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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedFeb 26, 2026
DataAggregated Company Financials
Companies34
  • 7D3.5%
  • 3M6.4%
  • 1Y43.3%
  • YTD12.1%

Over the last 7 days, the Utilities industry has risen 3.1%, driven by gains from Companhia de Saneamento Básico do Estado de São Paulo - SABESP of 3.1%. In the same time, Ampla Energia e Serviços was down 6.5%. In the last 12 months, the industry was up 42%. 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
Thu, 26 Feb 2026R$840.6bR$545.3bR$50.1b8.9x16.8x1.5x
Sat, 24 Jan 2026R$792.2bR$544.8bR$49.6b9.3x16x1.5x
Mon, 22 Dec 2025R$756.2bR$544.8bR$49.6b8.9x15.2x1.4x
Wed, 19 Nov 2025R$763.2bR$551.9bR$49.6b9.4x15.4x1.4x
Fri, 17 Oct 2025R$701.7bR$543.5bR$70.6b8.6x9.9x1.3x
Sun, 14 Sep 2025R$662.9bR$538.5bR$70.1b8.3x9.5x1.2x
Tue, 12 Aug 2025R$634.2bR$527.6bR$69.6b8x9.1x1.2x
Thu, 10 Jul 2025R$618.4bR$520.3bR$73.3b8.3x8.4x1.2x
Sat, 07 Jun 2025R$652.3bR$525.4bR$73.9b8.8x8.8x1.2x
Mon, 05 May 2025R$625.5bR$510.4bR$73.3b8x8.5x1.2x
Wed, 02 Apr 2025R$564.3bR$504.4bR$73.0b7.6x7.7x1.1x
Fri, 28 Feb 2025R$566.6bR$493.2bR$70.2b8.6x8.1x1.1x
Sun, 26 Jan 2025R$530.2bR$474.8bR$69.1b8.4x7.7x1.1x
Tue, 24 Dec 2024R$536.2bR$474.8bR$69.1b8.4x7.8x1.1x
Thu, 21 Nov 2024R$565.1bR$474.6bR$69.1b8.8x8.2x1.2x
Sat, 19 Oct 2024R$595.0bR$470.7bR$57.1b8.8x10.4x1.3x
Mon, 16 Sep 2024R$617.2bR$470.6bR$57.0b8.4x10.8x1.3x
Wed, 14 Aug 2024R$606.5bR$471.8bR$56.5b8.1x10.7x1.3x
Fri, 12 Jul 2024R$580.0bR$463.1bR$55.9b7.9x10.4x1.3x
Sun, 09 Jun 2024R$550.2bR$463.4bR$56.4b7.9x9.8x1.2x
Tue, 07 May 2024R$590.7bR$466.1bR$54.5b9x10.8x1.3x
Thu, 04 Apr 2024R$601.7bR$466.3bR$54.7b9.7x11x1.3x
Sat, 02 Mar 2024R$589.9bR$441.3bR$44.4b9.8x13.3x1.3x
Mon, 29 Jan 2024R$621.0bR$468.3bR$47.0b12x13.2x1.3x
Wed, 27 Dec 2023R$627.5bR$468.3bR$47.0b12.6x13.4x1.3x
Fri, 24 Nov 2023R$604.6bR$468.3bR$47.0b12x12.9x1.3x
Sun, 22 Oct 2023R$551.9bR$458.7bR$45.4b10.8x12.2x1.2x
Tue, 19 Sep 2023R$582.6bR$458.7bR$45.4b11.3x12.8x1.3x
Thu, 17 Aug 2023R$572.3bR$458.7bR$44.1b10.4x13x1.2x
Sat, 15 Jul 2023R$586.1bR$451.3bR$41.5b12.1x14.1x1.3x
Mon, 12 Jun 2023R$570.7bR$449.7bR$42.4b10.3x13.5x1.3x
Wed, 10 May 2023R$549.1bR$459.4bR$44.1b9.3x12.5x1.2x
Fri, 07 Apr 2023R$540.9bR$445.3bR$46.1b8.9x11.7x1.2x
Sun, 05 Mar 2023R$530.4bR$463.5bR$53.1b9.3x10x1.1x
Price to Earnings Ratio

10x


Total Market Cap: R$530.4bTotal Earnings: R$53.1bTotal Revenue: R$463.5bTotal 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 16.6x 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 remained mostly flat 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 and as a result, profits have held steady.

Industry Trends

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

BR Market2.29%
Utilities3.45%
Electric Utilities4.34%
Water Utilities2.62%
Renewable Energy0.78%
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 20.5x.
    • Analysts are expecting annual earnings growth of 30.1%, 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
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$156.883.1%
+R$3.3b		67.7%PE15.3x
CPLE3 Companhia Paranaense de Energia - COPELR$14.875.6%
+R$2.3b		62.9%PE20.2x
EQTL3 EquatorialR$42.243.4%
+R$1.7b		38.9%PE15.8x
CPFE3 CPFL EnergiaR$50.872.6%
+R$1.5b		42.7%PE10.8x
ENGI11 EnergisaR$54.315.8%
+R$1.1b		52.9%PE6.3x

Latest News

ENEV3
R$21.55
Eneva
7D
1.2%
1Y
81.1%

ENEV3: Higher Required Return And Governance Agenda Will Shape A Steady Outlook

Analysts have slightly increased their fair value price target for Eneva from R$23.90 to R$24.33, reflecting updated views on discount rate assumptions, revenue trends, profit margins and future P/E expectations. What's in the News Eneva has scheduled a Special and Extraordinary Shareholders Meeting for February 5, 2026.
CPFE3
R$50.87
CPFL Energia
7D
2.6%
1Y
42.7%

CPFE3: Stable Earnings Assumptions And Firm P/E Will Likely Keep Shares Fairly Valued

Analysts have nudged their fair value estimate for CPFL Energia higher to about R$46.59 from roughly R$46.09, citing updated assumptions around future earnings and valuation multiples as the key drivers of the revised price target. Analyst Commentary Bullish Takeaways Bullish analysts view the modest uplift in fair value, from about R$46.09 to roughly R$46.59, as a sign that updated assumptions around earnings and valuation multiples still support the current thesis rather than forcing a reset.
ENGI11
R$54.31
Energisa
7D
5.8%
1Y
52.9%
CPLE3
R$14.87
Companhia Paranaense de Energia - COPEL
7D
5.6%
1Y
62.9%
SBSP3
R$156.88
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
3.1%
1Y
67.7%

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$10.00
Ampla Energia e Serviços
7D
-6.5%
1Y
n/a

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)
RNEW3
R$1.20
Renova Energia
7D
-7.0%
1Y
-26.8%
EQTL3
R$42.24
Equatorial
7D
3.4%
1Y
38.9%

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.
EQPA3
R$6.39
Equatorial Pará Distribuidora de Energia
7D
-1.2%
1Y
13.7%

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$47.27
Companhia de Saneamento do Paraná - SANEPAR
7D
2.3%
1Y
71.4%

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$33.00
Equatorial Maranhão Distribuidora de Energia
7D
6.5%
1Y
33.4%

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
GPAR3
R$14.05
Companhia CELG de Participações S/A
7D
-12.2%
1Y
-43.8%

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?
GEPA3
R$32.07
Rio Paranapanema Energia
7D
-2.8%
1Y
10.8%

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
AFLT3
R$7.29
Afluente Transmissão de Energia Elétrica
7D
-1.4%
1Y
11.6%