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Brazilian (BOVESPA) Financials Sector Analysis

UpdatedDec 16, 2025
DataAggregated Company Financials
Companies38
  • 7D1.0%
  • 3M10.5%
  • 1Y37.6%
  • YTD41.1%

Over the last 7 days, the Financials industry has remained flat, although notably Banco BTG Pactual gained 4.4%. The past year has been better, since the industry has gained 33% in that time. As for the next few years, earnings are expected to grow by 10% per annum.

Sector Valuation and Performance

Has the Brazilian Financials Sector valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 16 Dec 2025R$1.5tR$517.3bR$165.1b8.4x9.2x2.9x
Thu, 13 Nov 2025R$1.5tR$526.1bR$167.0b8.2x9.1x2.9x
Sat, 11 Oct 2025R$1.4tR$522.8bR$162.0b7.1x8.5x2.6x
Mon, 08 Sep 2025R$1.4tR$521.6bR$161.9b7.7x8.6x2.7x
Wed, 06 Aug 2025R$1.3tR$530.7bR$163.8b7.4x7.8x2.4x
Fri, 04 Jul 2025R$1.4tR$522.8bR$160.1b7.9x8.7x2.7x
Sun, 01 Jun 2025R$1.4tR$522.0bR$159.9b8x8.6x2.6x
Tue, 29 Apr 2025R$1.3tR$523.2bR$161.3b7.6x8.3x2.5x
Thu, 27 Mar 2025R$1.3tR$534.8bR$162.9b7.6x7.8x2.4x
Sat, 22 Feb 2025R$1.2tR$534.6bR$161.6b7.6x7.4x2.2x
Mon, 20 Jan 2025R$1.1tR$523.9bR$150.4b7.2x7.6x2.2x
Wed, 18 Dec 2024R$1.1tR$523.8bR$150.3b6.8x7.5x2.2x
Fri, 15 Nov 2024R$1.2tR$517.0bR$150.8b7.6x8x2.3x
Sun, 13 Oct 2024R$1.2tR$509.6bR$145.2b7.7x8.5x2.4x
Tue, 10 Sep 2024R$1.3tR$509.6bR$145.2b8.3x9.2x2.6x
Thu, 08 Aug 2024R$1.2tR$514.0bR$145.2b8.2x8.5x2.4x
Sat, 06 Jul 2024R$1.2tR$509.3bR$143.1b7.9x8.4x2.4x
Mon, 03 Jun 2024R$1.2tR$512.4bR$143.2b8x8.4x2.3x
Wed, 01 May 2024R$1.2tR$499.9bR$138.4b8.5x8.9x2.5x
Fri, 29 Mar 2024R$1.3tR$503.2bR$138.4b9.9x9.4x2.6x
Sun, 25 Feb 2024R$1.3tR$500.1bR$138.6b10.1x9.4x2.6x
Tue, 23 Jan 2024R$1.3tR$508.3bR$139.8b10.2x9.3x2.6x
Thu, 21 Dec 2023R$1.3tR$508.3bR$139.8b10x9.5x2.6x
Sat, 18 Nov 2023R$1.2tR$506.2bR$139.1b8.5x8.8x2.4x
Mon, 16 Oct 2023R$1.1tR$504.7bR$139.0b8.6x8.2x2.3x
Wed, 13 Sep 2023R$1.1tR$504.9bR$139.1b9x8.2x2.3x
Fri, 11 Aug 2023R$1.2tR$504.1bR$136.3b9.1x8.7x2.3x
Sun, 09 Jul 2023R$1.2tR$506.8bR$139.7b9.2x8.7x2.4x
Tue, 06 Jun 2023R$1.1tR$506.3bR$139.5b8.8x8.2x2.3x
Thu, 04 May 2023R$1.0tR$515.6bR$136.3b8.2x7.6x2x
Sat, 01 Apr 2023R$995.2bR$518.4bR$136.9b8.2x7.3x1.9x
Mon, 27 Feb 2023R$1.0tR$514.0bR$133.7b8.9x7.6x2x
Wed, 25 Jan 2023R$1.1tR$495.7bR$140.1b9.3x7.9x2.2x
Fri, 23 Dec 2022R$1.0tR$495.9bR$140.2b9.4x7.4x2.1x
Price to Earnings Ratio

7.4x


Total Market Cap: R$1.0tTotal Earnings: R$140.2bTotal Revenue: R$495.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Financials Sector Price to Earnings3Y Average 8.4x202320242025
Current Industry PE
  • Investors are relatively neutral on the Brazilian Financials industry at the moment, indicating that they anticipate long term growth rates to remain steady.
  • The industry is trading close to its 3-year average PE ratio of 8.4x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 2.9x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 5.6% per year over the last three years, while revenues have remained mostly flat.
  • This means that companies overall are more efficiently conducting business since profits are increasing while sales have been flat.

