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Brazilian (BOVESPA) Financials Sector Analysis

UpdatedJan 14, 2026
DataAggregated Company Financials
Companies37
  • 7D-2.3%
  • 3M9.4%
  • 1Y37.3%
  • YTD0.4%

The Financials industry has been flat over the last week, but Banco do Brasil has lost 4.2%. As for the the longer term, the industry is up 40% over the past 12 months. Earnings are forecast to grow by 10% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 14 Jan 2026R$1.5tR$512.4bR$162.1b8.5x9.5x3x
Fri, 12 Dec 2025R$1.5tR$517.3bR$165.1b8.3x9.1x2.9x
Sun, 09 Nov 2025R$1.5tR$524.3bR$165.1b7.8x9x2.8x
Tue, 07 Oct 2025R$1.4tR$522.8bR$162.0b7.1x8.6x2.7x
Thu, 04 Sep 2025R$1.4tR$521.3bR$161.9b7.5x8.4x2.6x
Sat, 02 Aug 2025R$1.3tR$525.7bR$161.5b7.4x7.9x2.4x
Mon, 30 Jun 2025R$1.4tR$522.2bR$160.0b7.9x8.5x2.6x
Wed, 28 May 2025R$1.4tR$522.0bR$159.9b8x8.8x2.7x
Fri, 25 Apr 2025R$1.3tR$523.2bR$161.2b7.7x8.2x2.5x
Sun, 23 Mar 2025R$1.3tR$535.0bR$162.9b7.5x7.8x2.4x
Tue, 18 Feb 2025R$1.2tR$543.0bR$157.7b7.6x7.9x2.3x
Thu, 16 Jan 2025R$1.1tR$523.9bR$150.4b7.2x7.4x2.1x
Sat, 14 Dec 2024R$1.2tR$523.8bR$150.3b6.8x7.7x2.2x
Mon, 11 Nov 2024R$1.2tR$517.6bR$149.6b7.8x8.1x2.4x
Wed, 09 Oct 2024R$1.3tR$509.6bR$145.2b7.8x8.6x2.5x
Fri, 06 Sep 2024R$1.3tR$509.6bR$145.2b8.4x9.3x2.6x
Sun, 04 Aug 2024R$1.2tR$513.8bR$144.8b8.2x8.3x2.3x
Tue, 02 Jul 2024R$1.2tR$509.3bR$143.1b7.7x8.3x2.3x
Thu, 30 May 2024R$1.2tR$512.4bR$143.2b8x8.5x2.4x
Sat, 27 Apr 2024R$1.2tR$499.9bR$138.4b8.5x9x2.5x
Mon, 25 Mar 2024R$1.3tR$502.9bR$138.5b10x9.3x2.6x
Wed, 21 Feb 2024R$1.3tR$500.4bR$139.6b9.9x9.5x2.7x
Fri, 19 Jan 2024R$1.3tR$508.3bR$139.8b10.3x9.3x2.6x
Sun, 17 Dec 2023R$1.3tR$508.3bR$139.8b10x9.4x2.6x
Tue, 14 Nov 2023R$1.2tR$504.4bR$138.1b8.5x8.7x2.4x
Thu, 12 Oct 2023R$1.2tR$504.7bR$139.0b8.6x8.3x2.3x
Sat, 09 Sep 2023R$1.1tR$504.9bR$139.1b8.8x8.1x2.2x
Mon, 07 Aug 2023R$1.2tR$499.2bR$134.3b9.2x8.9x2.4x
Wed, 05 Jul 2023R$1.2tR$506.8bR$139.7b9.2x8.8x2.4x
Fri, 02 Jun 2023R$1.1tR$506.8bR$139.6b8.6x8x2.2x
Sun, 30 Apr 2023R$1.1tR$515.6bR$136.3b8.6x7.8x2.1x
Tue, 28 Mar 2023R$972.2bR$520.3bR$136.9b8.3x7.1x1.9x
Thu, 23 Feb 2023R$1.0tR$514.1bR$133.7b9x7.8x2x
Sat, 21 Jan 2023R$1.1tR$495.6bR$140.1b9.3x7.6x2.1x
Price to Earnings Ratio

7.6x


Total Market Cap: R$1.1tTotal Earnings: R$140.1bTotal Revenue: R$495.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Financials Sector Price to Earnings3Y Average 8.4x202420252026
Current Industry PE
  • Investors are optimistic on the Brazilian Financials industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 9.6x which is higher than its 3-year average PE of 8.4x.
  • The 3-year average PS ratio of 2.4x is lower than the industry's current PS ratio of 3.0x.
Past Earnings Growth
  • The earnings for companies in the Financials industry have grown 5.0% 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 Market-1.25%
Financials-2.30%
Diversified Financial0.90%
Mortgage REITs0%0
Consumer Finance0%0
Capital Markets-1.58%
Banks-2.33%
Insurance-3.85%
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 (11.8%) 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 5.5x.
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 4.6% 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
BNBR3 Banco do Nordeste do BrasilR$115.750.9%
+R$98.7m		20.7%PE4x
FIGE3 Investimentos BemgeR$39.0085.0%
+R$42.4m		128.9%PE6.6x
BEES3 Banestes - Banco do Estado do Espírito SantoR$8.241.5%
+R$41.7m		10.1%PB1.2x
BIED3 Bahema EducaçãoR$5.2026.8%
+R$29.3m		30.0%PS0.4x
MOAR3 Monteiro AranhaR$63.092.6%
+R$19.5m		n/aPE24.2x

