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CEPU, Central Puerto S.A.

Electric Utilities capital-intensive Regulated utility

Central Puerto is a private-sector electricity generator in Argentina. It owns and runs power plants and sells the electricity and generation capacity they produce. Much of the output goes to the country's state-controlled wholesale-market administrator under a regulated remuneration scheme, with some sold under negotiated contracts priced in U.S. dollars.

Latest annual: FY2024 20-F · figures as filed, in ARS · 1 ADS = 10 ordinary shares

CEPU · Central Puerto S.A.

The business

What it sells, where the money comes from, the kind of company it is.

Revenue · FY2024

ARS 738.2B

+8.1% YoY · 58% 5-yr CAGR

Vital signs · TTM, with 5-yr average

Revenue ARS 738.2B 5-yr avg ARS 513.4B

Gross margin 40% 5-yr avg 44%

Operating margin 26.7% 5-yr avg 62.8%

Owner-earnings margin 20% 5-yr avg 37%

Free cash flow margin 16% 5-yr avg 32%

The business in brief

What this business is and what moves its needle, from its own SEC filings.

Situation: Regulated utility. Returns are set by regulation on an approved rate base; the capital spending regulators approve becomes the growth, recovered through allowed rates.
What moves the needle: Electricity is a commodity, so the question is never the product but the terms on which it is sold. Here a single state counterparty largely sets the rules, buys the power, and even supplies the fuel the plants burn, so the test that governs the outcome is the durability of that regulated remuneration scheme and whether a generator can earn a real return when dollar-denominated economics meet the peso and Argentine policy. The bad case is the same counterparty rewriting the rules, the fuel it controls running short, or inflation and devaluation eroding what the plants earn. The record below holds the margins, returns, and the cash-versus-debt position.

Drafted from the company's filings and reviewed by hand; every number is shown in full in the sections below.

The record

Ten years of arithmetic, read across the cycle.

