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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedFeb 20, 2026
DataAggregated Company Financials
Companies34
  • 7D1.9%
  • 3M9.2%
  • 1Y42.2%
  • YTD10.6%

The Utilities is pretty flat in the last 7 days, but Eneva has stood out, gaining 5.3%. The past year has been better, since the industry has gained 40% in that time. As for the next few years, earnings are expected to grow by 17% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 20 Feb 2026R$818.5bR$545.4bR$50.1b9x16.3x1.5x
Sun, 18 Jan 2026R$745.2bR$544.8bR$49.6b9x15x1.4x
Tue, 16 Dec 2025R$763.1bR$544.8bR$49.6b9x15.4x1.4x
Thu, 13 Nov 2025R$763.0bR$545.1bR$53.6b9.6x14.2x1.4x
Sat, 11 Oct 2025R$685.9bR$543.5bR$70.6b8.2x9.7x1.3x
Mon, 08 Sep 2025R$655.5bR$538.5bR$70.0b8.5x9.4x1.2x
Wed, 06 Aug 2025R$601.8bR$522.3bR$74.2b7.8x8.1x1.2x
Fri, 04 Jul 2025R$665.7bR$525.4bR$73.9b8.9x9x1.3x
Sun, 01 Jun 2025R$662.7bR$525.4bR$73.9b8.7x9x1.3x
Tue, 29 Apr 2025R$625.3bR$509.6bR$73.6b8.2x8.5x1.2x
Thu, 27 Mar 2025R$567.3bR$502.5bR$70.8b7.7x8x1.1x
Sat, 22 Feb 2025R$566.0bR$479.2bR$69.2b9x8.2x1.2x
Mon, 20 Jan 2025R$530.1bR$474.8bR$69.1b8.5x7.7x1.1x
Wed, 18 Dec 2024R$537.0bR$474.8bR$69.1b8.6x7.8x1.1x
Fri, 15 Nov 2024R$557.9bR$471.2bR$66.9b8.8x8.3x1.2x
Sun, 13 Oct 2024R$585.5bR$470.6bR$57.0b8.6x10.3x1.2x
Tue, 10 Sep 2024R$618.5bR$470.6bR$57.0b8.5x10.8x1.3x
Thu, 08 Aug 2024R$588.5bR$470.0bR$56.2b8.1x10.5x1.3x
Sat, 06 Jul 2024R$569.1bR$463.1bR$55.9b8x10.2x1.2x
Mon, 03 Jun 2024R$549.0bR$463.1bR$55.9b8.1x9.8x1.2x
Wed, 01 May 2024R$576.9bR$466.1bR$54.6b9.1x10.6x1.2x
Fri, 29 Mar 2024R$587.0bR$451.2bR$53.9b9.2x10.9x1.3x
Sun, 25 Feb 2024R$586.9bR$441.2bR$44.7b9.7x13.1x1.3x
Tue, 23 Jan 2024R$614.4bR$468.3bR$47.0b11.9x13.1x1.3x
Thu, 21 Dec 2023R$626.5bR$468.3bR$47.0b12.5x13.3x1.3x
Sat, 18 Nov 2023R$608.1bR$468.3bR$47.0b12.2x12.9x1.3x
Mon, 16 Oct 2023R$560.0bR$458.7bR$45.4b10.8x12.3x1.2x
Wed, 13 Sep 2023R$570.3bR$458.7bR$45.4b11.3x12.6x1.2x
Fri, 11 Aug 2023R$574.1bR$452.3bR$41.7b9.9x13.8x1.3x
Sun, 09 Jul 2023R$592.7bR$451.3bR$41.5b12.5x14.3x1.3x
Tue, 06 Jun 2023R$551.5bR$449.7bR$42.4b9.9x13x1.2x
Thu, 04 May 2023R$546.0bR$457.1bR$46.1b9.1x11.8x1.2x
Sat, 01 Apr 2023R$539.2bR$455.6bR$46.1b8.6x11.7x1.2x
Mon, 27 Feb 2023R$537.4bR$462.8bR$53.9b8.7x10x1.2x
Price to Earnings Ratio

