Análise do comportamento de ações e indicadores fundamentalistas para o subsetor de energia elétrica da área de transmissores na B3 entre 2017 e 2025

Abstract

The present study analyzed the stock price behavior of the companies Alupar, Eletrobras, Energisa, Engie, Taesa, and ISA Energia, which operate in the electric power transmission subsector listed on B3, over the period from 2017 to 2025. Quarterly data on stock prices and fundamental indicators were collected from corporate reports and information disclosed on the investor relations websites of the selected companies. The central research problem was to verify the extent to which fundamental indicators are related to the behavior of stock prices in the analyzed segment. Methodologically, the study predominantly employed fundamental analysis to examine economic and financial indicators, in addition to the application of descriptive statistics, Pearson’s correlation coefficient, unit root tests, cointegration tests, and Granger causality tests, in order to assess the dynamics between fundamentals and market prices. The main results show that, although all companies present consistent indicators of profitability, leverage, and value creation, the correlation between fundamentals and stock prices is not uniform, varying according to the indicator analyzed. A high degree of association among several stocks in the subsector was also observed, especially among ALUP4, ISAE4, and ELET3, as well as evidence of Granger causality in some pairs, indicating interdependencies among the companies. It is concluded that there is a relationship between fundamental indicators and stock prices; however, this relationship does not provide a complete explanation, since external factors—such as market expectations and regulatory characteristics of the sector—also play a relevant role in influencing stock price behavior.