Latest News

BIED3
R$5.20
Bahema Educação
7D
26.8%
1Y
30.0%

Further Upside For Bahema Educação S.A. (BVMF:BIED3) Shares Could Introduce Price Risks After 35% Bounce

Jan 13
Further Upside For Bahema Educação S.A. (BVMF:BIED3) Shares Could Introduce Price Risks After 35% Bounce
FIGE3
R$39.00
Investimentos Bemge
7D
85.0%
1Y
128.9%
SANB11
R$33.49
Banco Santander (Brasil)
7D
-1.3%
1Y
39.0%
IRBR3
R$50.58
IRB-Brasil Resseguros
7D
-4.1%
1Y
7.3%

IRBR3: Remote Meeting And Margins Will Shape A Steady Outlook

Analysts have nudged their price target for IRB-Brasil Resseguros higher, citing a slightly stronger fair value estimate of 56.71 versus 55.57, a small adjustment in the discount rate, a wider projected revenue decline of 5.55% compared with 4.91%, a modestly higher expected profit margin of about 17.04% and a slightly richer future P/E of about 10.28 versus 9.97. What's in the News IRB-Brasil Resseguros has scheduled a Special and Extraordinary Shareholders Meeting for November 3, 2025, to be held exclusively remotely.
BPAC11
R$53.39
Banco BTG Pactual
7D
-1.7%
1Y
87.2%

BPAC11: Slightly Lower Discount Rate Will Support Stable Fair Value Outlook

Analysts have adjusted their price target for Banco BTG Pactual to R$59.50 from about R$59.55, reflecting slightly updated assumptions on discount rate, revenue growth, profit margin and future P/E, without a major shift in their overall view. What's in the News Banco BTG Pactual has scheduled a Special and Extraordinary Shareholders Meeting for December 9, 2025.
FAED11
R$154.01
Fundo de Investimento Imobiliário - FII Anhanguera Educacional
7D
0.006%
1Y
16.1%
CXSE3
R$16.02
Caixa Seguridade Participações
7D
-1.8%
1Y
13.0%

CXSE3: Stable Margins And Earnings Outlook Will Support Future Upside Potential

Analysts have maintained their price target for Caixa Seguridade Participações at R$19.07, reflecting stable assumptions around fair value, discount rate, revenue growth, profit margin and future P/E. Valuation Changes Fair Value: Fair value per share remains unchanged at R$19.07.
B3SA3
R$14.31
B3 - Brasil Bolsa Balcão
7D
-1.3%
1Y
45.4%

B3SA3: Share Buybacks And Equity Swap Structure Will Support Future Upside

Analysts have maintained their fair value estimate for B3 at R$15.91 per share. Small adjustments to inputs such as the discount rate, revenue growth expectations and future P/E assumptions have shaped a more fine tuned view of risk and earnings, rather than resulting in a change to the headline target.
PSSA3
R$46.50
Porto Seguro
7D
-7.0%
1Y
27.1%

PSSA3: Future Returns Will Rely On Softer Margins And Index Inclusion

Analysts have modestly adjusted their price target for Porto Seguro to R$46.00, reflecting updated expectations around a return to low single digit revenue growth, a slightly softer profit margin profile, and a broadly unchanged future P/E assumption. What's in the News Porto Seguro S.A. was added to the Brazil IBRX 50 Index, highlighting its inclusion among a broader group of Brazilian equities tracked by this benchmark (Key Developments).
BBSE3
R$34.69
BB Seguridade Participações
7D
-3.9%
1Y
-6.0%

BBSE3: Stable Governance And Audit Oversight Will Support Balanced Future Returns

Analysts have kept their price target for BB Seguridade Participações broadly unchanged at R$38.67, reflecting only very small tweaks to assumptions on discount rate, revenue growth, profit margin and future P/E, rather than a shift in their core view. What's in the News A board meeting is scheduled for Nov 28, 2025, to decide on maintaining KPMG Auditores Independentes as the external audit firm for the 2026 fiscal year, jointly with Banco do Brasil (Key Developments).
BBAS3
R$21.20
Banco do Brasil
7D
-4.2%
1Y
-14.0%
BNBR3
R$115.75
Banco do Nordeste do Brasil
7D
0.9%
1Y
20.7%
G2DI33
R$1.65
G2D Investments
7D
2.5%
1Y
-9.3%
MOAR3
R$63.09
Monteiro Aranha
7D
2.6%
1Y
n/a
BEES3
R$8.24
Banestes - Banco do Estado do Espírito Santo
7D
1.5%
1Y
10.1%
PABY11
R$15.00
Fundo de Investimento Imobiliário Panamby
7D
29.5%
1Y
32.2%