I thought COPEL (NYSE:ELP) (or Companhia Paranaense de Energia) was trading too cheaply back in December of 2013 and said so here. Since then, the shares have risen almost 18%, handily beating the Bovespa (up 5%) as well as beating the Brazilian shares and the ADRs of CEMIG (NYSE:CIG), Enerbras (NYSE:EBR), and AES Tiete (OTCPK:AESAY). COPEL has certainly benefited from selling uncontracted electricity at high spot prices, but what the rains give they can take away. There's also a lot of lingering uncertainty about this year's tariff adjustment, renewal of its distribution concessions, and management's future plans after a change in the CEO.
On balance, I still like COPEL. Brazil's...
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