NAS10028,958S&P7,624−0.52%GOLD$4,023+0.37%BTC$79,848−1.17%VIX19.45+2.21%live tape · as of 04:14 UTC
The Screen · Utilities · Utilities - Regulated Electric
Companhia Energética de Minas Gerais - CEMIG
CIG · the NYSE · USD · Market cap $6.9B · 5,320 employees
Companhia Energética de Minas Gerais - CEMIG, through its subsidiaries, engages in the generation, transmission, distribution, and sale of energy in Brazil.
Positioning no disclosures inside 60 days, left as found
Options put/call open interest 0.00, read 2026-10-25
Ethical passes the values gate
Price2.29 USD
Fair value1.78
Ethical score70.0/100
Our investment reviews on this name
2026-10-11Read Markup2.18+5.0% to today ✓Accumulation gives way to Markup
2026-10-02Read Accumulation2.18+5.0% to today ✓Markdown gives way to Accumulation first Accumulation read since July
2026-08-25Read Markdown2.14+7.0% to today Accumulation gives way to Markdown
2026-07-24Read Accumulation2.14+7.0% to today ✓Distribution gives way to Accumulation
Our analytic regime reads on this name, dated and marked against the screened price. Small sample per name, and separate from the daily-framework accuracy on the Track Record page.
Companhia Energética de Minas Gerais - CEMIG holds its Markup at $2.29. Consolidating, no directional conviction, held for 15 days.
As held on the ledger · 2026-10-15
Phase
Markup
Quantitative state
Consolidating, no directional conviction, held for 15 days
Price at the screen
$2.29
Valuation
7.77 trailing · 16.07 forward price to earnings
Values screen
PASS· score 70.0
Beta
0.06
The Workings
Five Screens, Shown in Full
Full pass across all five screens. This security clears the Titan Ethical Standard: its business and its balance sheet both stay inside the lines.
Test
Figure
Limit
What it means
Status
Business activity
Permissible
Core business clean
Its core business isn't built on prohibited lines: no gambling, alcohol, tobacco, weapons, or interest-based lending.
Pass
Debt load
29.66%
Below 33%
Interest-bearing debt is just 29.7% of its assets, well under the one-third ceiling: it does not run on borrowed money.
Pass
Interest-bearing cash
12.52%
Below 33%
Cash held in interest-bearing accounts and securities is 12.5% of assets, under the one-third limit.
Pass
Receivables
11.48%
Below 49%
Money owed to the company is 11.5% of assets, under the 49% limit.
Pass
Revenue purity
1.01%
Below 5%
Only 1.0% of revenue comes from non-compliant sources, under the 5% line.
Pass
Five checks adapted from AAOIFI screening standards: business activity plus four balance-sheet ratios. All five must pass for ethical clearance. Every figure is arithmetic on public accounts, not judgement.
The Ethical Read
Why It Clears, in Plain English
Companhia Energética de Minas Gerais - CEMIG clears all five screens. Its business is in a permissible area, its interest-bearing debt is about 30%, inside the ~33% line, and interest is about 1% of its income, under the ~5% line, so it passes.
Read as at 2026-10-25. It updates when the underlying figures move, and past reads are kept below.
Follow this verdict
Get an email when CIG's ethical verdict changes
Today CIG passes the screen. If new figures move it to a fail, we send you one short email with the before and after. Verdicts change rarely, so you may not hear from us for a long time.
Free, no account needed. Every email has a link to stop.
Fair value range in USD, drawn from the 2026-10-15 screen. The gold marker is the market price at the same screen. The price runs 22.3% above the base estimate.
Third-party analyst targets: 3 covering, consensus None. The average target sits −13% from the screen price.
Reading the gap · Both our model and the Street see limited upside at this price.
Price History & Projections
Where it has been, where the models see it going. History from market close data; projection points are our fair-value estimates and third-party analyst targets, dated to the 2026-10-15 screen.
Fair value and rating are our own model estimates; the Street's range reflects third-party analyst estimates. Analysis, not advice.
The Business, in Plain Words
Brazilian Power Utility Shines But Fails Value Test
Picture a grid powering homes across Minas Gerais. Every time a family switches on the lights or a factory ramps up, CEMIG collects the bill. Yet at $2.14 the shares sit 10% above our fair value, and the modest 6% revenue growth plus 11% profit margin do not justify paying up. The 14.3 times forward earnings and 17% ROE look ordinary for a regulated utility, so we see no opportunity here.
The ethical screen is clear and the business model is straightforward, generation and distribution under Brazilian rules. Still, three analysts offer no consensus rating and a $2 median target that simply matches the current price. Unknown moat and limited growth leave little room for upside once the numbers are stress tested.
Brazilian regulation and currency swings remain the real hazards. A single tariff reset or weaker real can quickly erode returns, which is why we pass despite the clean ethical bill. Analysis, not advice.
The risks · The things to watch: its business and earnings are exposed to Brazil and to currency swings.
Plain-English interpretation of our own screen data. Analysis, not advice.
Where & How to Trade
CIG trades on the NYSE (the company is based in Brazil). As a listed security it is accessible through almost any international broker offering its home market. New to this, or investing from abroad? Our guide to accessing global markets covers brokers, currencies and the practical steps.
The Dated Journal · Newest First, Never Edited
Every Entry, As Written
2026-10-25Markup$2.29+0.0%Entry 9
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is momentum reading overbought. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (3 analysts) rates it underperform, with a mean price target of $2.
2026-10-18Markup$2.29+5.0%Entry 8
The analysis reads markup. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved up 5.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (3 analysts) rates it underperform, with a mean price target of $2.
2026-10-11Markup · changed$2.18+0.0%Entry 7
The framework has shifted from accumulation to markup since the last review. Price is trending higher with momentum. The crowd has caught on and buyers are in control. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (3 analysts) rates it underperform, with a mean price target of $2.
2026-10-02Accumulation · changed$2.18+1.9%Entry 6
The framework has shifted from markdown to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 1.9% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (3 analysts) rates it underperform, with a mean price target of $2.
2026-08-25Markdown · changed$2.14+0.0%Entry 5
The framework has shifted from accumulation to markdown since the last review. Price is trending lower. Sellers are in control and the prior trend has reversed. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it B, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (3 analysts) rates it underperform, with a mean price target of $2.
2026-07-24Accumulation · changed$2.14+2.4%Entry 4
The framework has shifted from distribution to accumulation since the last review. Smart money appears to be quietly building positions. This typically precedes a markup phase. Price has moved up 2.4% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows modest positive risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (3 analysts) rates it underperform, with a mean price target of $2.
2026-07-18Distribution$2.09+0.0%Entry 3
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen. The risk-adjusted return profile shows good risk-adjusted returns. Our composite framework grades it C, carrying a low risk profile. Technically it is holding around 3% above its long-term trend line with momentum reading bearish. Over the past year the shares are up 19%. Our forward projection puts the odds of a 10% gain over the next month near 23%. The street (3 analysts) rates it underperform, with a mean price target of $2.
2026-07-03Distribution$2.09+0.0%Entry 2
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Price has moved down 0.0% since our last review. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
2026-07-02Distribution$2.09Entry 1
Our analysis reads distribution. Smart money appears to be selling into strength. Institutional holders may be rotating out. Ethical screening: PASS with passing ethical screen (70). The risk-adjusted return profile shows good risk-adjusted returns.
Each entry above was written on its date, before the outcome. A journal you can prune is not a journal.