The record, 2015–2024

realized figures from each filing · older years to the left

2015’15	2016’16	2017’17	2018’18	2019’19	2020’20	2021’21	2022’22	2023’23	2024’24	TTMTTMDec 2024
											Income statement
ARS 2.7B	ARS 7.0B	ARS 14.8B	ARS 29.9B	ARS 73.9B	ARS 112.0B	ARS 346.2B	ARS 687.6B	ARS 682.8B	ARS 738.2B	ARS 738.2B	RevenueRevenue
—	—	46%	—	—	—	48%	—	—	40%	40%	Gross marginGross mgn
ARS 1.6B	ARS 3.3B	ARS 6.4B	ARS 63.9B	ARS 57.6B	ARS 82.2B	ARS 156.0B	ARS 419.7B	ARS 736.5B	ARS 197.2B	ARS 197.2B	Operating incomeOp. inc.
59.1%	47.2%	43.3%	213.8%	78.0%	73.3%	45.0%	61.0%	107.9%	26.7%	26.7%	Operating marginOp. mgn
ARS 1.3B	ARS 1.4B	ARS 8.1B	ARS 36.7B	ARS 18.1B	ARS 20.3B	(ARS 4.5B)	ARS 129.1B	ARS 322.4B	ARS 49.6B	ARS 49.6B	Net incomeNet inc.
32%	42%	17%	27%	—	—	—	26%	11%	—	—	Effective tax rateTax rate
											Cash flow & returns
ARS 1.3B	ARS 3.0B	ARS 5.6B	ARS 7.8B	ARS 24.6B	ARS 56.7B	ARS 157.9B	ARS 377.3B	ARS 273.5B	ARS 258.2B	ARS 258.2B	Operating cash flowOp. cash
ARS 157M	ARS 999M	ARS 1.8B	ARS 2.4B	ARS 4.0B	ARS 10.6B	ARS 46.3B	ARS 105.0B	ARS 139.5B	ARS 111.1B	ARS 111.1B	DepreciationDeprec.
(ARS 226M)	ARS 665M	(ARS 4.4B)	(ARS 31.3B)	ARS 2.5B	ARS 25.8B	ARS 116.1B	ARS 143.1B	(ARS 188.4B)	ARS 97.5B	ARS 97.5B	Working capital & otherWC & other
ARS 664M	ARS 4.3B	ARS 8.8B	ARS 14.6B	ARS 36.0B	ARS 35.2B	ARS 32.6B	ARS 22.7B	ARS 21.4B	ARS 142.5B	ARS 142.5B	CapexCapex
25.0%	60.8%	59.5%	48.8%	48.7%	31.4%	9.4%	3.3%	3.1%	19.3%	19.3%	Capex / revenueCapex/rev
ARS 1.1B	ARS 2.0B	ARS 3.8B	ARS 5.4B	ARS 20.6B	ARS 46.1B	ARS 125.3B	ARS 354.6B	ARS 252.1B	ARS 147.1B	ARS 147.1B	Owner earningsOwner earn.
42.0%	29.0%	25.5%	18.0%	27.8%	41.1%	36.2%	51.6%	36.9%	19.9%	19.9%	Owner earnings marginOE mgn
ARS 609M	(ARS 1.2B)	(ARS 3.2B)	(ARS 6.8B)	(ARS 11.4B)	ARS 21.5B	ARS 125.3B	ARS 354.6B	ARS 252.1B	ARS 115.7B	ARS 115.7B	Free cash flowFCF
22.9%	−17.6%	−21.5%	−22.8%	−15.4%	19.2%	36.2%	51.6%	36.9%	15.7%	15.7%	Free cash flow marginFCF mgn
ARS 340M	ARS 2.6B	ARS 2.9B	ARS 3.0B	ARS 2.3B	ARS 188M	ARS 714M	ARS 24.3B	ARS 47.7B	ARS 16.7B	ARS 16.7B	Dividends paidDiv. paid
9%	27%	49%	73%	23%	16%	-2%	16%	18%	3%	3%	Return on equityROE
7%	−23%	32%	68%	20%	16%	−2%	13%	15%	2%	2%	Retained to equityRetained/eq
											Balance sheet
ARS 725M	ARS 1.9B	ARS 1.9B	ARS 3.7B	ARS 13.6B	ARS 21.7B	ARS 39.2B	ARS 158.8B	ARS 225.0B	ARS 244.0B	ARS 244.0B	Cash & investmentsCash+inv
—	ARS 2.2B	ARS 5.7B	ARS 16.3B	ARS 21.3B	ARS 28.3B	ARS 44.3B	ARS 136.7B	ARS 351.2B	ARS 217.7B	ARS 217.7B	ReceivablesReceiv.
—	ARS 138M	ARS 195M	ARS 340M	ARS 895M	ARS 1.2B	ARS 1.4B	ARS 19.7B	ARS 19.5B	ARS 21.8B	ARS 21.8B	InventoryInvent.
—	ARS 656M	ARS 1.5B	ARS 2.7B	ARS 8.0B	ARS 3.8B	ARS 5.3B	ARS 23.4B	ARS 108.5B	ARS 95.9B	ARS 95.9B	Accounts payablePayables
—	ARS 1.7B	ARS 4.4B	ARS 14.0B	ARS 14.2B	ARS 25.7B	ARS 40.5B	ARS 133.0B	ARS 262.2B	ARS 143.7B	ARS 143.7B	Operating working capitalOper. WC
—	ARS 4.3B	ARS 9.1B	ARS 20.8B	ARS 36.1B	ARS 52.5B	ARS 90.9B	ARS 327.1B	ARS 637.0B	ARS 554.3B	ARS 554.3B	Current assetsCur. assets
—	ARS 4.3B	ARS 8.9B	ARS 17.3B	ARS 24.6B	ARS 42.9B	ARS 33.1B	ARS 132.4B	ARS 322.0B	ARS 374.7B	ARS 374.7B	Current liabilitiesCur. liab.
—	1.0×	1.0×	1.2×	1.5×	1.2×	2.7×	2.5×	2.0×	1.5×	1.5×	Current ratioCurr. ratio
—	ARS 12.7B	ARS 34.3B	ARS 88.1B	ARS 161.7B	ARS 239.1B	ARS 391.5B	ARS 1.19T	ARS 3.06T	ARS 2.66T	ARS 2.66T	Total assetsAssets
11.3×	2.8×	3.5×	4.8×	—	1.3×	1.4×	1.4×	0.9×	1.1×	1.1×	Interest coverageInt. cov.
ARS 14.5B	ARS 5.1B	ARS 16.6B	ARS 49.9B	ARS 79.5B	ARS 127.4B	ARS 246.7B	ARS 813.3B	ARS 1.82T	ARS 1.80T	ARS 1.80T	Shareholders’ equityEquity
											Per share
1.51B	1.51B	1.51B	1.51B	1.51B	-1.51B	1.51B	1.51B	1.50B	1.50B	1.50B	Shares out (diluted)Shares
ARS 1.76	ARS 4.68	ARS 9.85	ARS 19.85	ARS 49.10	ARS -74.44	ARS 230.04	ARS 456.85	ARS 454.43	ARS 491.26	ARS 491.26	Revenue / shareRev/sh
ARS 0.89	ARS 0.92	ARS 5.41	ARS 24.38	ARS 12.03	ARS -13.46	ARS -2.99	ARS 85.79	ARS 214.55	ARS 33.01	ARS 33.01	EPS (diluted)EPS
ARS 0.74	ARS 1.36	ARS 2.51	ARS 3.57	ARS 13.66	ARS -30.62	ARS 83.28	ARS 235.59	ARS 167.79	ARS 97.92	ARS 97.92	Owner earnings / shareOE/sh
ARS 0.40	ARS -0.82	ARS -2.12	ARS -4.53	ARS -7.55	ARS -14.31	ARS 83.28	ARS 235.59	ARS 167.79	ARS 77.01	ARS 77.01	Free cash flow / shareFCF/sh
ARS 0.23	ARS 1.70	ARS 1.93	ARS 1.97	ARS 1.55	ARS -0.12	ARS 0.47	ARS 16.16	ARS 31.76	ARS 11.08	ARS 11.08	Dividends / shareDiv/sh
ARS 0.44	ARS 2.84	ARS 5.86	ARS 9.68	ARS 23.90	ARS -23.38	ARS 21.65	ARS 15.10	ARS 14.25	ARS 94.84	ARS 94.84	Cap. spending / shareCapex/sh
ARS 9.62	ARS 3.42	ARS 11.00	ARS 33.18	ARS 52.79	ARS -84.62	ARS 163.88	ARS 540.36	ARS 1209.84	ARS 1197.94	ARS 1197.94	Book value / shareBVPS