10x


Total Market Cap: R$537.4bTotal Earnings: R$53.9bTotal Revenue: R$462.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 11.1x202420252026
Current Industry PE
  • Investors are optimistic on the Brazilian Utilities industry, and appear confident in long term growth rates.
  • The industry is trading at a PE ratio of 16.4x which is higher than its 3-year average PE of 11.1x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.5x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have declined 2.6% per year over the last three years.
  • Meanwhile revenues for these companies have grown 5.6% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Industry Trends

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

BR Market0.31%
Utilities1.86%
Renewable Energy3.56%
Electric Utilities1.98%
Water Utilities0.87%
Gas Utilities0%0
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.2x.
    • Analysts are expecting annual earnings growth of 29.8%, which is higher than its past year's earnings decline of 27.0% per year.
  • Investors are most pessimistic about the Water Utilities industry, although it looks like investor sentiment has improved given that it's trading above its 3-year average of 10.0x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 30% over the next 5 years.
  • This is better than its past earnings decline of 27% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings grow by 12% 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
ENEV3 EnevaR$21.9010.4%
+R$3.9b		78.6%PE1232.6x
CPLE3 Companhia Paranaense de Energia - COPELR$14.282.3%
+R$950.3m		55.6%PE19.4x
CSMG3 Companhia de Saneamento de Minas GeraisR$58.153.0%
+R$640.8m		152.4%PE16.3x
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$153.530.6%
+R$633.4m		60.3%PE15x
EQPA3 Equatorial Pará Distribuidora de EnergiaR$6.422.2%
+R$309.3m		16.3%PE8.6x

Latest News

CSMG3
R$58.15
Companhia de Saneamento de Minas Gerais
7D
3.0%
1Y
152.4%

CSMG3: Future Returns Will Likely Balance Rich P/E And Fair Valuation

Analysts have lifted their price target for Companhia de Saneamento de Minas Gerais from R$47.48 to R$52.71, citing updated views on its discount rate assumptions, revenue growth outlook, profit margins and future P/E expectations. What's in the News A special and extraordinary shareholders meeting is scheduled for Feb 23, 2026, to be held partially remotely in Belo Horizonte, Minas Gerais (company event notice).
TAEE11
R$44.56
Transmissora Aliança de Energia Elétrica
7D
1.6%
1Y
36.4%

TAEE11: Persistent Revenue Decline Will Keep Future P/E Under Pressure

Analysts have modestly trimmed their price target for Transmissora Aliança de Energia Elétrica to R$37.53, reflecting slightly lower discount rate and forward P/E assumptions, while keeping revenue and margin expectations effectively unchanged. What's in the News Transmissora Aliança de Energia Elétrica has scheduled a Special and Extraordinary Shareholders Meeting for February 27, 2026, to be held exclusively remotely in Brazil (company event filing).
SBSP3
R$153.53
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
0.6%
1Y
60.3%

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (BVMF:SBSP3) Is Doing The Right Things To Multiply Its Share Price

Feb 14
Companhia de Saneamento Básico do Estado de São Paulo - SABESP (BVMF:SBSP3) Is Doing The Right Things To Multiply Its Share Price
EGIE3
R$33.72
Engie Brasil Energia
7D
-1.2%
1Y
29.3%

Engie Brasil Energia S.A.'s (BVMF:EGIE3) Share Price Not Quite Adding Up

Feb 12
Engie Brasil Energia S.A.'s (BVMF:EGIE3) Share Price Not Quite Adding Up
CPFE3
R$50.02
CPFL Energia
7D
-1.0%
1Y
42.1%
EQTL3
R$41.27
Equatorial
7D
-0.2%
1Y
32.7%

