Equity Profile

CIG

Companhia EnergÃ©tica de Minas Gerais - CEMIG

UtilitiesElectric Utilities$5.9B

Aug13Thu

Pre-Earnings Brief

UpcomingQ2-2018After Close5:00 PM EDT

Company Snapshot

Companhia Energética de Minas Gerais - CEMIG (CIG) is a utility company primarily engaged in the generation, transmission, and distribution of electricity in Brazil. With a market cap of $6 billion, it plays a crucial role in providing energy to millions, making it a key player in the electric utilities sector.

Key Metrics to Watch

Revenue Growth

Revenue growth is essential to assess how well CEMIG is managing its operations and expanding its market share.

N/A

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how effectively the company is converting revenue into profit.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

CIG Q2-2018 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

Avg EPS Surprise

+0.00%

Avg Stock Reaction

-2.53%

Last Quarter Recap

In the last quarter, CEMIG reported an EPS of $0.32, which did not meet analyst expectations. The stock reacted negatively, declining by 1.85% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Overall, expectations for CEMIG's upcoming earnings are uncertain due to the lack of analyst estimates and management guidance. Investors are keen to see how the company performs amidst fluctuating energy demands.

Bull Case

The optimistic view hinges on potential revenue growth driven by increased energy consumption and effective cost management, which could lead to improved EPS.

Bear Case

On the flip side, if CEMIG fails to manage its costs effectively or faces regulatory challenges, it could see declining margins and disappointing earnings.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for this quarter?

EPS will be a key indicator of the company's profitability and could significantly influence investor sentiment.

How is CEMIG managing its operating costs?

Effective cost management is crucial for maintaining margins, especially in a volatile energy market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for CEMIG to improve its margins through operational efficiencies, despite recent challenges.

Supporting Evidence

The options market is pricing in a 28% move, suggesting that investors expect significant volatility, which may be unwarranted if operational improvements are realized.

CEMIG's historical performance indicates a tendency to recover from downturns, which could lead to a surprise in earnings.

The lack of analyst estimates may mean that expectations are lower than they should be, providing room for a positive surprise.

Key Risk

If operating costs are reported lower than expected, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on CEMIG's ability to manage costs and generate revenue amidst fluctuating energy demands.

Bull Confirmed If

An EPS exceeding $0.35 would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $0.25 would confirm the bear case, suggesting significant operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±27.97%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant move of nearly 28%, indicating high uncertainty around the earnings report.

Options are pricing ±28.0% while CIG has averaged ±2.5% over the last 8 prints — setup is pricing rich.

Detail

30d HV

27.5%

Calls (30K)P/C Ratio: 0.01Puts (400)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Utilities

n=30

Fade rate: 7 of 30 (23%)

This setup has occurred 30 times across Utilities in the last 2 years. 23 of 30 (77%) held or extended their move within 5 days — this setup typically holds direction. The average absolute 1-day move is 1.5%, with a raw directional average of -0.7% (modestly negative historical bias).

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Top holders adding

Institutional

7.61%

of float

Insider

0.00%

of float

Holders

236

institutions

Top Holders· as of Dec 2025

Blackrock Inc.
19,646,670 sh · $50.7M
1.03%
3.2%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If CEMIG beats expectations, history suggests a potential stock increase of around 2.5%, confirming strong operational performance.

In-Line / Cautious

If results are in line but cautious commentary is provided, the stock may remain flat or see a slight decline as investors reassess future growth.

Miss

A miss could lead to a decline of approximately 2.5%, reflecting investor disappointment and concerns over operational efficiency.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cost management initiatives and their expected impact on margins.
2Details on revenue growth from new projects or customer acquisitions.
3Management's outlook on energy demand trends in the coming quarters.
4Insights into regulatory changes that could affect operations.
5Any commentary on competitive pressures in the electric utilities sector.

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Company Snapshot

Key Metrics to Watch

Revenue Growth

Revenue growth is essential to assess how well CEMIG is managing its operations and expanding its market share.

N/A

Earnings Per Share (EPS)

EPS is a critical measure of profitability and will indicate how effectively the company is converting revenue into profit.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

CIG Q2-2018 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

Avg EPS Surprise

+0.00%

Avg Stock Reaction

-2.53%

Last Quarter Recap

In the last quarter, CEMIG reported an EPS of $0.32, which did not meet analyst expectations. The stock reacted negatively, declining by 1.85% the following day.

Management Promises & Guidance

Expectations

Wall Street Expectations

Bull Case

The optimistic view hinges on potential revenue growth driven by increased energy consumption and effective cost management, which could lead to improved EPS.

Bear Case

On the flip side, if CEMIG fails to manage its costs effectively or faces regulatory challenges, it could see declining margins and disappointing earnings.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will be the EPS for this quarter?

EPS will be a key indicator of the company's profitability and could significantly influence investor sentiment.

How is CEMIG managing its operating costs?

Effective cost management is crucial for maintaining margins, especially in a volatile energy market.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may be underestimating the potential for CEMIG to improve its margins through operational efficiencies, despite recent challenges.

Supporting Evidence

The options market is pricing in a 28% move, suggesting that investors expect significant volatility, which may be unwarranted if operational improvements are realized.

CEMIG's historical performance indicates a tendency to recover from downturns, which could lead to a surprise in earnings.

The lack of analyst estimates may mean that expectations are lower than they should be, providing room for a positive surprise.

Key Risk

If operating costs are reported lower than expected, it could challenge the current bearish sentiment.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on CEMIG's ability to manage costs and generate revenue amidst fluctuating energy demands.

Bull Confirmed If

An EPS exceeding $0.35 would confirm the bull case, indicating strong profitability.

Bear Confirmed If

An EPS below $0.25 would confirm the bear case, suggesting significant operational challenges.

Pre-Earnings Positioning

Options Market

Implied Move

±27.97%

Historical Avg

±2.5%

Pricing rich

The options market is pricing in a significant move of nearly 28%, indicating high uncertainty around the earnings report.

Options are pricing ±28.0% while CIG has averaged ±2.5% over the last 8 prints — setup is pricing rich.

Detail

30d HV

27.5%

Calls (30K)P/C Ratio: 0.01Puts (400)

Edge

Historical Setup Match

Cross-company pattern from 30 similar setups.

Prior-quarter beat + options rich in Utilities

n=30

Fade rate: 7 of 30 (23%)

Edge

Institutional Ownership

Smart-money positioning from the most recent 13F filings.

Top holders adding

Institutional

7.61%

of float

Insider

0.00%

of float

Holders

236

institutions

Top Holders· as of Dec 2025

Blackrock Inc.
19,646,670 sh · $50.7M
1.03%
3.2%

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If CEMIG beats expectations, history suggests a potential stock increase of around 2.5%, confirming strong operational performance.

In-Line / Cautious

If results are in line but cautious commentary is provided, the stock may remain flat or see a slight decline as investors reassess future growth.

Miss

A miss could lead to a decline of approximately 2.5%, reflecting investor disappointment and concerns over operational efficiency.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on cost management initiatives and their expected impact on margins.
2Details on revenue growth from new projects or customer acquisitions.
3Management's outlook on energy demand trends in the coming quarters.
4Insights into regulatory changes that could affect operations.
5Any commentary on competitive pressures in the electric utilities sector.