Industry Trends

Which industries have driven the changes within the Brazilian Financials sector?

BR Market1.52%
Financials1.01%
Capital Markets5.20%
Insurance1.60%
Mortgage REITs0%0
Consumer Finance0%0
Diversified Financial-0.29%
Banks-0.39%
Industry PE
  • Investors are most optimistic about the Capital Markets industry, which is trading close to its 3-year average PE ratio of 16.5x.
    • Analysts expect its future annual earnings growth (12.0%) to be largely in line with prior year's earnings growth.
  • Investors are most pessimistic about the Diversified Financial industry, which is trading below its 3-year average of 5.6x.
Forecasted Growth
  • Analysts are most optimistic on the Capital Markets industry, expecting annual earnings growth of 12% over the next 5 years.
  • This is roughly in line with its past earnings growth rate.
  • In contrast, the Insurance industry is expected to see its earnings grow by 5.0% per year over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuation
BPAC11 Banco BTG PactualR$55.294.4%
+R$11.2b		91.4%PE18x
PSSA3 Porto SeguroR$49.442.9%
+R$892.7m		29.3%PE9.9x
BBAS3 Banco do BrasilR$21.700.5%
+R$570.8m		-10.2%PB0.7x
BBSE3 BB Seguridade ParticipaçõesR$35.610.5%
+R$368.8m		-1.6%PE7.7x
CXSE3 Caixa Seguridade ParticipaçõesR$16.390.6%
+R$270.0m		6.2%PE11.2x

Latest News

B3SA3
R$14.33
B3 - Brasil Bolsa Balcão
7D
-0.1%
1Y
41.6%

B3SA3: Future Earnings Multiple Will Support Balanced Risk Reward Outlook

Analysts have nudged their price target for B3 higher to R$15.91 from R$15.76, citing a slightly richer future earnings multiple that more than offsets modestly lower growth and margin assumptions. Valuation Changes The fair value estimate has risen slightly to R$15.91 from R$15.76, reflecting a marginally higher intrinsic valuation.
IRBR3
R$53.95
IRB-Brasil Resseguros
7D
2.3%
1Y
37.8%

IRB-Brasil Resseguros S.A.'s (BVMF:IRBR3) Business Is Yet to Catch Up With Its Share Price

Dec 13
IRB-Brasil Resseguros S.A.'s (BVMF:IRBR3) Business Is Yet to Catch Up With Its Share Price
WIZC3
R$8.53
Wiz Co Participações e Corretagem de Seguros
7D
3.4%
1Y
49.4%
CXSE3
R$16.39
Caixa Seguridade Participações
7D
0.6%
1Y
6.2%
CSUD3
R$19.01
CSU Digital
7D
-3.0%
1Y
30.7%
PSSA3
R$49.44
Porto Seguro
7D
2.9%
1Y
29.3%
BPAC11
R$55.29
Banco BTG Pactual
7D
4.4%
1Y
91.4%

BPAC11: Future Earnings Multiple Shift Will Shape Fair Value Outlook

Analysts have raised their price target for Banco BTG Pactual from approximately R$53.33 to R$58.00, citing slightly stronger expectations for revenue growth, profit margins, and a higher future price to earnings multiple. What's in the News Banco BTG Pactual has scheduled a Special and Extraordinary Shareholders Meeting for December 9, 2025, to address key corporate matters and potential governance decisions (company filing).
BBSE3
R$35.61
BB Seguridade Participações
7D
0.5%
1Y
-1.6%

BBSE3: Earnings Quality And Dividends Will Support Balanced Future Returns

Analysts have nudged their price target for BB Seguridade Participações slightly higher to around R$38.67 per share from approximately R$35.00, citing the recent upgrade in rating and a more balanced risk reward outlook. Analyst Commentary Analysts describe the recent upgrade as a recalibration rather than an outright bullish call, noting that the new price target aligns more closely with the company’s improving fundamentals and a less asymmetric risk profile.
SANB11
R$31.95
Banco Santander (Brasil)
7D
-2.7%
1Y
33.4%
BAZA3
R$74.91
Banco da Amazônia
7D
0.3%
1Y
-11.9%
MOAR3
R$66.51
Monteiro Aranha
7D
-8.8%
1Y
n/a
BIED3
R$3.65
Bahema Educação
7D
-6.4%
1Y
-17.2%
TRAD3
R$4.05
TC
7D
-4.0%
1Y
-42.0%
BRBI11
R$18.94
BRBI BR Partners
7D
-0.4%
1Y
36.4%
BBAS3
R$21.70
Banco do Brasil
7D
0.5%
1Y
-10.2%
ADMF3
R$18.00
CIABRASF - Cia. Brasileira de Serviços Financeiros S/A
7D
-5.3%
1Y
n/a