Per-share growththe realized rate an owner's share compounded

	9-yr	5-yr
Revenue / share	+86.9%/yr	+58.5%/yr
Owner earnings / share	+72.1%/yr	+48.3%/yr
EPS	+49.4%/yr	+22.4%/yr
Dividends / share	+54.1%/yr	+48.3%/yr
Capital spending / share	+81.6%/yr	+31.7%/yr
Book value / share	+70.9%/yr	+86.7%/yr

The record, charted

FY2015–2024

Each measure over its full record; the current point and the worst year marked.

Share count

1.5Bpeak FY2015

Gross margin

40%low FY2024

Owner earnings vs. net income

Owner earningsNet income

The accountant's number, and the cash an owner can take; the gap is the tell.

ARS 147.1Bowner earningsvs.ARS 49.6Bnet incomelow FY2015

Where the cash went

ReinvestBuybacksDividendsAcquisitionsRetained

Each year's operating cash, by what management did with it: the mix, and how it drifts.

FY2015FY2024

Owner-earnings bridge

FY2020–FY2024cash-flow statement, SEC EDGAR →

Net income is the accountant's number; owner earnings is the cash an owner could take out. The walk between them, off the cash-flow statement, and whether the gap is widening or holding.

In fiscal 2024 the business earned ARS 147.1B of owner earnings, the operating cash left after the ARS 111.1B it takes just to hold its position. It put ARS 31.4B more into growth; free cash flow, after that spending, was ARS 115.7B.

Reported net incomeARS 49.6B

Owner earningsARS 147.1B · 20% of revenue

	FY2024	FY2023	FY2022	FY2021	FY2020
Reported net income	ARS 49.6B	ARS 322.4B	ARS 129.1B	(ARS 4.5B)	ARS 20.3B
Depreciation & amortizationnon-cash charge added back	+ARS 111.1B	+ARS 139.5B	+ARS 105.0B	+ARS 46.3B	+ARS 10.6B
Working capital & othertiming of cash in and out, other non-cash items	+ARS 97.5B	−ARS 188.4B	+ARS 143.1B	+ARS 116.1B	+ARS 25.8B
Cash from operations	ARS 258.2B	ARS 273.5B	ARS 377.3B	ARS 157.9B	ARS 56.7B
Maintenance capital expenditurethe spending needed just to hold position and volume	−ARS 111.1B	−ARS 21.4B	−ARS 22.7B	−ARS 32.6B	−ARS 10.6B
Owner earnings	ARS 147.1B	ARS 252.1B	ARS 354.6B	ARS 125.3B	ARS 46.1B
Growth capital expenditurediscretionary; spent to get bigger, not to stand still	−ARS 31.4B	—	—	—	−ARS 24.6B
Free cash flow	ARS 115.7B	ARS 252.1B	ARS 354.6B	ARS 125.3B	ARS 21.5B
Owner-earnings marginowner earnings ÷ revenue	20%	37%	52%	36%	41%

Owner earnings is the cash an owner could pull out without starving the business: operating cash less the maintenance capital it must spend to hold its position (here about ARS 111.1B, roughly its depreciation, the rate its assets wear out). The other ARS 31.4B of its capital spending is growth it chose, not upkeep it owed; charged only with the maintenance it must do, the business earns well more than the year's free cash flow shows.

