| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 172 | $12.39 | $2,131 | 0.09% | $11.58 | $140 | +7.0% | — |
In short: A high-quality company "on sale" in Brazil — an integrated utility (hydro+wind generation, transmission, distribution) at the bottom of the industry cost curve because hydro/wind input is free; three regulated return streams smooth earnings (low beta). ~15% earnings growth, ~5.5% dividend on 2027 (75% payout, upside since recent years ran ~100%), ~13× next year's earnings. "Our top holding in the emerging markets fund."
Copel is a Brazilian power company that does the whole job — it generates electricity (from dams and wind farms), it owns the high-voltage lines that carry it (transmission), and it owns the wires that deliver it to homes and businesses (distribution). That's what "integrated utility" means. Because its fuel — falling water and wind — is essentially free, almost nobody in Brazil can make electricity more cheaply; in industry terms it sits at the bottom of the "cost curve," the ranking of producers from cheapest to most expensive.
The clever part for an investor: each of those three businesses earns a government-set ("regulated") rate of return, so even if power prices wobble, the transmission and distribution arms keep earnings steady — a "low beta" stock that doesn't lurch around with the market. It grows earnings about 15% a year, pays roughly a 5.5% dividend (with room to pay more), and trades at only ~13× next year's earnings — cheap for that quality. Letko says it's the single largest holding in their emerging-markets fund.
1:20So, first of all, they own a portfolio of power generation assets, hydropower stations, and wind farms. And Amber, if you were to travel on down to Brazil and want to manufacture an electron, hard-pressed to do so for cheaper than Copel. They're towards the bottom end of the industry cost curve, and that's because their input cost, hydro and wind, is free.
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