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Strategies & Market Trends : YEEHAW CANDIDATES -- Ignore unavailable to you. Want to Upgrade?

To: Ken W who wrote (724)	12/18/2002 5:28:18 PM
From: Sergio H	Read Replies (1) \| Respond to of 23958

Ken, ELP is beaten up even relative to the Brazilian market: finance.yahoo.com On first glance, I like this play. Volume spike may be due to general market news: biz.yahoo.com biz.yahoo.com

To: Ken W who wrote (724)	12/18/2002 5:41:34 PM
From: JoeinIowa	Respond to of 23958

"ELP (IL/N) 3Q2002 Results: Largely In Line Despite Higher Operating" November 15, 2002 ELP (IL/N) 3Q2002 Results: Largely In Line Despite Higher Operating November 15, 2002 Copel reported 3Q2002 results that were largely in line with our estimates. Net revenues for the quarter of R$720 million were slightly below our estimate of R$726 million. 3Q2002 EBITDA of R$167 million was 7.5% below our estimate of R$180 million, mostly due to higher than expected materials and third party service costs. Lower than expected operating results were offset by lower financial costs, leading to a net loss of R$138 million during the quarter, better than our R$159 million net loss estimate. Despite attractive valuation and strong balance sheet, we remain concerned with Copel's generation exposure due to dollar denominated contracts with CIEN and Araucaria, which coupled with the system's current oversupply situation and regulatory and macroeconomic uncertainties, adds significant risks to investors. Therefore, we are maintaining our In-Line rating on Copel shares. Company Disclosures