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Brazilian (BOVESPA) Market Analysis & Valuation

UpdatedApr 17, 2026
DataAggregated Company Financials
Companies371
  • 7D-0.6%
  • 3M15.9%
  • 1Y34.0%
  • YTD17.9%

Over the last 7 days, the market has remained flat, although notably the Information Technology sector gained 3.4% in that time. More promisingly, the market is up 34% over the past year. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

Has the Brazilian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 17 Apr 2026R$5.7tR$4.0tR$435.7b10.8x13x1.4x
Sun, 15 Mar 2026R$5.2tR$4.0tR$447.4b9.7x11.7x1.3x
Tue, 10 Feb 2026R$5.4tR$4.2tR$404.1b10.1x13.3x1.3x
Thu, 08 Jan 2026R$4.9tR$4.2tR$401.2b9.5x12.2x1.2x
Sat, 06 Dec 2025R$5.0tR$4.2tR$401.7b9.5x12.5x1.2x
Mon, 03 Nov 2025R$4.6tR$4.2tR$433.8b9.4x10.6x1.1x
Wed, 01 Oct 2025R$4.5tR$4.1tR$431.6b8.9x10.5x1.1x
Fri, 29 Aug 2025R$4.4tR$4.2tR$436.3b8.7x10.2x1.1x
Sun, 27 Jul 2025R$4.2tR$4.2tR$405.9b8.8x10.4x1x
Tue, 24 Jun 2025R$4.4tR$4.2tR$406.5b9.2x10.8x1x
Thu, 22 May 2025R$4.5tR$4.8tR$419.7b9.3x10.8x1x
Sat, 19 Apr 2025R$4.3tR$4.7tR$401.5b8.6x10.7x0.9x
Mon, 17 Mar 2025R$4.3tR$4.6tR$419.9b8.3x10.2x0.9x
Wed, 12 Feb 2025R$4.2tR$4.6tR$481.8b8.4x8.8x0.9x
Fri, 10 Jan 2025R$4.1tR$4.6tR$481.0b8.1x8.4x0.9x
Sun, 08 Dec 2024R$4.4tR$4.6tR$482.3b8.7x9x1x
Tue, 05 Nov 2024R$4.4tR$4.4tR$432.6b9.4x10.1x1x
Thu, 03 Oct 2024R$4.6tR$4.4tR$428.8b9.7x10.7x1x
Sat, 31 Aug 2024R$4.7tR$4.4tR$427.6b10.3x10.9x1.1x
Mon, 29 Jul 2024R$4.4tR$4.4tR$459.0b9.8x9.7x1x
Wed, 26 Jun 2024R$4.3tR$4.3tR$446.7b9.4x9.6x1x
Fri, 24 May 2024R$4.4tR$4.3tR$444.5b10.2x9.9x1x
Sun, 21 Apr 2024R$4.5tR$4.3tR$460.0b10.1x9.7x1x
Tue, 19 Mar 2024R$4.5tR$4.3tR$451.8b10.3x10x1x
Thu, 15 Feb 2024R$4.6tR$4.3tR$466.5b10x9.8x1x
Sat, 13 Jan 2024R$4.7tR$4.3tR$466.9b11.6x10x1.1x
Mon, 11 Dec 2023R$4.5tR$4.4tR$467.7b11.1x9.7x1x
Wed, 08 Nov 2023R$4.3tR$4.5tR$488.8b10.8x8.7x0.9x
Fri, 06 Oct 2023R$4.1tR$4.5tR$504.4b10.7x8.2x0.9x
Sun, 03 Sep 2023R$4.3tR$4.5tR$504.9b11.3x8.6x1x
Tue, 01 Aug 2023R$4.5tR$4.6tR$531.2b12.1x8.4x1x
Thu, 29 Jun 2023R$4.4tR$4.6tR$554.0b11.3x7.9x0.9x
Sat, 27 May 2023R$4.2tR$4.6tR$554.6b10.9x7.5x0.9x
Mon, 24 Apr 2023R$4.0tR$4.6tR$594.7b9.8x6.7x0.9x
Price to Earnings Ratio

