Deep Value: cash covers about 93% of the stock price

This company holds roughly $2.0B in cash and investments — about 93% of its entire stock-market value, based on its latest quarterly filing. You're paying very little for the actual business. Sometimes that's a genuine bargain or a takeover target, sometimes it's cheap for a reason. Not a buy signal on its own — always ask why it's this cheap.

Companhia Paranaense de Energia

ELPC

Regulated Electric · Utilities

Price

$11.55

-0.14 (-1.20%)

Market Cap

$2.14B

Exchange

New York Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 9, 2026 · filings through Mar 31, 2026

Share count rising — dilution

+8.5% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 171.0M (2021) → 185.6M (2025)

Companhia Paranaense de Energia, known as Copel, is a Brazilian electric utility company based in the state of Paraná. It generates, transmits, and distributes electricity to homes, businesses, and industrial customers across Paraná and neighboring states. Copel is one of the largest integrated electric utilities in Brazil and is majority-owned by the state government of Paraná.

Copel earns money through regulated tariffs — fixed rates set by Brazil's energy regulator, ANEEL — for distributing electricity to millions of customers, as well as through power generation from its hydroelectric plants and transmission lines. The company operates almost entirely within Brazil, with a market cap around $2.2 billion. Its regulated business model provides relatively stable cash flows, since tariffs are adjusted periodically by the government. The main risk is exposure to Brazil's hydrology — droughts can reduce water levels in reservoirs, cutting hydroelectric output and squeezing earnings.

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+17.7% YoY

YoY Growth Rate

Steady revenue growth

EPS Growth

+3.3% YoY

YoY Growth Rate

Slow EPS growth

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

36.0%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$25.2B cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Growth + cash flow

Companhia Paranaense de Energia is a rare growth stock that's already generating positive cash flow while growing at 18%. The Winston Score doesn't fully credit this transition from "burner" to "earner."

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

Every number that matters to educated investors.

Each metric is explained in plain language so you know exactly what you're looking at. Start your free trial now.

Quality

Gross Margin

24.9%

Thin — 24.9% gross margin

Operating Margin

20.7%

Excellent — 20.7% operating margin

ROCE

3.0%

Weak — 3.0% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

+17.9%

Fast-growing sales (+17.9% YoY)

EPS YoY

+6.9%

Modest earnings growth (+6.9% YoY)

Single-digit earnings growth — steady but not exciting.

EPS Consistency

7/8 quarters

Every recent quarter grew earnings vs last year

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Cash Flow

Cash Conversion

74%

Modest — 74% of profit becomes cash

FCF Margin

6.7%

Modest free cash flow (6.7%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity

0.98

Moderate — manageable debt (0.98)

Interest Cover

3.37x

Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio (TTM)

0.8x

Attractive valuation — P/E 0.8

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

-1.8

SLOWING

Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield

4.49%

Healthy income — 4.49% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth

N/A

Data not available

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