Study: IVR, IVR2 and MLL in three electricity-sector companies

Selection criteria and observation time

We preselected CMIG4, TAEE11 and EGIE3 as familiar examples from Brazil's electricity sector. This is a purposive sample, not the entire sector or a list of the best stocks. Values are company-level observations, not independent valuations for each share class.

Collected: 2026-09-18T01:49:18.771Z (UTC), the evening of September 17, 2026 in Brasília. All three records reported Q2 2026 as their accounting period. Indicators and quality flags below are preserved as a snapshot, not live quotes.

What the snapshot shows

Within this sample, CEMIG, TAESA and ENGIE Brasil retain the same order across IVR, IVR2 and MLL. TAESA moves from IVR below 1 to IVR2 above 1. Changing the earnings window and debt adjustment can change the valuation reading for the same company.

DIV/PAT and DIV/L4T order TAESA and ENGIE Brasil differently. One compares debt with equity and the other with recent earnings. Both need context and neither alone demonstrates debt-servicing capacity.

Reproduction and limitations

In the BR ranking, search each ticker, switch between the three indexes and open its company page. Current results may differ as prices, filings or calculations change. Use the recorded dates and company/CVM filings to investigate exceptional earnings and different business models.

This snapshot does not establish future performance, control every risk or constitute a backtest. It does not establish a debt trend over time, which would require multiple comparable periods. No buy or sell conclusion is made.

Preserved observations

At observation time, all three records had positive IVR2 and MLL validation flags and no stale-quote warning. This describes system flags, not an independent audit.

• CEMIG: market update 2026-09-18T01:45:13.811Z (UTC).
• TAESA: market update 2026-09-18T01:45:58.913Z (UTC).
• ENGIE BRASIL: market update 2026-09-18T01:45:52.173Z (UTC).