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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedDec 26, 2025
DataAggregated Company Financials
Companies34
  • 7D-3.1%
  • 3M8.0%
  • 1Y37.6%
  • YTD35.7%

Over the last 7 days, the Utilities industry has dropped 2.8%, driven by Companhia Paranaense de Energia - COPEL declining 0.5%. In the past year, the industry has gained 37%. 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, 26 Dec 2025R$735.3bR$544.8bR$49.6b8.9x14.8x1.3x
Sun, 23 Nov 2025R$756.2bR$551.3bR$49.6b9.4x15.2x1.4x
Tue, 21 Oct 2025R$709.6bR$543.5bR$70.6b8.6x10x1.3x
Thu, 18 Sep 2025R$675.8bR$538.5bR$70.1b8.3x9.6x1.3x
Sat, 16 Aug 2025R$638.8bR$535.2bR$70.5b8.5x9.1x1.2x
Mon, 14 Jul 2025R$612.9bR$520.3bR$73.3b8.2x8.4x1.2x
Wed, 11 Jun 2025R$651.1bR$525.4bR$73.9b8.7x8.8x1.2x
Fri, 09 May 2025R$627.7bR$513.2bR$72.2b8.1x8.7x1.2x
Sun, 06 Apr 2025R$566.7bR$504.4bR$73.0b7.6x7.8x1.1x
Tue, 04 Mar 2025R$559.2bR$494.2bR$71.1b8.1x7.9x1.1x
Thu, 30 Jan 2025R$542.1bR$474.8bR$69.1b8.6x7.8x1.1x
Sat, 28 Dec 2024R$527.5bR$474.8bR$69.1b8.4x7.6x1.1x
Mon, 25 Nov 2024R$563.4bR$474.6bR$69.1b8.7x8.2x1.2x
Wed, 23 Oct 2024R$597.9bR$470.7bR$57.1b8.6x10.5x1.3x
Fri, 20 Sep 2024R$612.5bR$470.6bR$57.0b8.3x10.7x1.3x
Sun, 18 Aug 2024R$614.3bR$474.7bR$59.2b8.1x10.4x1.3x
Tue, 16 Jul 2024R$581.7bR$463.1bR$55.9b7.9x10.4x1.3x
Thu, 13 Jun 2024R$550.6bR$463.4bR$56.4b7.7x9.8x1.2x
Sat, 11 May 2024R$578.9bR$469.4bR$56.4b8.5x10.3x1.2x
Mon, 08 Apr 2024R$602.1bR$465.6bR$54.7b9.7x11x1.3x
Wed, 06 Mar 2024R$586.6bR$440.2bR$44.4b9.8x13.2x1.3x
Fri, 02 Feb 2024R$622.5bR$468.3bR$47.0b12.1x13.3x1.3x
Sun, 31 Dec 2023R$635.8bR$468.3bR$47.0b12.9x13.5x1.4x
Tue, 28 Nov 2023R$605.4bR$468.3bR$47.0b11.8x12.9x1.3x
Thu, 26 Oct 2023R$552.5bR$458.7bR$45.4b10.7x12.2x1.2x
Sat, 23 Sep 2023R$579.3bR$458.7bR$45.4b11.3x12.8x1.3x
Mon, 21 Aug 2023R$571.7bR$457.9bR$43.9b10.9x13x1.2x
Wed, 19 Jul 2023R$586.4bR$451.3bR$41.5b12.1x14.1x1.3x
Fri, 16 Jun 2023R$576.1bR$449.7bR$42.4b10.3x13.6x1.3x
Sun, 14 May 2023R$564.0bR$460.9bR$44.5b9.5x12.7x1.2x
Tue, 11 Apr 2023R$542.3bR$454.6bR$45.9b8.7x11.8x1.2x
Thu, 09 Mar 2023R$541.0bR$463.1bR$53.1b9.3x10.2x1.2x
Sat, 04 Feb 2023R$556.1bR$461.9bR$51.5b8.5x10.8x1.2x
Mon, 02 Jan 2023R$574.5bR$461.9bR$51.5b8.7x11.1x1.2x
Price to Earnings Ratio

11.1x


Total Market Cap: R$574.5bTotal Earnings: R$51.5bTotal Revenue: R$461.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 10.9x20242025
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 14.8x which is higher than its 3-year average PE of 10.9x.
  • The industry is trading close to its 3-year average PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have remained mostly flat over the last three years.
  • Meanwhile revenues for these companies have grown 5.7% 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 and as a result, profits have held steady.

