Taesa is one of the companies that stands out for its high pay-out in relation to IFRS profit .

The company demonstrates a commitment to pleasing its shareholders , going so far as, for example, acquiring new debt in the form of debentures to maintain dividend payments. This behavior, both commendable and worrying, reflects my own dilemma as a shareholder. On the one hand, it is gratifying to see income regularly entering my account, but on the other hand, it accentuates my concern about the considerable level of debt . An analysis of regulatory profit reveals that in the first nine months of this year there was an expansion of around 20% compared to the same period last year. The company is traded at higher multiples than its competitors, indicating that Taesa 's effort to maintain dividends is well received by shareholders . The constant presence of dividends seems to give the stock notable stability, making it less susceptible to market fluctuations ; When the market rises, the stock doesn't rise as sharply, and when the market falls, the stock doesn't fall as sharply. Taesa investors seem to live in a world apart from the market, which attracts many individual investors who seem not to be influenced by the opinion of analysts, who year after year recommend selling the asset.

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Check out the main highlights of the quarter for the investor's favorite.

1. Taesa 's regulatory net profit this quarter was R$330 million, a drop of 11.6% compared to the same quarter last year.

2. Growth in Operating Cash Generation : Taesa recorded another quarter with growth in operating cash generation, driven by recently completed projects, which brought new revenue.

3. Regulatory Net Operating Revenue: The company's regulatory net operating revenue grew 6.0% compared to the third quarter of 2022, totaling R$831.7 million. Year to date, net regulatory revenue was R$2,518.0 million, an increase of 17.8% compared to the same period in 2022.

4. Regulatory EBITDA: The company's regulatory EBITDA totaled R$705.9 million in the third quarter of 2023 and R$2,181.4 million in the first nine months of the year, with annual growth of 3.9% and 18.5%, respectively . The EBITDA margin was 84.9% in the quarter and 86.6% in 2023.

5. Causes of Growth : The annual increase in net revenue and EBITDA is attributed to the start of Saíra operation (1st phase) under the management of Taesa , the entry into operation of projects under construction and the inflationary adjustment by the IPCA in category 3 contracts. This offset the drop in revenue from category 2 contracts due to the deflation recorded in the IGP-M and the remaining 50% reduction in the RAP of the ATE III, STC and Lumitrans concessions.

6. Financial Position: Taesa ended the first nine months of the year with a cash position of R$2 billion and a net debt of R$10.4 billion. The net debt to EBITDA ratio was 3.7x.

7. Issuance of Debentures: The company issued debentures worth R$800 million, with demand exceeding R$1 billion. The issuance was in line with the infrastructure debentures law and was certified with a green seal, highlighting the emphasis on sustainability.

8. Taesa maintained a high line availability rate of 99.9%, highlighting its consistency in operational excellence and transmission asset management.

9. Future Projects: The company remains dedicated to the execution and delivery of new projects under construction that will add R$400 million in RAP when they come into operation. Taesa invested R$1.5 billion in the first nine months of the year, including compensation for the Saíra concession.

10. System Operation Center : In August 2023, the company opened its new System Operation Center, investing in modernization, security and operational quality, aiming for sustainable business growth.

11. Distribution of Profit: The Board of Directors approved the distribution of earnings in the amount of R$204.6 million, to be paid in December 2023, based on the interim financial statements of June 2023. This includes R$200.5 million as interest on equity (JCP) and R$4.1 million as interim dividends.