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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedJan 17, 2026
DataAggregated Company Financials
Companies34
  • 7D-2.4%
  • 3M2.7%
  • 1Y32.5%
  • YTD-1.2%

Over the last 7 days, the Utilities industry has dropped 2.4%, driven by Companhia de Saneamento Básico do Estado de São Paulo - SABESP declining 6.0%. On the other hand Ampla Energia e Serviços is actually up 9.6%. In the past year, the industry has gained 32%. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 17 Jan 2026R$752.3bR$544.8bR$49.6b9x15.2x1.4x
Mon, 15 Dec 2025R$763.1bR$544.8bR$49.6b8.9x15.4x1.4x
Wed, 12 Nov 2025R$753.2bR$548.8bR$57.3b9.2x13.1x1.4x
Fri, 10 Oct 2025R$685.8bR$543.5bR$70.6b8.3x9.7x1.3x
Sun, 07 Sep 2025R$655.9bR$538.5bR$70.0b8.5x9.4x1.2x
Tue, 05 Aug 2025R$603.6bR$522.6bR$74.2b8x8.1x1.2x
Thu, 03 Jul 2025R$653.3bR$525.4bR$73.9b8.7x8.8x1.2x
Sat, 31 May 2025R$662.2bR$525.4bR$73.9b8.7x9x1.3x
Mon, 28 Apr 2025R$623.4bR$509.6bR$73.6b8.2x8.5x1.2x
Wed, 26 Mar 2025R$569.8bR$502.5bR$70.8b7.7x8x1.1x
Fri, 21 Feb 2025R$564.4bR$478.6bR$69.0b8.6x8.2x1.2x
Sun, 19 Jan 2025R$530.1bR$474.8bR$69.1b8.5x7.7x1.1x
Tue, 17 Dec 2024R$541.3bR$474.8bR$69.1b8.6x7.8x1.1x
Thu, 14 Nov 2024R$558.1bR$471.0bR$66.7b8.8x8.4x1.2x
Sat, 12 Oct 2024R$585.5bR$470.6bR$57.0b8.6x10.3x1.2x
Mon, 09 Sep 2024R$619.8bR$470.6bR$57.0b8.4x10.9x1.3x
Wed, 07 Aug 2024R$584.7bR$470.0bR$56.2b8.1x10.4x1.2x
Fri, 05 Jul 2024R$571.2bR$463.1bR$55.9b8x10.2x1.2x
Sun, 02 Jun 2024R$549.0bR$463.1bR$55.9b8.1x9.8x1.2x
Tue, 30 Apr 2024R$573.6bR$465.9bR$54.6b9x10.5x1.2x
Thu, 28 Mar 2024R$586.7bR$451.2bR$53.9b9.1x10.9x1.3x
Sat, 24 Feb 2024R$586.9bR$441.2bR$44.7b9.7x13.1x1.3x
Mon, 22 Jan 2024R$619.3bR$468.3bR$47.0b12x13.2x1.3x
Wed, 20 Dec 2023R$626.5bR$468.3bR$47.0b12.6x13.3x1.3x
Fri, 17 Nov 2023R$607.6bR$468.3bR$47.0b12.2x12.9x1.3x
Sun, 15 Oct 2023R$560.0bR$458.7bR$45.4b10.8x12.3x1.2x
Tue, 12 Sep 2023R$570.2bR$458.7bR$45.4b11.1x12.6x1.2x
Thu, 10 Aug 2023R$573.2bR$451.7bR$40.5b9.9x14.1x1.3x
Sat, 08 Jul 2023R$592.7bR$451.3bR$42.2b10x14.1x1.3x
Mon, 05 Jun 2023R$551.5bR$449.7bR$42.5b10x13x1.2x
Wed, 03 May 2023R$547.2bR$456.8bR$45.9b9x11.9x1.2x
Fri, 31 Mar 2023R$541.0bR$456.5bR$47.0b8.8x11.5x1.2x
Sun, 26 Feb 2023R$537.4bR$463.0bR$54.2b8.7x9.9x1.2x
Tue, 24 Jan 2023R$561.8bR$461.9bR$51.5b8.4x10.9x1.2x
Price to Earnings Ratio

