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Screening universe › Gas-weighted › ENEV3

Eneva S.A. (ENEV3 · B3)

Gas-weighted — HQ Brazil. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Gas-weightedRegion Lat. AmericaCEO Lino Cancado (2023)Jurisdiction risk Med (61)

Overview

Eneva is Brazil's largest private integrated gas-to-power company: it produces onshore natural gas from the Parnaiba (Maranhao) and Amazonas (Azulao) basins and burns most of it in its own thermoelectric fleet under long-term PPAs, a reservoir-to-wire model where upstream is a captive input rather than a standalone commodity business. FY2025 saw revenue jump ~62% to ~US$3.3bn and EBITDA to ~US$1.1bn as new capacity, higher thermal dispatch and gas commercialization ramped.

The equity story is power generation and gas monetization, not upstream reserves: earnings are dominated by contracted thermoelectric availability plus growing gas trading, with coal (Itaqui, Pecem II) and solar (Futura) rounding out the fleet. Balance sheet is highly levered (~US$3.9bn net debt), so free cash flow swings with capex cycles and the company retains rather than distributes cash; upstream 1P reserves and ~33 mboe/d of gas output are a minority of intrinsic value.

Valuation snapshot (FY2025)

Market cap
$8.8bn
Enterprise value
$13.3bn
EV / EBITDA
11.1x
P / E
42.0x
FCF yield
-1.1%
Dividend yield
0.0%
ROACE
6%
Debt / equity
111%
Net debt / EBITDA
3.2x
EV / reserves
$53.16/boe
EV / flowing
$289k/boe/d
Free cash flow
$-0.1bn

Its EV/EBITDA of 11.1x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -1.1% is lower than the 6.5% median, and at $53.16/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Eneva S.A. scores 23/100, strongest on growth (69/100). Sub-scores: value 11, quality 29, growth 69, risk 85 (higher = riskier).

Reserves & production

Eneva S.A. holds approximately 0.25 billion boe of proved (1P) reserves with FY2025 production of about 46 thousand boe/d (2% liquids), a reserve life of roughly 14.9 years. Break-even: n/a (integrated gas-to-power) — upstream gas feeds owned thermoelectric plants; value mostly power + reservoir-to-wire

Net asset value (public-source)

For Eneva S.A., no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

61 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Brazil100%61Complex tax/local-content rules; Petrobras policy swings, strong pre-salt.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
Parnaiba Complex (gas + thermal)BrazilUpstream+PowerCore integrated hub in Maranhao: onshore gas fields feeding Parnaiba I-VI thermoelectric plants
Parnaiba Basin E&PBrazilUpstreamOnshore natural gas production; largest source of captive gas for the fleet
Azulao-Jaguatirica (Amazonas)BrazilUpstream+PowerReservoir-to-wire: Azulao gas field liquefied and trucked to Jaguatirica II plant in Roraima
Itaqui / Pecem IIBrazilPowerCoal-fired thermoelectric capacity under long-term PPAs
Futura solarBrazilPowerSolar generation complex diversifying the fleet toward renewables
Gas commercialization / tradingBrazilTradingMerchant sale of gas into the free market beyond own-plant consumption
GNA / Porto do Acu (stake)BrazilPower/GasInterest in LNG-to-power gas complex at Porto do Acu

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)2528343646
Proved reserves (bnboe)0.350.320.340.310.25
Revenue ($bn)0.91.11.82.03.4
EBITDA ($bn)0.40.30.70.71.2
Net income ($bn)0.20.10.00.00.2
Free cash flow ($bn)0.0-0.20.00.3-0.1

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Peer companies — Gas-weighted

NVTK · NovatekEQT · EQT CorporationEXE · Expand EnergyTOU · Tourmaline OilARX · ARC ResourcesAR · Antero ResourcesRRC · Range ResourcesNWMD · NewMed EnergyCNX · CNX Resources CorporationCRK · Comstock Resources, Inc.PEY · Peyto Exploration & Development Corp.BKV · BKV CorporationGPOR · Gulfport Energy CorporationENOG · Energean

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare ENEV3 against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com