Central Puerto S.A. CEPU

UtilitiesElectric Utilities & IPPsArgentina

Last close 10.61 USD on Nov 1, 2026, −34.0% year to date

Quant rating

Quant rating B Rank 14 of 89 in Utilities

Growth C 53 of 89
Valuation A 3 of 89
Quality A 12 of 89
Revisions B 35 of 89
Momentum D 64 of 89

Wall Street consensus Strong Buy (1.50)Average target 24.76 USD +133.4%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.7B
Enterprise value: 2.3B
52-week range: 10.39 – 18.49
3-year range: 5.29 – 18.49
Dividend yield: 10.14%
Beta (5 years): 0.92
Shares outstanding: 1,503M
Next earnings: Nov 11, 2026

About the company

Central Puerto SA is an Argentina-based company pertaining to the energy sector. The purpose of the Firm is to make investments in the national and international energy market. The Company and its subsidiaries are organized in four different business units, as follows: Electric power generation from conventional sources and its sale; Electric power generation from renewable sources and its sale; Natural gas transport and distribution; Management and operations of thermal plants. The Company operates various wind farms in Argentina such as La Castellana I, Achiras I, La Castellana II, among others.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	756	717	388	574	1,083	–
Revenue growth	5.5%	84.8%	−32.4%	−47.0%	58.3%	2.0%
EPS (basic, normalized)	1.86	0.36	3.33	0.97	−0.05	–
EPS growth	414.4%	−89.2%	245.0%	–	–	–
Gross margin	27.9%	42.5%	33.0%	46.9%	48.1%	39.7%
Net margin	31.6%	6.7%	47.2%	20.1%	−1.3%	20.9%
ROE	15.9%	3.8%	27.0%	8.0%	−0.8%	10.8%

Balance sheet, last quarter
Cash & short-term investments (mil)	178
Current ratio	1.28x
Long-term debt (mil)	473
Net debt (mil)	579
Total equity (mil)	1,998
Net debt / equity	0.29x
Net debt / EBITDA	1.72x

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	756	+5.5%	3.0x	337	+9.0%	6.7x	1.86	+414.4%	5.7x
2026	1,066	+40.9%	2.1x	466	+38.1%	4.9x	1.95	+5.0%	5.4x
2027	1,249	+17.2%	1.8x	509	+9.3%	4.4x	1.68	−13.9%	6.3x
2028	1,281	+2.6%	1.8x	546	+7.2%	4.1x	1.94	+15.3%	5.5x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	1,066	0.0%	+5.3%	−6.7%	1.95	0.0%	0.0%	+30.0%
2027	1,249	0.0%	+5.0%	+8.2%	1.68	0.0%	+0.6%	+6.3%
2028	1,281	0.0%	+0.8%	−7.3%	1.94	0.0%	−0.1%	−3.2%

Earnings surprises EPS beat in 2 of the last 4 quarters

Reported results versus consensus, last 10 fiscal quarters
Quarter ended	FQ-9	Jun 2024	Sep 2024	Dec 2024	FQ-5	FQ-4	FQ-3	Dec 2025	Mar 2026	Jun 2026
Sales reported (mil)	154	173	185	173	200	180	234	173	242	494
Sales mean (mil)	170	147	163	185	–	–	196	204	243	337
Surprise	−8.9%	+17.6%	+13.8%	−6.4%	–	–	+19.1%	−15.5%	−0.2%	+46.7%
EPS reported	–	0.04	0.20	−0.22	–	–	–	0.11	0.88	0.61
EPS mean	–	–	0.04	0.03	–	–	–	0.35	0.35	0.40
Surprise	–	–	+399.8%	−768.9%	–	–	–	−70.1%	+148.5%	+53.1%

Peer comparison Electric Utilities & IPPs

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
CEPU Central Puerto S.A.	1.7B	1.72x	31.6%	–	5.4x	6.3x	4.9x	4.4x
AXIA3 Axia Energia SA	24.0B	2.30x	15.9%	0.17x	11.7x	8.2x	6.1x	4.9x
EQTL3 Equatorial SA	7.6B	4.70x	2.3%	1.57x	18.6x	14.5x	8.3x	7.7x
CPFE3 CPFL Energia S.A.	9.0B	2.16x	12.4%	2.13x	9.7x	10.8x	5.9x	5.8x
VST Vistra Corp.	46.4B	3.86x	4.2%	8.48x	15.5x	13.3x	9.5x	8.6x
TLN Talen Energy Corporation	16.2B	9.05x	−8.5%	10.17x	18.5x	11.1x	12.1x	9.6x
Mean		3.97x	9.6%	4.50x	13.3x	10.7x	7.8x	6.9x
Median		3.08x	8.3%	2.13x	13.6x	10.9x	7.2x	6.8x

