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Brazilian (BOVESPA) Metals and Mining Industry Analysis

UpdatedJan 09, 2026
DataAggregated Company Financials
Companies12
  • 7D4.8%
  • 3M25.5%
  • 1Y40.6%
  • YTD4.6%

Over the last 7 days, the Metals and Mining industry has risen 4.8%, driven by gains from Vale of 5.0%. This takes the industry's 12 month performance to a gain of 41%. Earnings are forecast to grow by 12% annually.

Industry Valuation and Performance

Has the Brazilian Metals and Mining Industry valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 10 Jan 2026R$446.9bR$456.8bR$33.6b11.9x13.3x1x
Mon, 08 Dec 2025R$411.1bR$456.2bR$33.7b11.3x12.2x0.9x
Wed, 05 Nov 2025R$385.0bR$446.6bR$29.9b10.4x12.9x0.9x
Fri, 03 Oct 2025R$346.8bR$450.2bR$34.4b10.6x10.1x0.8x
Sun, 31 Aug 2025R$329.6bR$450.2bR$34.4b10.2x9.6x0.7x
Tue, 29 Jul 2025R$328.5bR$450.6bR$37.1b8.7x8.9x0.7x
Thu, 26 Jun 2025R$303.1bR$450.4bR$36.8b7.3x8.2x0.7x
Sat, 24 May 2025R$326.8bR$450.4bR$36.6b8.2x8.9x0.7x
Mon, 21 Apr 2025R$326.9bR$439.5bR$41.0b6.6x8x0.7x
Wed, 19 Mar 2025R$358.2bR$440.1bR$42.0b7.6x8.5x0.8x
Fri, 14 Feb 2025R$337.9bR$440.8bR$57.9b7.3x5.8x0.8x
Sun, 12 Jan 2025R$319.3bR$440.8bR$57.9b6.4x5.5x0.7x
Tue, 10 Dec 2024R$361.5bR$440.8bR$57.9b7.9x6.2x0.8x
Thu, 07 Nov 2024R$389.9bR$441.3bR$58.9b7.3x6.6x0.9x
Sat, 05 Oct 2024R$391.8bR$439.5bR$61.1b7x6.4x0.9x
Mon, 02 Sep 2024R$372.4bR$439.5bR$61.1b6.5x6.1x0.8x
Wed, 31 Jul 2024R$369.7bR$442.4bR$62.2b6x5.9x0.8x
Fri, 28 Jun 2024R$380.1bR$437.1bR$52.6b6.4x7.2x0.9x
Sun, 26 May 2024R$392.6bR$438.9bR$51.1b7.2x7.7x0.9x
Tue, 23 Apr 2024R$399.5bR$450.3bR$56.1b6.1x7.1x0.9x
Thu, 21 Mar 2024R$390.9bR$450.3bR$56.3b6.9x6.9x0.9x
Sat, 17 Feb 2024R$414.6bR$452.8bR$64.3b6.4x6.5x0.9x
Mon, 15 Jan 2024R$445.9bR$452.2bR$62.5b6.5x7.1x1x
Wed, 13 Dec 2023R$451.5bR$456.9bR$63.6b6x7.1x1x
Fri, 10 Nov 2023R$426.6bR$454.2bR$61.8b6x6.9x0.9x
Sun, 08 Oct 2023R$404.8bR$462.1bR$75.3b5.5x5.4x0.9x
Tue, 05 Sep 2023R$425.5bR$465.8bR$76.3b5.6x5.6x0.9x
Thu, 03 Aug 2023R$428.4bR$467.3bR$79.6b5.2x5.4x0.9x
Sat, 01 Jul 2023R$404.7bR$479.8bR$96.3b4.4x4.2x0.8x
Mon, 29 May 2023R$416.4bR$479.9bR$96.3b4.8x4.3x0.9x
Wed, 26 Apr 2023R$431.9bR$495.9bR$112.5b3.9x3.8x0.9x
Fri, 24 Mar 2023R$480.0bR$496.5bR$116.0b4.1x4.1x1x
Sun, 19 Feb 2023R$540.8bR$502.0bR$120.3b4.3x4.5x1.1x
Tue, 17 Jan 2023R$563.6bR$513.2bR$134.2b4x4.2x1.1x
Price to Earnings Ratio

