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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedMar 25, 2026
DataAggregated Company Financials
Companies34
  • 7D1.0%
  • 3M9.5%
  • 1Y34.5%
  • YTD9.4%

The Utilities is pretty flat in the last 7 days, but Companhia de Saneamento Básico do Estado de São Paulo - SABESP has stood out, gaining 3.9%. The past year has been better, since the industry has gained 35% in that time. As for the next few years, earnings are expected to grow by 11% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 25 Mar 2026R$820.2bR$550.8bR$62.1b9.6x13.2x1.5x
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
Price to Earnings Ratio

11.7x


Total Market Cap: R$539.2bTotal Earnings: R$46.1bTotal Revenue: R$455.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 11.2x202420252026
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 13.2x which is higher than its 3-year average PE of 11.2x.
  • 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 grown 10% per year over the last three years.
  • Revenues for these companies have grown 6.5% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

BR Market1.22%
Utilities0.96%
Water Utilities3.19%
Renewable Energy1.19%
Electric Utilities0.43%
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 21.2x.
    • Analysts are expecting annual earnings growth of 31.0%, which is lower than the prior year's growth of 119.2% 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 31% over the next 5 years.
  • However this is lower than its past earnings growth rate of 119% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 6.2% 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
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$152.713.9%
+R$4.0b		55.0%PE12.7x
EQTL3 EquatorialR$41.172.6%
+R$1.3b		25.5%PE15.4x
ENEV3 EnevaR$24.982.6%
+R$1.2b		108.2%PE41.3x
EQPA3 Equatorial Pará Distribuidora de EnergiaR$6.653.4%
+R$486.0m		8.7%PE8.9x
ALUP11 Alupar InvestimentoR$34.452.0%
+R$224.1m		22.2%PE9.3x

Latest News

LIGT3
R$4.65
Light
7D
-1.1%
1Y
-8.5%
SBSP3
R$152.71
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
3.9%
1Y
55.0%

Earnings Troubles May Signal Larger Issues for Companhia de Saneamento Básico do Estado de São Paulo - SABESP (BVMF:SBSP3) Shareholders

Mar 24
Earnings Troubles May Signal Larger Issues for Companhia de Saneamento Básico do Estado de São Paulo - SABESP (BVMF:SBSP3) Shareholders
CPFE3
R$46.88
CPFL Energia
7D
-2.3%
1Y
22.0%

CPFE3: Stable Discount Rate And P/E Assumptions Will Likely Keep Shares Fairly Valued

Analysts have adjusted their price target on CPFL Energia to R$46.62. This reflects updated assumptions on discount rate, revenue growth, profit margin and future P/E, and is broadly in line with recent Street research that has also revised targets higher for peers.
CPLE3
R$15.27
Companhia Paranaense de Energia - COPEL
7D
0.5%
1Y
61.1%

Hydro Capacity Expansion And Smart Grid Rollout Will Drive Long Term Earnings Resilience

Catalysts About Companhia Paranaense de Energia (COPEL) Companhia Paranaense de Energia (COPEL) is an integrated Brazilian electric utility that operates in power generation, transmission, distribution and trading. What are the underlying business or industry changes driving this perspective?
CSMG3
R$54.72
Companhia de Saneamento de Minas Gerais
7D
1.0%
1Y
169.6%

CSMG3: Future Returns Will Balance IBOVESPA Entry With Steady Fair Value

Analysts have raised their price target on Companhia de Saneamento de Minas Gerais to R$52.71, stating that updated assumptions in their models now incorporate modestly higher revenue growth, slightly stronger profit margins, and a lower forward P/E multiple. What's in the News Companhia de Saneamento de Minas Gerais is scheduled to hold a Special and Extraordinary Shareholders Meeting on February 23, 2026, to be conducted partially remotely from Belo Horizonte, Minas Gerais (company event filing).
ALUP11
R$34.45
Alupar Investimento
7D
2.0%
1Y
22.2%
ENEV3
R$24.98
Eneva
7D
2.6%
1Y
108.2%
ENGI11
R$50.30
Energisa
7D
-0.4%
1Y
35.2%
EQTL3
R$41.17
Equatorial
7D
2.6%
1Y
25.5%

EQTL3: Lower Discount Rate Will Support Bullish Thesis On Future Earnings

Analysts have nudged their price target on Equatorial slightly higher to R$47.25 from R$47.10, reflecting refreshed assumptions around the discount rate, revenue trends, profit margins and future P/E multiples. Valuation Changes Fair Value: R$47.25 compared with R$47.10 previously, a slight upward adjustment in the modelled price level.
RNEW3
R$1.16
Renova Energia
7D
-4.1%
1Y
-43.7%
EQPA3
R$6.65
Equatorial Pará Distribuidora de Energia
7D
3.4%
1Y
8.7%

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
SAPR11
R$41.91
Companhia de Saneamento do Paraná - SANEPAR
7D
1.2%
1Y
52.1%

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?
REDE3
R$6.20
Rede Energia Participações
7D
-5.5%
1Y
-7.5%