Maintenance capex is estimated as depreciation where a growing business invests above it; free cash flow is the figure the scorecard's free-cash margin reads.

III

Quality & stewardship

Returns, the balance sheet, capital allocation, and pay.

Owner’s Scorecard

FY2024 20-F · source on SEC EDGAR →

Will it survive?

Can it pay its interest? 1.1×

Thin

Operating income ARS 197.2B ÷ interest expense ARS 171.6B

What this means
Operating profit covers interest, but with little room. A bad year, a refinancing at higher rates, or a revenue wobble closes the gap fast.
How heavy is the debt, net of cash? —

Debt under-captured — leverage unknown, not low

What this means
This company pays far more interest than its tagged debt implies (the rest sits under segment dimensions the data source strips), so its net cash or net debt cannot be read honestly: the gap is unknown, not zero, and 'net cash' here would be exactly the fiction the figure is meant to prevent. Judge it on the record and owner earnings instead.
How long is cash tied up? 47d

Tight

DSO 108 + DIO 18 − DPO 78 days

What this means
Days cash is tied up between paying suppliers and collecting from customers. Lower is better; a long cycle means growth itself eats cash.

Is it a good business?

Return on invested capital —

Debt under-captured

Industry peers: median 7%

What this means
This company's interest bill implies far more debt than its filings tag at the consolidated level (the rest sits under segment dimensions the data source strips), so invested capital, and the return on it, cannot be read honestly. Judge this one on Owner Earnings and the record instead.
Owner-earnings margin 29%

High through the cycle

10-yr median margin, range 18%–52%; latest ARS 147.1B = operating cash ARS 258.2B − maintenance capex ARS 111.1B

Industry peers: median 11%

What this means
What an owner could take out without starving the business: operating cash less the maintenance capital it must spend to hold its position — Buffett's owner earnings. That's 20% of revenue this year, a 29% median across 10 years. It chose to put ARS 31.4B more into growth, so free cash flow this year was ARS 115.7B — the gap is investment, not weakness.
Are earnings backed by cash? 5.21×

Cash-backed

Cash from ops ARS 258.2B ÷ net income ARS 49.6B

What this means
How much of reported profit showed up as operating cash. Above 1× is reassuring; well below suggests earnings lean on accruals. One year is noisy, growth and working-capital swings distort it, and this is operating cash, not free cash. Watch the multi-year trend.

How is the cash used?

Where do the earnings go? 11%

Reinvests most of it

Dividends + buybacks ARS 16.7B ÷ Owner Earnings ARS 147.1B

What this means
Of ARS 147.1B Owner Earnings, ARS 16.7B (11%) went back to shareholders, ARS 16.7B dividends, ARS 0 buybacks. Returning most of it is the mark of a mature business with little left to reinvest at a high return; reinvesting most could mean a long runway, or empire-building. The split doesn't say which; the return earned on it (see ROIC) does.
Investing or harvesting? 1.28×

Expanding

Capex ARS 142.5B ÷ depreciation ARS 111.1B

What this means
Descriptive, not a grade. Above ~1× means investing faster than assets wear out (growth, or, sustained for years, today's earnings carrying less depreciation than tomorrow's will). Below means spending less than it's wearing out (efficiency, or a melting asset base). The ratio won't tell you which; the filings will.

Graham’s defensive tests · 2 of 4 met

Graham’s numerical criteria for the defensive investor (The Intelligent Investor, ch. 14), run on the filings. A floor of safety, not a buy signal; many fine modern businesses fail his strictest liquidity rules by design.

