Copasa names Augusto Dantas Borges CEO: what it means for Copasa stock

Published on 10/01/2026 at 16:24 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Copasa stock gained a new CEO on September 29, 2026. Bradesco BBI lifted its target from BRL 73.00 to BRL 78.00.

Copasa, BRCSMGACNOR5, Illustration mit AI erstellt.

Copasa (ISIN BRCSMGACNOR5) named Augusto Dantas Borges chief executive on September 29, 2026, as the company reorganizes after privatization. Valor Economico reported that Borges replaced Marilia Carvalho de Melo, who moved to institutional relations and sustainability.

What the new structure means

The leadership change came with a full board refresh. According to Valor Economico on September 29, 2026, shareholders elected nine directors, with Tinn Freire Amado as board chair and Leonardo da Silva Lucas Tavares de Lima as vice chair.

The governance reset follows Equatorial's purchase of 30.00 percent of Copasa in June 2026. Minas Gerais still holds special rights: shareholders approved a golden share that gives the state the exclusive right to elect one board member and one fiscal council member. The measure received 73.50 percent of votes at the meeting, according to Valor Economico.

Tariffs set the financial test

The next test is whether the new management can convert privatization into higher efficiency and regulated revenue. Money Times reported on September 23, 2026, that Bradesco BBI raised its Copasa target from BRL 73.00 to BRL 78.00. The bank projected a 6.70 percent average tariff adjustment for 2027 and lifted its required-revenue estimate from BRL 9.10 billion to BRL 9.40 billion.

That forecast gives the stock a concrete operating hurdle: tariff decisions, investment remuneration and cost control must support the valuation case. The company also approved BRL 96.90 million in interest on equity for the third quarter of 2026, with payment scheduled for November 9, 2026, as reported by ADVFN News.

CSMG3 stays below its yearly high

CSMG3 was trading at BRL 56.19 on B3 on October 1, 2026 at 11:08 a.m. BRT, versus a prior close of BRL 56.31. Its 52-week range was BRL 32.73 to BRL 67.82, while market capitalization stood at BRL 21.3 billion. The market is therefore valuing Copasa below its yearly high while management begins its post-privatization execution phase.