The concern is that it's highly regulated, by a government that has not always had the greatest respect for capitalist principles. I own KEP, Korean Electric Power, which is in a similar situation, and is also trading below book. My understanding of Brazilian politics is pretty limited, but I believe that the president, Lula, is from the left-most major party, and hasn't made any big moves against business or utilities. In other words, the political environment might get better, but it probably won't get worse.

This looks like a great hedge against a declining dollar. The company's business isn't really affected by the US economy, and it'll be profitable even if the dollar stays flat.

Any dividends for this, or links to more information besides Yahoo finance? It's hard to get info on these ADRs.