Adequate size —

Revenue ≥ $2B (a dollar floor) · ARS 738.2B

What this means
Big enough to weather a storm. Graham's floor is a dollar figure — about $2B of revenue as a conservative modern stand-in. This company reports in its home currency and we carry no exchange rate, so we show the figure and leave the size bar for you to apply rather than convert it with a number we don't have.
Strong liquidity Miss

Current ratio ≥ 2× · 1.48×

What this means
Current assets at least twice current liabilities, near-term bills covered without touching the business. Strict by design: many cash-rich modern firms run leaner and miss it, holding their cushion in longer-dated securities.
Conservative debt —

Debt ≤ working capital · —

What this means
The filings tag only a fraction of the debt this company's interest bill implies (much of it sits under segment dimensions the data source strips), so this test can't be run honestly.
Earnings stability Near

A profit every year (10-yr record) · 1 loss year

What this means
Graham wanted earnings in each of the past ten years, the stability a defensive owner leans on.
Dividend record Pass

Uninterrupted dividends · paid every year (10)

What this means
An unbroken dividend was Graham's mark of durability. He wanted twenty years; the filings show about ten, and a single suspension breaks the streak. Non-payers, many fine modern compounders, fall outside his defensive net by design.
Earnings growth Pass

Earnings +33% over the record · +4514%

What this means
At least a third more earnings than a decade ago, averaging three years at each end. Net income (not per-share), so stock splits don't distort it, buybacks and dilution show up in the share-count line instead.
Moderate price —

P/E ≤ 15 and P/E × P/B ≤ 22.5 · decided by the price

What this means
Graham's valuation gate, the wall he kept between a sound business and a sound investment. Three-year average earnings are ARS 110.34/share (latest year ARS 32.76), the averaged base the calculator's gate runs on, and book value is ARS 1189.12/share. Enter a price in “What the price implies” just below for the P/E, P/B, and whether it clears. But this is the rule Buffett outgrew: there's no hard P/E law, and a wonderful business can deserve a far richer multiple if the thesis holds, treat it as the bargain-hunter's floor, not a verdict on the price.

Durability & moat, 2015–2024

Whether the record’s returns held, and what the capital reinvested earned.

Profitable years 9 of 10

What this means
Lost money in 1 year(s), look at what happened there before trusting the average.
Operating margin 50% → 65% (3-yr avg ends)

What this means
Through the cycle the operating margin widened — about 50% early to 65% lately, median 59% — pricing power intact or improving.
Owner earnings growth +71%/yr

What this means
Owner earnings grew about 71% a year over the record.
Worst year 2024 · 26.7% op. margin

What this means
Stayed profitable even in its hardest year, the resilience that survives recessions.
Share count −0.0%/yr

What this means
Roughly flat share count, little dilution, little buyback.
Dividend record rising

What this means
Paid and raised the dividend across the record, the continuity Graham prized.

Does AI threaten the moat?

Low contestability

The moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.

AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat.

Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.

All figures as filed; the source filing is linked above.

Current Position

as of fiscal year-end, Dec 31, 2024

Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.

Current assetsARS 554.3B

Cash & short-term investmentsARS 244.0B
ReceivablesARS 217.7B
InventoryARS 21.8B
Other current assetsARS 70.8B

Current liabilitiesARS 374.7B

Accounts payableARS 95.9B
Other current liabilitiesARS 278.9B

Current ratio1.48×all current assets ÷ what's due · Graham looked for 2×

Quick ratio1.42×stricter: inventory excluded

Cash ratio0.65×strictest: cash alone against what's due

Working capitalARS 179.6Bthe cushion left after near-term bills

Deeper floors

Tangible book valueARS 1.80Tequity stripped of goodwill & intangibles

Net current asset value(ARS 244.6B)Graham's net-net: current assets less all liabilities

From the company's latest filing.

How the cash was used, 2015–2024

Over the record, the business generated ARS 1.17T of operating cash; how management split it reads as a balanced allocator, splitting cash between the business, owners, and the balance sheet.

ReinvestedARS 318.7B · 27%
DividendsARS 100.7B · 9%
Retained (debt / cash)ARS 746.6B · 64%

Returned to ownersARS 100.7B
11% of the owner earnings the business produced over the span, ARS 100.7B as dividends and ARS 0 as buybacks.
Source of fundingOperating cash
Operating cash covered reinvestment and returns; over the span cash and short-term investments rose ARS 243.3B.
Net change in share count−0.2%
The diluted count barely moved (1506M to 1503M): buybacks roughly offset the stock issued to staff.
Dividend recordARS 11.08/sh
Paid in 10 of the years on record, the per-share dividend growing about 54% a year. It was cut at least once along the way.
Return on what it retained52%
Of the earnings it kept rather than paid out (ARS 481.8B over the span), annual owner earnings (first three years vs last three) grew ARS 249.0B, so each retained ARS 1 added about 0.52 of yearly owner earnings. Buffett's test, run on owner earnings instead of market value.