6.7x


Total Market Cap: R$4.0tTotal Earnings: R$594.7bTotal Revenue: R$4.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Market Price to Earnings3Y Average 10x202420252026
Current Market PE
  • Investors are optimistic on the Brazilian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 13.0x which is higher than its 3-year average PE of 10.0x.
Past Earnings Growth
  • The earnings for companies in the Brazilian industry have declined 9.8% per year over the last three years.
  • Revenues have also declined 4.6% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Brazilian Market?

BR Market-0.63%
Tech3.40%
Materials1.32%
Financials0.70%
Real Estate0.48%
Utilities0.27%
Consumer Discretionary-1.10%
Energy-1.29%
Healthcare-3.42%
Consumer Staples-3.51%
Industrials-3.68%
Telecom-4.59%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading close to its 3-year average PE ratio of 51.3x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 22.6%, which is higher than its past year's earnings growth of 5.9% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 6.1x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 6.5% per year.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
VALE3 ValeR$87.442.2%
+R$7.9b		65.4%PE27xMaterials
BPAC11 Banco BTG PactualR$64.342.5%
+R$7.5b		85.3%PE19.4xFinancials
CPFE3 CPFL EnergiaR$56.264.6%
+R$2.8b		47.1%PE11.8xUtilities
EGIE3 Engie Brasil EnergiaR$38.195.9%
+R$2.4b		36.1%PE16.9xUtilities
RENT3 Localiza Rent a CarR$50.783.6%
+R$1.9b		26.2%PE29.6xIndustrials
See more

Market Insights

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Latest News

VIVT3
R$40.95
Telefônica Brasil
7D
-4.6%
1Y
55.1%
WEGE3
R$48.40
WEG
7D
-8.5%
1Y
5.3%

WEGE3: Q4 Reset Will Lay Groundwork For Stronger Earnings Power

Analysts have trimmed their 12 month price target for WEG to R$49 from R$50, reflecting recent Q4 results and updated guidance, while still supporting a fair value estimate of R$70 based on revised growth, margin, discount rate and P/E assumptions. Analyst Commentary JPMorgan's move to cut WEG to Neutral, with a R$49 price target versus the earlier R$50, highlights how recent Q4 results and guidance have tempered near term expectations while still leaving room for a higher long term fair value case around R$70.
RENT3
R$50.78
Localiza Rent a Car
7D
3.6%
1Y
26.2%
TIMS3
R$26.54
TIM
7D
-5.1%
1Y
48.8%

5G Expansion And ESG Commitments Will Constrain Margins And Future Cash Generation

Catalysts About TIM TIM operates mobile, broadband and B2B connectivity and digital services in Brazil. What are the underlying business or industry changes driving this perspective?
BBAS3
R$24.28
Banco do Brasil
7D
-1.8%
1Y
-11.5%

BBAS3: Analyst Day Signals Stable Outlook With Margin Assumptions Supporting Fair Value

Analysts have updated their view on Banco do Brasil, revising price expectations to reflect new assumptions. These keep fair value steady at R$26.94 while incorporating higher modeled revenue growth of 17.45%, a profit margin of 36.62% and a lower future P/E of 7.19x.
EGIE3
R$38.19
Engie Brasil Energia
7D
5.9%
1Y
36.1%

EGIE3: Higher Margin Assumptions Will Pressure P/E And Limit Downside Protection

Analysts have lifted their price target for Engie Brasil Energia from R$31.03 to R$31.95, citing updated assumptions for discount rate, revenue trends, profit margins and future P/E, along with more constructive recent Street research. Analyst Commentary Recent Street research reflects a more constructive stance on Engie Brasil Energia, with bullish analysts updating their assumptions around discount rates, revenue outlook, profit margins and future P/E levels.
B3SA3
R$19.78
B3 - Brasil Bolsa Balcão
7D
1.4%
1Y
62.4%

