at least 6% a year in distributions. The ceiling price is the average dividend per share of recent years over 6%.

Graham ignores growth and debt; Bazin assumes past distributions repeat. They are references to compare, not a buy recommendation.

CEEB3's indicators by year

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

Indicator20252024202320222021202020192018
P/E6.100.650.670.770.611.111.201.26
P/B1.520.160.190.200.160.220.230.16
EV/EBITDA5.603.223.123.353.363.645.095.46
Dividend yield13.03%7.31%11.21%16.26%19.55%1.12%10.38%1.78%
Earnings per shareR$7.46R$59.60R$60.62R$51.65R$55.02R$40.18R$33.28R$21.05
Book value per shareR$29.94R$244.72R$212.18R$194.85R$203.58R$201.37R$172.04R$171.57
ROE24.90%24.35%28.57%26.51%27.02%19.95%19.34%12.27%
ROIC15.40%14.69%17.38%14.75%13.51%11.26%9.55%7.39%
Gross margin29.26%30.04%30.89%29.18%25.04%22.62%22.76%18.67%
EBITDA margin28.73%29.90%30.66%28.44%24.49%21.13%21.04%17.13%
Net margin10.63%10.94%12.13%11.21%11.70%10.80%9.88%6.91%
Net debt/EBITDA3.352.992.863.053.073.084.534.95

CEEB3's financial statements

Line202520242023202220212020
Net revenueR$18.4BR$16.5BR$15.2BR$14BR$14.3BR$11.3B
Cost of revenue-R$13B-R$11.6B-R$10.5B-R$9.9B-R$10.7B-R$8.7B
Gross profitR$5.4BR$5BR$4.7BR$4.1BR$3.6BR$2.6B
EBITDAR$5.3BR$4.9BR$4.6BR$4BR$3.5BR$2.4B
EBITR$4.2BR$4BR$3.8BR$3.2BR$2.8BR$1.8B
Financial result-R$2.1B-R$1.8B-R$1.8B-R$1.3B-R$757M-R$353M
Income before taxR$2.1BR$2.2BR$2BR$1.9BR$2.1BR$1.5B
Income tax-R$144M-R$398M-R$186M-R$320M-R$392M-R$239M
Net incomeR$2BR$1.8BR$1.8BR$1.6BR$1.7BR$1.2B

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.

StockP/EP/BDividend yield (12m)ROEMarket cap
CEEB3Cia Eletricidade Est. Da Bahia - Coelba8.081.4513.77%17.94%R$11.4B
AXIA3AXIA313.391.323.41%9.86%R$159.1B
AXIA7AXIA7——0.00%—R$159.1B
SBSP3CIA SANEAMENTO BASICO EST SAO PAULO12.062.1512.68%17.80%R$96.7B
ENEV3ENEVA S.A56.292.660.00%4.73%R$54.2B
CPFE3CPFL ENERGIA S.A.8.732.318.20%26.43%R$52.4B
EQTL3EQUATORIAL S.A.53.421.963.89%3.67%R$51.2B

Does CEEB3 pay dividends?

