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Companhia de Saneamento Basico do Estado de Sao Paulo-SABESP

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SBS.N

ISIN: US20441A1025
SEDOL: 2945927

Rating:

BUY

Target Price:

41.18 USD

Investment Horizon:

6 to 12 months
18th May 2009 View Report   Download

1Q 09 News Alert

Companhia de Saneamento Basico do Estado de Sao Paulo's (SABESP) 1Q 09 top-line was in line with our estimate, while profitability was significantly below our expectation. However, since the company's top-line was in line with our forecast, and as market sentiments seem to be improving, we do not anticipate a change in our BUY rating for SABESP's common stock. We will reassess our target price and rating in our 1Q 09 update report in the coming weeks....

14th May 2009 View Report   Download

4Q 08 Update Report

We expect only a moderate improvement in performance for SABESP going forward, given our expectation of an increase in revenues from its sewage collection and treatment services business coupled with the increase in tariffs in September 2008. However, we expect lower growth in demand for water connections will restrict SABESP’s FY 2009 revenue growth, given our expectation of reduced numbers of people moving to the city of Sao Paulo during the economic slowdown....

30th Mar 2009 View Report   Download

4Q 08 & FY 2008 News Alert

Although Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) revenues were marginally above our estimate in 4Q 08, adjusted1 net income was significantly above our estimate for the quarter, reflecting lower-than-expected net financial expenses. Therefore, given the current price levels, we maintain our BUY rating for the…

23rd Jan 2009 View Report   Download

3Q 08 Update Report

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Although Companhia de Saneamento Basico do Estado de Sao Paulo’s - (SABESP) 3Q 08 revenue was in line with our expectation, EBITDA margin was below our expectation, reflecting higher-than-anticipated general and third party expenses. However, adjusted2 net income exceeded our expectation due to lower-than-expected net financial expenses. Going forward, we expect…

20th Nov 2008 View Report   Download

3Q 08 News Alert

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Companhia de Saneamento Basico do Estado de Sao Paulo (SABESP) reported mixed 3Q 08 results. While revenues were in line with our estimate, EBITDA margin fell short of our estimate due to a sharp increase in third party and general expenses. A lower-than-expected net financial expense, however, led adjusted net margin to exceed our estimate for the quarter. Therefore, given the current price levels, we maintain our BUY rating for the…