EQTL3: Higher Assumed P/E Multiple Will Support Ongoing Bullish Undervaluation Narrative

Analysts have modestly raised their price target on Equatorial to $47.10 from $46.38, pointing to updated views on fair value, discount rate, revenue trends, profit margin expectations, and a higher assumed future P/E multiple. Valuation Changes Fair Value: updated from R$46.38 to R$47.10, representing a small upward adjustment in the assessed share value.
EQPA3
R$6.42
Equatorial Pará Distribuidora de Energia
7D
2.2%
1Y
16.3%

We Think Equatorial Pará Distribuidora de Energia (BVMF:EQPA3) Is Taking Some Risk With Its Debt

Feb 10
We Think Equatorial Pará Distribuidora de Energia (BVMF:EQPA3) Is Taking Some Risk With Its Debt
ENEV3
R$21.90
Eneva
7D
10.4%
1Y
78.6%

ENEV3: Softer Assumptions And Governance Agenda Will Support A Steady Outlook

Analysts have lifted their fair value estimate for Eneva from R$22.61 to R$23.90, pointing to slightly lower assumed discount rates and modestly better projected profit margins as the main drivers of the updated price target. What's in the News Eneva has scheduled a Special and Extraordinary Shareholders Meeting for February 5, 2026, giving investors a clear date to watch for potential corporate decisions that could affect the capital structure or governance (Key Developments).
AURE3
R$11.77
Auren Energia
7D
-0.4%
1Y
33.0%

AURE3: Future Earnings Will Likely Disappoint As Profit Margins Compress

Narrative Update: Auren Energia Analysts have lifted their fair value estimate for Auren Energia from R$9.20 to R$9.60, citing changes to revenue, margin and future P/E assumptions that feed into a slightly lower discount rate and a higher long term valuation outlook. Valuation Changes Fair Value Estimate was raised from R$9.20 to R$9.60, reflecting a small upward adjustment in the model.
SAPR11
R$46.71
Companhia de Saneamento do Paraná - SANEPAR
7D
-0.2%
1Y
69.4%

Is Companhia de Saneamento do Paraná - SANEPAR (BVMF:SAPR11) A Risky Investment?

Feb 05
Is Companhia de Saneamento do Paraná - SANEPAR (BVMF:SAPR11) A Risky Investment?
EQMA3B
R$31.99
Equatorial Maranhão Distribuidora de Energia
7D
3.2%
1Y
29.7%

Return Trends At Equatorial Maranhão Distribuidora de Energia (BVMF:EQMA3B) Aren't Appealing

Jan 28
Return Trends At Equatorial Maranhão Distribuidora de Energia (BVMF:EQMA3B) Aren't Appealing
CEEB3
R$45.55
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
-3.6%
1Y
18.3%

Here's Why Companhia de Eletricidade do Estado da Bahia - COELBA (BVMF:CEEB3) Is Weighed Down By Its Debt Load

Jan 27
Here's Why Companhia de Eletricidade do Estado da Bahia - COELBA (BVMF:CEEB3) Is Weighed Down By Its Debt Load
GPAR3
R$15.10
Companhia CELG de Participações S/A
7D
-11.2%
1Y
-34.1%

Is Companhia CELG de Participações S/A (BVMF:GPAR3) Weighed On By Its Debt Load?

Jan 21
Is Companhia CELG de Participações S/A (BVMF:GPAR3) Weighed On By Its Debt Load?
ENGI11
R$52.47
Energisa
7D
0.9%
1Y
40.6%

Energisa S.A. (BVMF:ENGI11) Could Be Riskier Than It Looks

Jan 19
Energisa S.A. (BVMF:ENGI11) Could Be Riskier Than It Looks
CPLE3
R$14.28
Companhia Paranaense de Energia - COPEL
7D
2.3%
1Y
55.6%
REDE3
R$6.27
Rede Energia Participações
7D
-0.8%
1Y
-1.9%