B3SA3: Governance Calendar And New Settlement System Will Shape Balanced Outlook

Analysts have raised their price target for B3 - Brasil Bolsa Balcão from about R$18.04 to roughly R$18.89. This reflects updated views that incorporate slightly different assumptions for discount rate, revenue growth, profit margin, and future P/E.
ENEV3
R$27.14
Eneva
7D
1.6%
1Y
117.6%

ENEV3: Meeting Outlook And Revised Assumptions Will Guide Balanced Future View

Analysts now see Eneva's fair value at about R$27.73 per share, compared with roughly R$25.53 previously. This reflects updated assumptions for revenue growth, profit margins and future P/E multiples.
RDOR3
R$39.25
Rede D'Or São Luiz
7D
-5.2%
1Y
31.4%

RDOR3: Stable P/E Assumptions And Equity Interest Will Support Bullish Repricing

Analysts maintained their R$50.44 price target for Rede D'Or São Luiz, citing stable assumptions for the discount rate, revenue growth, profit margin and future P/E as the basis for their view. What's in the News A board meeting is scheduled for March 23, 2026, to consider the distribution of interest on equity.
BPAC11
R$64.34
Banco BTG Pactual
7D
2.5%
1Y
85.3%

BPAC11: Lower Discount Rate And Firm Margins Will Support Bullish Outlook

Analysts have nudged their price target for Banco BTG Pactual higher to about R$65 from roughly R$64, citing updated assumptions that include a modestly lower discount rate, slightly adjusted revenue growth expectations, a small uplift in profit margin, and a marginally higher future P/E multiple. Valuation Changes Fair Value: The updated model fair value is now R$65.05, compared with the prior R$63.97, reflecting a modest uplift in the estimate.
CPFE3
R$56.26
CPFL Energia
7D
4.6%
1Y
47.1%

CPFE3: Stable Assumptions Suggest Earnings Resilience Will Likely Keep Shares Fairly Valued

Analysts have updated their view on CPFL Energia with a revised R$ price target, reflecting the unchanged fair value estimate of R$46.62, alongside consistent discount rate, revenue growth and profit margin assumptions that remain aligned with recent research commentary. Analyst Commentary Recent Street research on banks with similar regional and income profiles highlights how modest changes in price targets can reflect shifts in expectations for earnings resilience, capital deployment and growth rather than dramatic changes in thesis.
VALE3
R$87.44
Vale
7D
2.2%
1Y
65.4%

VALE3: Copper Strength And Base Metals Mix Will Support Future Upside

Analysts have slightly reduced the fair value estimate for Vale. The updated price target of R$101.20 reflects a higher discount rate and more conservative revenue growth assumptions, partly offset by a marginally stronger profit margin outlook and a lower future P/E.
PRIO3
R$64.25
Prio
7D
-5.0%
1Y
85.9%

PRIO3: Future Returns Will Depend On Resilience To Sectorwide Multiple Compression

Analysts have maintained their R$51.00 fair value for Prio while adjusting assumptions, including a lower discount rate, revised revenue growth and profit margin expectations, and a different forward P/E. These changes result in a recalibrated valuation framework, but the overall price target view remains steady.
BBSE3
R$35.01
BB Seguridade Participações
7D
-3.8%
1Y
-14.1%

BBSE3: Downgrade And Governance Updates Will Still Support Fair Pricing

Analysts have trimmed their price target for BB Seguridade Participações to R$37.75, keeping the fair value estimate steady as they factor in updated views on growth, profitability and valuation assumptions following the recent downgrade highlighted in Street research. Analyst Commentary Street research around the recent downgrade highlights a mix of optimism on the core business and caution around how much of that strength is already reflected in the R$37.75 fair value estimate.
ABEV3
R$15.43
Ambev
7D
-4.3%
1Y
10.2%
AZUL53
R$0.00022
Azul
7D
11.8%
1Y
n/a