Industry Trends

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

BR Market0.14%
Utilities-3.13%
Water Utilities3.08%
Renewable Energy0.88%
Gas Utilities0%0
Electric Utilities-5.57%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 18.6x.
    • Analysts are expecting annual earnings growth of 33.6%, 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 34% 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
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$136.973.4%
+R$3.2b		59.7%PE13.4x
ENEV3 EnevaR$20.261.7%
+R$651.4m		92.2%PE1140.3x
CPFE3 CPFL EnergiaR$51.490.7%
+R$437.9m		63.2%PE10.9x
CSMG3 Companhia de Saneamento de Minas GeraisR$43.971.6%
+R$269.2m		117.2%PE12.3x
SAPR11 Companhia de Saneamento do Paraná - SANEPARR$39.862.3%
+R$269.0m		44.7%PE5.7x

Latest News

CPLE3
R$12.93
Companhia Paranaense de Energia - COPEL
7D
0.5%
1Y
56.5%
REDE3
R$6.23
Rede Energia Participações
7D
0.6%
1Y
-0.6%
EQTL3
R$38.43
Equatorial
7D
-0.7%
1Y
39.0%

EQTL3: Future Earnings Multiple Will Support Bullish Undervaluation Narrative

Analysts have modestly raised their price target on Equatorial by about $0.36 per share to reflect a slightly lower perceived risk, marginally improved long term revenue expectations, and a still supportive future P/E outlook despite a small downward revision to profit margin assumptions. Valuation Changes Fair Value: R$45.52 has risen slightly to about R$45.88, reflecting a modest uplift in intrinsic value estimates.
TAEE11
R$40.77
Transmissora Aliança de Energia Elétrica
7D
-0.3%
1Y
24.0%
SAPR11
R$39.86
Companhia de Saneamento do Paraná - SANEPAR
7D
2.3%
1Y
44.7%
AURE3
R$11.93
Auren Energia
7D
-0.4%
1Y
37.1%
EGIE3
R$31.12
Engie Brasil Energia
7D
0.4%
1Y
24.7%

EGIE3: Higher Power Prices Will Balance Dividend Pressure And Risk Profile

Analysts have nudged their average price target on Engie Brasil Energia modestly higher, from R$38 to R$45. This reflects slightly improved revenue and margin expectations, alongside a more balanced risk and reward profile, despite ongoing valuation and dividend growth concerns.
CSMG3
R$43.97
Companhia de Saneamento de Minas Gerais
7D
1.6%
1Y
117.2%

CSMG3: Future Returns Will Likely Be Constrained By Elevated Discount Rate

Analysts have raised their price target for Companhia de Saneamento de Minas Gerais from approximately R$33.37 to R$37.63, citing expectations of stronger profit margins and a slightly lower future P E multiple, despite modestly softer revenue growth assumptions. What's in the News Companhia de Saneamento de Minas Gerais has scheduled a Special and Extraordinary Shareholders Meeting for October 29, 2025, in Belo Horizonte, Minas Gerais, to address key corporate matters at its headquarters on Mar de Espanha Street in the Santo Antonio district (Key Developments).
LIGT3
R$4.42
Light
7D
-0.9%
1Y
11.3%
ENEV3
R$20.26
Eneva
7D
1.7%
1Y
92.2%

ENEV3: Higher Multiple And Softer Margins Will Shape Balanced Outlook

Analysts have raised their price target for Eneva from R$17.01 to R$20.35, citing modest improvements in expected revenue trends, a slightly lower discount rate, and a higher future P/E multiple despite a marginally softer projected profit margin. Valuation Changes Fair Value: Raised from R$17.01 to R$20.35, representing a moderate upward revision in the estimated intrinsic value.
CPFE3
R$51.49
CPFL Energia
7D
0.7%
1Y
63.2%

CPFE3: Higher Earnings Multiple Will Likely Deepen Future Overvaluation Risk

Analysts have modestly raised their price target on CPFL Energia to BRL 43.28 from BRL 42.66. This reflects slightly improved long term revenue expectations despite marginally softer profit margin assumptions and a higher implied future P/E multiple.
SBSP3
R$136.97
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
3.4%
1Y
59.7%
RIOS3
R$34.00
Rio Alto Energias Renováveis
7D
-1.4%
1Y
n/a
CEEB3
R$42.11
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
-2.3%
1Y
9.1%

Returns At Companhia de Eletricidade do Estado da Bahia - COELBA (BVMF:CEEB3) Are On The Way Up

Nov 26
Returns At Companhia de Eletricidade do Estado da Bahia - COELBA (BVMF:CEEB3) Are On The Way Up