10.9x


Total Market Cap: R$561.8bTotal Earnings: R$51.5bTotal Revenue: R$461.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 10.9x202420252026
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 15.2x which is higher than its 3-year average PE of 10.9x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.4x.
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 Market0.23%
Utilities-2.41%
Gas Utilities0%0
Renewable Energy-1.03%
Electric Utilities-1.94%
Water Utilities-4.19%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 19.2x.
    • Analysts are expecting annual earnings growth of 31.6%, 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 32% 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 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
CBEE3 Ampla Energia e ServiçosR$10.989.6%
+R$364.8m		4.7%PE7.2x
CSMG3 Companhia de Saneamento de Minas GeraisR$45.252.1%
+R$356.4m		108.3%PE12.7x
ALUP11 Alupar InvestimentoR$32.643.4%
+R$349.4m		24.3%PE9.2x
SAPR11 Companhia de Saneamento do Paraná - SANEPARR$43.810.5%
+R$63.5m		69.6%PE6.2x
GEPA3 Rio Paranapanema EnergiaR$33.001.5%
+R$47.2m		13.8%PE7x

Latest News

CPFE3
R$51.22
CPFL Energia
7D
-4.3%
1Y
54.1%

CPFL Energia (BVMF:CPFE3) Takes On Some Risk With Its Use Of Debt

Jan 14
CPFL Energia (BVMF:CPFE3) Takes On Some Risk With Its Use Of Debt
ENEV3
R$20.60
Eneva
7D
-0.8%
1Y
90.2%
CEGR3
R$53.50
Companhia Distribuidora de Gás do Rio de Janeiro - CEG
7D
-15.1%
1Y
n/a
EQTL3
R$37.44
Equatorial
7D
-3.7%
1Y
34.4%

EQTL3: Future P/E And Stable Margins Will Sustain Bullish Undervaluation Narrative

Narrative Update on Equatorial Analysts have trimmed their price target on Equatorial to US$45.88, reflecting slightly higher discount rate and future P/E assumptions, while keeping fair value and margin expectations broadly unchanged. Valuation Changes Fair Value: Model fair value remains unchanged at US$45.88 per share.
CBEE3
R$10.98
Ampla Energia e Serviços
7D
9.6%
1Y
4.7%

Is Ampla Energia e Serviços (BVMF:CBEE3) A Risky Investment?

Jan 09
Is Ampla Energia e Serviços (BVMF:CBEE3) A Risky Investment?
CPLE3
R$12.31
Companhia Paranaense de Energia - COPEL
7D
-4.0%
1Y
48.0%
EGIE3
R$30.47
Engie Brasil Energia
7D
-1.6%
1Y
21.2%

EGIE3: Higher Power Prices And Neutral Rating Will Support Balanced Risk Profile

Analysts have nudged their fair value estimate for Engie Brasil Energia to about R$29 per share, supported by a reduced discount rate and a recent shift to a Neutral rating with a R$45 price target, as higher electricity prices are seen as creating a more balanced risk and reward profile. Analyst Commentary Bullish Takeaways Bullish analysts see the move to a Neutral rating and R$45 price target as recognition that valuation now better reflects the company’s risk and return profile, with less pressure from earlier bearish views.
ALUP11
R$32.64
Alupar Investimento
7D
3.4%
1Y
24.3%
CSMG3
R$45.25
Companhia de Saneamento de Minas Gerais
7D
2.1%
1Y
108.3%

CSMG3: Future Returns Will Likely Be Limited By Margin Compression

Analysts have modestly raised their price target for Companhia de Saneamento de Minas Gerais to about 39.48 reais from roughly 37.63 reais, reflecting expectations of slightly slower revenue growth but a higher future earnings multiple, despite some compression in projected profit margins. What's in the News Company schedules a Special and Extraordinary Shareholders Meeting for October 29, 2025 in Belo Horizonte, Minas Gerais, Brazil, to address corporate matters at its headquarters on Mar de Espanha Street (company disclosure) Shareholders are expected to review and vote on key governance and capital structure items at the October 2025 meeting, which could influence future strategic direction and investor perception (company disclosure) The formal convening of the October 29, 2025 meeting signals continued corporate activity and potential adjustments in the company corporate framework ahead of Brazil ongoing sanitation sector reforms (company disclosure) Valuation Changes Fair Value: risen modestly from R$37.63 to R$39.48 per share, reflecting a slightly higher long term valuation.
SAPR11
R$43.81
Companhia de Saneamento do Paraná - SANEPAR
7D
0.5%
1Y
69.6%
ENGI11
R$46.79
Energisa
7D
-1.7%
1Y
40.2%
SBSP3
R$123.66
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
-6.0%
1Y
36.9%
RIOS3
R$34.00
Rio Alto Energias Renováveis
7D
1.2%
1Y
n/a
GEPA3
R$33.00
Rio Paranapanema Energia
7D
1.5%
1Y
13.8%

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