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Sabesp Leaks R$ 7 Billion in Market Value

Variations on this image have assumed iconic value ...

Variations on this image have assumed iconic value …

Source:Portal Vermelho (PCdoB)

Topic: Water and Sanitation; Capital Markets

As the usable capacity of the Cantareira System continues to fall on a near daily basis, the performance of the Companhia de Saneamento Básico do Estado de São Paulo (Sabesp) in the stock market has been plunging all year long. Shares in Sabesp, as of December 16, are down 37.31%, equivalent to a loss of R$ 7 billion in market value, according to data from the consultancy  Economatica.

This loss is four times greater than that of the Ibovespa, the exchange’s principal index, which presented a decline of 8.74% year on year.

Shares of the state-controlled company had already dropped 20.26$ by February 3, … two days after the state government announced a discount for citizens who depend on the Cantareira system, which was experiencing a crisis brought on by a shortage of rainfall that feed the headwaters.

On February 1, date the discount was announced, the fountainhead that supplies part of the metro area, was operating at 21.9%, well below its historical average for the month, which exceeds 50%.

“Unlike Ibovespa, when the index recovered after the elections, Sabesp has been falling all year long,”  said Fernando Góes, an analyst at Clear Corretora. “A good portion  [of this decline of the shares] is from one month to another. The volatility of Sabesp precedes this trend.”

The assets of the company even essayed a slight recover, before resuming its fall. On April 1, when the government expanded the discount on water bills in  31 cities supplied by Cantareira, the shares of the company fell 18.71%. On April 12, when the headwaters reached 12% of their capacity, setting a negative historical record, the shares fell another 20.91% after a slight recovered of 0.17% of the Bovespa index.

The pumping of the first and second quotas of dead volume helped the headwaters survive, but did not help Sabesp with its problems with the capital markets.

Translation continues …

On May 15 , the date the first quota of dead volume was extracted, the Ibovespa had risen 4.56%, but Sabesp shares sank 17.06%.

On October 24, when Cantareira officially began to rely on the volume extracted from the second technical reserve, the shares had declined 28,20%.

As perdas no mercado acionário continuaram se ampliando, inclusive após o governador Geraldo Alckmin anunciar, no último dia 11, o presidente do Conselho Mundial de Águas, Benedito Braga, para a pasta de Saneamento e Recursos Hídricos, em substituição a Mauro Arce.

Crisis

A crise hídrica que atinge as represas paulistas impactou o desempenho da Sabesp na Bovespa (Bolsa de Valores de São Paulo). Apesar disso, as perdas da companhia paulista são inferiores às da Petrobras, que está envolvida no esquema de pagamento de propina investigado pela Operação Lava Jato, da Polícia Federal.

As ações ordinárias e preferenciais (sem direito a voto) da petroleira caíram 43,61% e 41,58%, respectivamente, até o último dia 16. O valor de mercado da estatal passou de R$ 214,6 bilhões para R$ 117,2 bilhões, o que representa uma perda de R$ 97,3 bilhões.

Embora mais modesta, a perda da Eletrobras – outra empresa que sofre com a falta de chuvas, uma vez que o nível baixo dos reservatórios das hidrelétricas obriga a estatal a recorrer às termoelétricas, que produzem energia mais cara – é de R$ 1,76 bilhão, com os papéis preferenciais e ordinários caindo 27,33% e 7,35%, respectivamente.

Segundo a Economatica, a Sabesp iniciou o ano com um valor de mercado de R$ 18 bilhões, caindo para R$ 10,9 bilhões até o último dia 16. “Lá pelo meio do ano já se tinha uma indicação de que seria ruim manter [a ação da Sabesp] em carteira. Neste momento, eu certamente não recomendaria comprar”, diz Góes.