COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP
COMPANHIA DE SANEAMENTO BASICO DO ESTADO DE SAO PAULO-SABESP (SBS) has a dated narrative snapshot, but its priced-in model claim is temporarily suppressed because the model-solve record is unavailable or has changed.
• Two lines in the income statement cancel exactly: construction revenues of 14,437 million reais in 2025 were matched by construction costs of 14,437 million reais, so nearly two fifths of what Sabesp reports as revenue is the building programme booked at zero margin rather than water sold [Source: FY2025 earnings release, March 2026]. • Borrowings have gone up faster than anything else on the page, from 25.3 billion reais at the end of 2024 to 40.1 billion a year later and 51.6 billion by Marc
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239 institutional managers reported holding SBS in 13F filings for the quarter ended 2026-03-31. Together they hold about 2% of the company; the top 10 hold 1%. 41 opened new positions that quarter. Held by BlackRock, UBS, WCM Investment Management, among others. On the short side, 20.2M shares were sold short as of the 2026-06-15 count, about 3% of shares outstanding (2.8 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
It pays a dividend. Cash returned over the past three years: $343.63M in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: July 25, 2026
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