4.2x


Total Market Cap: R$563.6bTotal Earnings: R$134.2bTotal Revenue: R$513.2bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Metals and Mining Industry Price to Earnings3Y Average 7x202420252026
Current Industry PE
  • Investors are optimistic on the Brazilian Metals and Mining industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 13.3x which is higher than its 3-year average PE of 7.0x.
  • The industry is trading close to its 3-year average PS ratio of 0.86x.
Past Earnings Growth
  • The earnings for companies in the Metals and Mining industry have declined 37% per year over the last three years,
  • Revenues have also declined 3.8% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Industry Trends

Which industries have driven the changes within the Brazilian Materials industry?

BR Market0.18%
Materials3.45%
Metals and Mining4.82%
Aluminum15.88%
Steel4.71%
Copper0%0
Industry PE
  • Investors are most optimistic about the Aluminum industry which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 18.7% and investors are willing to pay a premium for that growth.
  • Investors are most pessimistic about the Steel industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 6.9x.
Forecasted Growth
  • Analysts are most optimistic on the Aluminum industry, expecting annual earnings growth of 19% over the next 5 years.
  • In contrast, the Steel industry is expected to see its earnings grow by 11% 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
VALE3 ValeR$74.723.2%
+R$10.0b		45.0%PE10.6x
CSNA3 Companhia Siderúrgica NacionalR$9.8413.1%
+R$1.5b		27.3%PS0.3x
CMIN3 CSN MineraçãoR$5.503.8%
+R$1.1b		13.4%PE12.1x
CBAV3 Companhia Brasileira de AlumínioR$8.6522.9%
+R$1.0b		86.4%PE24.1x
BRAP3 BradesparR$18.261.0%
+R$70.8m		22.1%PE6.4x

Latest News

CMIN3
R$5.50
CSN Mineração
7D
3.8%
1Y
13.4%

CMIN3: Lower Future P/E Assumption Will Restrain Long-Term Share Performance

Analysts have reduced their fair value estimate for CSN Mineração from US$3.82 to US$3.72. This change reflects updated views on revenue growth assumptions, profit margins, and a lower future P/E multiple.
CBAV3
R$8.65
Companhia Brasileira de Alumínio
7D
22.9%
1Y
86.4%
CSNA3
R$9.84
Companhia Siderúrgica Nacional
7D
13.1%
1Y
27.3%

CSNA3: Upcoming Management Election Will Support A More Attractive Future Profile

Analysts have trimmed their price target on Companhia Siderúrgica Nacional to approximately $10.19 from about $10.34, reflecting slightly higher perceived risk and marginally softer long term growth and profitability assumptions. What's in the News Board meeting scheduled for December 9, 2025, with an agenda focused on electing new management members, indicating potential changes in the executive team (Key Developments) The upcoming leadership election may influence the company’s strategic direction and capital allocation priorities in the medium term (Key Developments) A governance update through the planned management election could affect investor perceptions of oversight and operational execution at Companhia Siderúrgica Nacional (Key Developments) Valuation Changes Fair Value: trimmed slightly to approximately R$10.19 from about R$10.34, implying a modest downward revision in intrinsic value estimates.
VALE3
R$74.72
Vale
7D
3.2%
1Y
45.0%

VALE3: Base Metals Expansion And Cost Discipline Will Drive Balanced Future Returns

Vale's analyst price target has been nudged higher, with fair value estimates rising by about $3.50 per share as analysts factor in slightly stronger long term revenue growth, modestly better margins, and a richer future earnings multiple following a series of recent target hikes from major banks. Analyst Commentary Recent Street research on Vale reflects a generally constructive stance, with a clear tilt toward incremental upgrades and higher price targets as analysts recalibrate models following the latest quarterly update.
PMAM3
R$0.68
Paranapanema
7D
-5.6%
1Y
-46.9%
BRAP3
R$18.26
Bradespar
7D
1.0%
1Y
22.1%