Announced payments
TypeLast day to ownPaymentPer share
Interest on equity09/23/202612/31/2026R$0.50
Interest on equity06/24/202612/31/2026R$0.50
Interest on equity03/10/202612/31/2026R$0.50
Interest on equity12/30/202512/31/2026R$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
TypeLast day to ownPaymentPer share
Dividend10/29/202512/05/2025R$3.87
Interest on equity10/02/202512/05/2025R$0.52
Dividend04/10/202512/05/2025R$0.33
Interest on equity07/02/202511/12/2025R$0.46
Interest on equity04/01/202511/12/2025R$0.39
Interest on equity12/23/202405/28/2025R$0.35
Dividend04/15/202412/31/2024R$1.56
Interest on equity09/30/202412/20/2024R$0.31
Interest on equity06/25/202412/20/2024R$0.29
Interest on equity03/25/202412/20/2024R$0.28
Interest on equity01/04/202412/20/2024R$0.39
Interest on equity10/04/202312/27/2023R$0.40
See all 108 distributions
Earlier distributions
TypeLast day to ownPaymentPer share
Dividend07/31/202312/27/2023R$2.10
Interest on equity07/03/202309/15/2023R$0.44
Interest on equity03/10/202307/21/2023R$0.42
Dividend04/18/202305/04/2023R$0.81
Interest on equity01/04/202303/28/2023R$0.40
Interest on equity10/05/202212/20/2022R$0.38
Dividend08/01/202208/16/2022R$2.58
Interest on equity07/05/202208/16/2022R$0.39
Interest on equity04/04/202208/16/2022R$0.36
Dividend04/18/202205/24/2022R$2.22
Interest on equity01/05/202203/30/2022R$0.52
Dividend12/03/202112/21/2021R$1.94
Interest on equity07/05/202110/14/2021R$0.51
Dividend07/05/202107/23/2021R$3.04
Dividend04/08/202105/12/2021R$0.09
Interest on equity01/06/202103/18/2021R$0.97
Interest on equity01/06/202012/10/2020R$0.50
Dividend04/16/201912/10/2019R$0.99
Interest on equity07/03/201908/07/2019R$0.60
Interest on equity01/04/201904/30/2019R$0.71
Dividend02/19/201902/27/2019R$1.85
Interest on equity07/03/201808/27/2018R$0.47
Interest on equity12/30/201612/31/2017R$0.60
Interest on equity07/05/201712/14/2017R$0.59
Interest on equity12/20/201602/14/2017R$0.51
Dividend12/20/201602/14/2017R$0.09
Interest on equity08/04/201612/31/2016R$0.60
Interest on equity06/30/201612/31/2016R$0.60
Interest on equity03/23/201605/18/2016R$0.03
Interest on equity12/30/201404/29/2015R$0.62
Interest on equity12/30/201306/25/2014R$0.58
Interest on equity12/29/201102/15/2012R$0.15
Interest on equity09/30/201112/30/2011R$0.15
Dividend08/29/201109/14/2011R$1.42
Interest on equity06/30/201108/10/2011R$0.15
Interest on equity03/31/201105/25/2011R$0.15
Interest on equity12/30/201002/23/2011R$0.14
Dividend09/30/201012/31/2010R$1.45
Interest on equity09/30/201012/15/2010R$0.14
Interest on equity06/30/201009/15/2010R$0.14
Dividend03/29/201006/16/2010R$1.67
Interest on equity03/31/201005/19/2010R$0.14
Interest on equity12/18/200905/19/2010R$0.13
Interest on equity09/30/200912/16/2009R$0.13
Dividend09/30/200912/16/2009R$1.22
Interest on equity06/29/200909/09/2009R$0.26
Dividend03/27/200906/10/2009R$1.51
Interest on equity12/30/200805/13/2009R$0.12
Interest on equity10/31/200812/10/2008R$0.12
Dividend10/31/200812/10/2008R$1.39
Interest on equity07/31/200809/10/2008R$0.12
Interest on equity04/28/200806/11/2008R$0.12
Dividend04/24/200806/11/2008R$1.47
Interest on equity12/17/200701/09/2008R$0.10
Interest on equity10/31/200712/12/2007R$0.00
Dividend10/01/200710/30/2007R$0.01
Interest on equity07/30/200708/31/2007R$0.00
Interest on equity06/19/2015—R$0.20
Dividend06/19/2015—R$0.21
Dividend04/29/2013—R$0.29
Interest on equity12/28/2012—R$0.58
Dividend04/18/2012—R$0.34
Dividend04/18/2012—R$1.13
Dividend04/27/2011—R$2.42
Interest on equity05/28/2007—R$1.09
Dividend03/28/2007—R$12.34
Interest on equity12/14/2006—R$1.02
Interest on equity11/17/2006—R$1.12
Dividend09/28/2006—R$9.43
Interest on equity07/24/2006—R$1.21
Interest on equity05/22/2006—R$1.34
Dividend03/07/2006—R$7.03
Interest on equity12/16/2005—R$1.55
Interest on equity11/30/2005—R$2.32
Dividend10/20/2005—R$13.50
Interest on equity07/22/2005—R$2.94
Interest on equity04/22/2005—R$1.13
Interest on equity12/13/2004—R$1.29
Dividend11/29/2004—R$5.47
Interest on equity11/12/2004—R$3.76
Interest on equity07/29/2004—R$2.30
Dividend03/30/2004—R$4.59
Dividend03/30/2004—R$4.54
Interest on equity12/30/2003—R$3.49
Interest on equity01/03/2003—R$3.57
Dividend04/30/2002—R$0.47
Interest on equity01/08/2002—R$1.65
Interest on equity01/04/2002—R$4.04
Interest on equity08/14/2001—R$0.44
Dividend04/25/2001—R$2.55
Interest on equity01/05/2001—R$2.01
Interest on equity08/28/2000—R$2.07
Interest on equity04/23/1999—R$2.55
Dividend04/23/1999—R$1.43
Interest on equity10/19/1998—R$2.33
Dividend04/16/1998—R$4.44
Splits, reverse splits and bonus shares
EventLast day to ownRatio
Reverse split12/07/20071 for 100
Bonus shares07/28/2006100.00% 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 common · 110.1M preferred
Average daily trading
R$32.6K
Listed since
05/23/1995
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 12/31/2026, from the Formulário de Referência filed with the CVM.
ShareholderCommonPreferredTotal
Neoenergia S.AControlling98.45%99.72%98.98%
Outros1.55%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 10/01/2026.

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 12/31/2026.

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 45.16% in 12 months, with annualized volatility of 19.19% and a largest drawdown of -3.15%.

What sector is CEEB3 in?

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