Buybacks are gross of stock issued to staff; the share-count line above is the net of that, the figure that decides whether owners gained. The average price paid blends a year of purchases (and any accelerated repurchase), so it is close, not exact. The record of where the cash went and on what terms.

Inverting the record

Invert: instead of why Central Puerto S.A. is a good business, the question is what would make owning it a mistake, and whether those marks are in the record. Disconfirming tests across 2015–2024.

None of the 3 tests turned up a mark; each came back clean. A clean panel says only that these particular ways of being wrong are not written into the record.

Each test came back clean

Is it less profitable than it was?
Did the share count rise anyway?
Did reported profit become cash?

Each test is read from the filings and is noisy alone; a flag can mark a cyclical trough or a year of heavy investment as easily as a problem. The filing says which.

Peers, Electric Utilities

The same industry, side by side on owner economics. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.

Company	Revenue	Gross margin	Op. margin	ROIC	Owner earn. margin
CEPUCentral Puerto S.A.	ARS 738.2B	46%	60.1%	—	33%
ETEnergy Transfer LP Common	$85.5B	25%	10.3%	8%	8%
NRGNRG Energy	$30.3B	24%	7.6%	13%	9%
SOSouthern Company (The)	$29.6B	—	22.8%	6%	12%
NEENextEra Energy Inc.	$27.4B	—	28.2%	6%	—
CEGConstellation Energy	$22.7B	—	5.0%	8%	-17%
AEPAmerican Electric Power Company Inc.	$21.7B	—	19.2%	6%	26%
VSTVistra	$17.6B	—	10.8%	7%	17%
Group median	—	25%	15.0%	—	12%

The price

What a price has to assume.

What the price implies

reverse-DCF

Enter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American Depositary Shares, each representing 10 common”; Central Puerto S.A. reports in ARS, so every figure in this tool is stated per ADS and translated at ARS 1 = $0.001 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in ARS.

Type today's close and see the owner-earnings growth you'd have to believe to justify it, beside what Central Puerto S.A. has delivered.

Today’s price $

Through the cycle, Central Puerto S.A. earns about $163M on its 32.6% median owner-earnings margin. This year’s 19.9% margin runs below that; the reported figure may understate a lean year. Normalize, below, values the price on that through-cycle figure rather than the latest year.

Base Normalize · through-cycle ($163M) Net of stock comp Steady-state · maintenance capex ($100M)

—

The assumptions Required return 9% Years of high growth 10 Terminal growth 2.5%

9.0% = the 4.55% 10-year Treasury (Jul 15, 2026) + 4.45 points of equity premium. The rate you require is yours to set.

Enter a price above to run it.

Implied by the price—

Owner-earnings growth · ’20→’24+24%/yr

Owner-earnings growth · since FY2020+52%/yr

Owner-earnings yield—

P/E (3-yr earnings ’22–’24)—

P/B—

Graham’s price gate—

Graham capped the multiple at 15×; Buffett and Munger let that rule go: a wonderful business can deserve 50× if the thesis holds. The gate marks the bargain-hunter's floor.

Against a high-grade bond: Graham’s yardstick bond yield%

Prefilled with the 10-year Treasury (4.55%, as of Jul 15, 2026). Edit it for today’s exact figure, or a AAA corporate yield.

Graham measured a stock against the bond you could own instead, the heart of his margin of safety. Enter a price above to weigh the owner-earnings yield against this bond.

Free cash flow $78M on 151M shares outstanding, per the 20-F cover, as of 2025-12-31; net cash $165M. The base is the latest year by default; Normalize values it on the through-cycle median owner-earnings margin (to avoid paying on a peak year). Net of stock comp treats option pay as the expense it is. Capex ($97M) runs well above depreciation ($75M), so this is a build-out; Steady-state swaps total capex for maintenance (≈ depreciation), lifting the base to about $100M, the cash it would throw off if it stopped expanding. The dials set the multiple a growth belief justifies; the price, and every dollar on this page, is yours.

Weigh CEPU against another business →

Cite: Owner Scorecard, "Central Puerto S.A. (CEPU), the owner's record," https://ownerscorecard.com/c/CEPU, data as of 2026-07-09.

Manual order: ← CDRO its page in the Manual CGEN →

Industry order: ← CEG the Electric Utilities chapter CIG →