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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedFeb 17, 2026
DataAggregated Company Financials
Companies34
  • 7D0.7%
  • 3M6.1%
  • 1Y38.0%
  • YTD8.7%

The Utilities is pretty flat in the last 7 days, but Eneva has stood out, gaining 8.2%. As for the the longer term, the industry is up 38% over the past 12 months. Earnings are forecast to grow by 17% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Wed, 18 Feb 2026R$819.9bR$545.1bR$50.2b8.8x16.3x1.5x
Fri, 16 Jan 2026R$750.3bR$544.8bR$49.6b9.1x15.1x1.4x
Sun, 14 Dec 2025R$763.1bR$544.8bR$49.6b8.9x15.4x1.4x
Tue, 11 Nov 2025R$746.2bR$548.8bR$57.3b9.1x13x1.4x
Thu, 09 Oct 2025R$662.6bR$538.5bR$70.1b8.4x9.5x1.2x
Sat, 06 Sep 2025R$655.8bR$538.5bR$70.0b8.5x9.4x1.2x
Mon, 04 Aug 2025R$605.8bR$522.6bR$74.2b7.9x8.2x1.2x
Wed, 02 Jul 2025R$659.4bR$525.4bR$73.9b8.8x8.9x1.3x
Fri, 30 May 2025R$668.9bR$525.4bR$73.9b8.9x9.1x1.3x
Sun, 27 Apr 2025R$623.4bR$509.6bR$73.6b8.2x8.5x1.2x
Tue, 25 Mar 2025R$566.1bR$501.9bR$70.6b7.6x8x1.1x
Thu, 20 Feb 2025R$571.7bR$478.0bR$69.0b8.8x8.3x1.2x
Sat, 18 Jan 2025R$524.8bR$474.8bR$69.1b8.5x7.6x1.1x
Mon, 16 Dec 2024R$541.3bR$474.8bR$69.1b8.6x7.8x1.1x
Wed, 13 Nov 2024R$558.8bR$462.4bR$61.5b8.8x9.1x1.2x
Fri, 11 Oct 2024R$587.7bR$470.6bR$57.0b8.5x10.3x1.2x
Sun, 08 Sep 2024R$619.8bR$470.6bR$57.0b8.4x10.9x1.3x
Tue, 06 Aug 2024R$582.5bR$470.0bR$56.2b8.1x10.4x1.2x
Thu, 04 Jul 2024R$563.5bR$463.1bR$55.9b8x10.1x1.2x
Sat, 01 Jun 2024R$549.0bR$463.1bR$55.9b8.1x9.8x1.2x
Mon, 29 Apr 2024R$583.5bR$465.9bR$54.6b9x10.7x1.3x
Wed, 27 Mar 2024R$586.4bR$451.2bR$53.9b9.5x10.9x1.3x
Fri, 23 Feb 2024R$571.3bR$435.4bR$44.3b9x12.9x1.3x
Sun, 21 Jan 2024R$617.5bR$468.3bR$47.0b12x13.1x1.3x
Tue, 19 Dec 2023R$615.7bR$468.3bR$47.0b12.4x13.1x1.3x
Thu, 16 Nov 2023R$590.9bR$466.3bR$47.2b12.3x12.5x1.3x
Sat, 14 Oct 2023R$560.0bR$458.7bR$45.4b10.8x12.3x1.2x
Mon, 11 Sep 2023R$563.2bR$458.7bR$45.4b10.9x12.4x1.2x
Wed, 09 Aug 2023R$573.2bR$452.0bR$40.2b12.1x14.3x1.3x
Fri, 07 Jul 2023R$587.9bR$451.3bR$42.2b10x13.9x1.3x
Sun, 04 Jun 2023R$551.5bR$449.7bR$42.5b10x13x1.2x
Tue, 02 May 2023R$554.0bR$456.8bR$45.9b9x12.1x1.2x
Thu, 30 Mar 2023R$534.3bR$457.8bR$52.0b8.8x10.3x1.2x
Sat, 25 Feb 2023R$537.4bR$463.0bR$54.2b8.7x9.9x1.2x
Price to Earnings Ratio

9.9x


Total Market Cap: R$537.4bTotal Earnings: R$54.2bTotal Revenue: R$463.0bTotal 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 16.3x 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 2.5% 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 Market0.12%
Utilities0.69%
Water Utilities2.21%
Electric Utilities0.51%
Gas Utilities0%0
Renewable Energy-0.42%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.1x.
    • 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$21.448.2%
+R$3.1b		77.9%PE1206.8x
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$152.501.0%
+R$1.1b		56.9%PE14.9x
CPFE3 CPFL EnergiaR$50.741.4%
+R$829.6m		47.9%PE10.7x
TAEE11 Transmissora Aliança de Energia ElétricaR$43.602.4%
+R$351.4m		32.7%PE8.7x
CBEE3 Ampla Energia e ServiçosR$10.697.3%
+R$330.9m		1.9%PE8.3x

Latest News

TAEE11
R$43.60
Transmissora Aliança de Energia Elétrica
7D
2.4%
1Y
32.7%

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$152.50
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
1.0%
1Y
56.9%

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
CBEE3
R$10.69
Ampla Energia e Serviços
7D
7.3%
1Y
1.9%

Take Care Before Diving Into The Deep End On Ampla Energia e Serviços S.A. (BVMF:CBEE3)

Feb 14
Take Care Before Diving Into The Deep End On Ampla Energia e Serviços S.A. (BVMF:CBEE3)
NEOE3
R$32.72
Neoenergia
7D
0.2%
1Y
61.3%
EGIE3
R$33.70
Engie Brasil Energia
7D
-0.2%
1Y
29.1%

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
ALUP11
R$35.80
Alupar Investimento
7D
-0.2%
1Y
32.4%

ALUP11: Dividend Agenda And Margin Assumptions Will Guide A Measured Outlook

Analysts have raised their price target for Alupar Investimento to R$39.54 from R$38.60, citing updated assumptions related to discount rates, revenue growth, profit margins and future P/E multiples. What's in the News Board meeting scheduled for November 6, 2025, with an agenda to approve dividends for shareholders, signaling upcoming decisions on cash returns (Key Developments).
CPFE3
R$50.74
CPFL Energia
7D
1.4%
1Y
47.9%
EQTL3
R$41.00
Equatorial
7D
-0.9%
1Y
30.9%

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.
ENEV3
R$21.44
Eneva
7D
8.2%
1Y
77.9%

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$11.64
Auren Energia
7D
0.8%
1Y
33.3%

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$46.17
Companhia de Saneamento do Paraná - SANEPAR
7D
-1.2%
1Y
65.1%

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?
GPAR3
R$16.00
Companhia CELG de Participações S/A
7D
-7.5%
1Y
-30.2%

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?
CPLE3
R$13.97
Companhia Paranaense de Energia - COPEL
7D
-0.1%
1Y
52.3%
REDE3
R$6.32
Rede Energia Participações
7D
1.1%
1Y
-2.8%
RIOS3
R$29.20
Rio Alto Energias Renováveis
7D
-1.4%
1Y
n/a
GEPA3
R$33.00
Rio Paranapanema Energia
7D
-1.5%
1Y
14.0%

Rio Paranapanema Energia's (BVMF:GEPA3) Promising Earnings May Rest On Soft Foundations

Nov 21
Rio Paranapanema Energia's (BVMF:GEPA3) Promising Earnings May Rest On Soft Foundations