Technical analysis

1M−12.1%
3M−20.5%
1Y−14.6%
3Y+111.8%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Central Puerto S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	756	717	388	574	1,083	684
Cost of revenue	545	412	260	305	562	303
Gross profit	211	304	128	269	521	381
Selling, general & administrative expenses	67.6	72.5	39.7	42.2	78.8	53.4
Research & development	–	–	–	–	–	–
Depreciation/amortization	2.6	2.1	0.6	0	0	0
Interest expense (income), operating	33.9	−86.9	−275	−192	−187	−246
Unusual expense (income)	−28.0	134	−60.2	71.3	146	72.3
Other operating expenses	−121	−9.4	4.4	−10.0	−4.5	−0.2
Operating income	255	191	418	358	488	502
Net interest income (expense)	56.2	−30.0	−55.4	−27.3	−298	−282
Gain (loss) on sale of assets	–	–	–	–	–	–
Other non-operating income (expense)	0.8	−22.9	−160	−177	−45.4	−3.2
Net income before taxes	312	139	203	154	145	217
Provision for taxes	69.0	79.1	22.2	38.0	157	91.9
Minority interest	−4.5	−11.3	2.6	−0.2	−1.8	−1.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	239	48.2	183	115	−14.1	124
Extraordinary items	–	–	–	–	–	–
Net income	239	48.2	183	115	−14.1	124
EBIT, normalized	261	239	83.2	237	447	328
EBITDA, normalized	373	349	170	347	650	435
Basic EPS, normalized	1.86	0.36	3.33	0.97	−0.05	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Central Puerto S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	233	237	126	288	382	258
Receivables	228	218	207	250	452	348
Total inventory	19.5	21.2	19.4	52.4	27.5	14.4
Prepaid expenses	6.2	26.0	6.5	3.3	23.1	4.2
Other current assets	11.1	35.6	3.1	0.4	0.9	0.6
Total current assets	498	538	362	594	885	625
Property, plant & equipment	1,749	1,752	1,049	1,189	2,099	1,422
Goodwill	–	–	–	–	–	–
Intangibles	27.9	29.8	19.7	44.0	115	121
Long-term investments	147	121	90.4	75.4	120	83.7
Note receivable	88.9	133	192	241	584	536
Other long-term assets	19.0	10.4	23.1	17.1	9.8	56.0
Total assets	2,529	2,585	1,736	2,161	3,812	2,843
Liabilities
Accounts payable	85.6	91.7	0.4	41.8	50.3	43.1
Payable/accrued	–	–	–	–	–	–
Accrued expenses	30.0	32.9	50.0	18.2	31.0	20.4
Short-term debt	18.8	22.8	2.2	11.9	0.1	18.5
Current portion of long-term debt	80.5	124	58.2	91.0	120	338
Other current liabilities	65.9	92.8	72.2	77.6	122	90.6
Total current liabilities	281	364	183	240	322	510
Long-term debt	240	223	354	256	680	537
Minority interest	44.7	61.2	26.9	1.1	3.2	2.3
Other liabilities	205	189	139	186	404	279
Total liabilities	771	837	703	683	1,410	1,329
Shareholders' equity
Preferred stock	–	–	–	–	–	–
Common stock	1.0	1.5	1.9	8.6	14.7	18.0
Additional paid-in capital	386	524	305	443	762	469
Retained earnings (accumulated deficit)	1,408	1,262	753	1,059	1,682	1,063
Treasury stock	0	–	–	–	–	–
Other equity	−36.0	−39.7	−27.9	−32.9	−56.3	−35.3
Total equity	1,758	1,748	1,033	1,478	2,402	1,515
Total liabilities & shareholders' equity	2,529	2,585	1,736	2,161	3,812	2,843

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Central Puerto S.A., fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	312	139	203	146	145	217
Depreciation, depletion & amortization	112	110	86.9	110	203	107
Deferred taxes	–	–	–	–	–	–
Non-cash items	−141	0.7	−121	9.3	255	−85.9
Changes in working capital	−4.5	−8.8	−35.8	45.7	−112	102
Cash from operations	279	241	133	311	491	340
Investing activities
Capital expenditures	−204	−138	−12.2	−19.0	−102	−215
Other investing cash flows	13.1	−21.8	−66.5	−158	−29.4	−95.5
Cash from investing	−191	−160	−78.6	−177	−131	−310
Financing activities
Financing cash flow items	−24.5	−43.5	−31.4	−36.0	−86.2	−68.6
Cash dividends paid	−0.7	−16.2	−27.1	−20.3	−2.2	−1.1
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−41.1	−46.9	−40.2	−35.9	−275	3.6
Cash from financing	−66.3	−107	−98.7	−92.3	−364	−66.1
Foreign exchange effects	−0.1	1.0	25.3	7.4	1.5	5.0
Net change in cash	22.5	−24.7	−18.9	49.2	−2.6	−31.5
Free cash flow	75.8	103	121	292	389	125

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.