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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedFeb 12, 2026
DataAggregated Company Financials
Companies34
  • 7D4.1%
  • 3M5.9%
  • 1Y44.1%
  • YTD9.3%

In the last week, the Utilities industry is up 4.1%, with Companhia de Saneamento Básico do Estado de São Paulo - SABESP up 6.6%. This takes the industry's 12 month performance to a gain of 44%. 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, 12 Feb 2026R$816.5bR$544.8bR$49.6b9x16.5x1.5x
Sat, 10 Jan 2026R$760.5bR$544.8bR$49.6b8.9x15.3x1.4x
Mon, 08 Dec 2025R$755.0bR$544.8bR$49.6b9.1x15.2x1.4x
Wed, 05 Nov 2025R$731.9bR$547.1bR$70.1b8.8x10.4x1.3x
Fri, 03 Oct 2025R$679.9bR$538.5bR$70.1b8.4x9.7x1.3x
Sun, 31 Aug 2025R$651.2bR$538.5bR$70.0b8.4x9.3x1.2x
Tue, 29 Jul 2025R$599.5bR$522.2bR$74.5b8x8x1.1x
Thu, 26 Jun 2025R$644.5bR$525.4bR$73.9b8.5x8.7x1.2x
Sat, 24 May 2025R$654.0bR$525.4bR$73.9b8.8x8.9x1.2x
Mon, 21 Apr 2025R$602.1bR$509.7bR$73.4b7.9x8.2x1.2x
Wed, 19 Mar 2025R$567.9bR$496.5bR$71.2b7.8x8x1.1x
Fri, 14 Feb 2025R$550.3bR$474.8bR$69.1b8.6x8x1.2x
Sun, 12 Jan 2025R$519.5bR$474.8bR$69.1b8.2x7.5x1.1x
Tue, 10 Dec 2024R$549.0bR$474.8bR$69.1b8.5x7.9x1.2x
Thu, 07 Nov 2024R$524.8bR$444.7bR$53.9b8.8x9.7x1.2x
Sat, 05 Oct 2024R$592.7bR$470.6bR$57.0b8.6x10.4x1.3x
Mon, 02 Sep 2024R$612.5bR$470.6bR$57.0b8.4x10.7x1.3x
Wed, 31 Jul 2024R$585.1bR$469.4bR$56.5b8x10.4x1.2x
Fri, 28 Jun 2024R$545.4bR$463.1bR$55.9b7.9x9.8x1.2x
Sun, 26 May 2024R$563.0bR$463.1bR$55.9b8.2x10.1x1.2x
Tue, 23 Apr 2024R$587.7bR$465.6bR$54.7b9x10.7x1.3x
Thu, 21 Mar 2024R$579.9bR$444.6bR$47.0b9.2x12.3x1.3x
Sat, 17 Feb 2024R$569.6bR$434.9bR$43.9b9x13x1.3x
Mon, 15 Jan 2024R$633.5bR$468.3bR$47.0b12.4x13.5x1.4x
Wed, 13 Dec 2023R$608.6bR$468.3bR$47.0b12.2x13x1.3x
Fri, 10 Nov 2023R$576.1bR$459.4bR$45.0b11.8x12.8x1.3x
Sun, 08 Oct 2023R$557.8bR$458.7bR$45.4b10.8x12.3x1.2x
Tue, 05 Sep 2023R$574.4bR$458.7bR$45.4b11.1x12.6x1.3x
Thu, 03 Aug 2023R$586.0bR$451.9bR$40.3b10.1x14.5x1.3x
Sat, 01 Jul 2023R$593.2bR$451.3bR$42.2b10.2x14.1x1.3x
Mon, 29 May 2023R$552.8bR$449.8bR$42.4b10.2x13x1.2x
Wed, 26 Apr 2023R$553.2bR$454.6bR$45.9b8.7x12.1x1.2x
Fri, 24 Mar 2023R$515.1bR$456.3bR$52.2b8.8x9.9x1.1x
Sun, 19 Feb 2023R$550.3bR$463.3bR$55.1b8.7x10x1.2x
Price to Earnings Ratio

10x


Total Market Cap: R$550.3bTotal Earnings: R$55.1bTotal Revenue: R$463.3bTotal 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 16.5x which is higher than its 3-year average PE of 11.1x.
  • The 3-year average PS ratio of 1.2x 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 3.4% 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 Market3.97%
Utilities4.09%
Water Utilities6.28%
Electric Utilities4.18%
Renewable Energy1.80%
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 20.0x.
    • Analysts are expecting annual earnings growth of 29.6%, 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 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$153.066.6%
+R$6.7b		62.4%PE14.9x
CPLE3 Companhia Paranaense de Energia - COPELR$14.166.1%
+R$2.4b		57.3%PE19.2x
EQTL3 EquatorialR$42.054.4%
+R$2.3b		38.7%PE15.7x
EGIE3 Engie Brasil EnergiaR$34.975.2%
+R$2.0b		36.7%PE13.2x
CSMG3 Companhia de Saneamento de Minas GeraisR$57.146.9%
+R$1.4b		140.6%PE16x

Latest News

CPFE3
R$50.10
CPFL Energia
7D
-0.2%
1Y
48.2%
EQTL3
R$42.05
Equatorial
7D
4.4%
1Y
38.7%

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$6.27
Equatorial Pará Distribuidora de Energia
7D
-1.4%
1Y
14.4%

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
EGIE3
R$34.97
Engie Brasil Energia
7D
5.2%
1Y
36.7%

EGIE3: Rich Pricing Will Persist Despite Higher Margin And Lower Discount Rate

Analysts have nudged their price target on Engie Brasil Energia higher, from R$29.32 to about R$29.74, citing updated assumptions that include a slightly lower discount rate, a smaller projected revenue decline, a higher profit margin of roughly 29.7%, and a modestly lower future P/E of about 16.3x. What's in the News Engie Brasil Energia has scheduled a series of board meetings throughout 2026, including sessions on February 25, June 3, August 6, November 10, and December 11, 2026 (Key Developments).
ENEV3
R$20.21
Eneva
7D
-2.9%
1Y
70.8%

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$11.71
Auren Energia
7D
6.8%
1Y
42.8%

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.
CSMG3
R$57.14
Companhia de Saneamento de Minas Gerais
7D
6.9%
1Y
140.6%
LIGT3
R$4.96
Light
7D
-4.2%
1Y
25.3%
TAEE11
R$44.42
Transmissora Aliança de Energia Elétrica
7D
7.1%
1Y
35.8%

TAEE11: Ongoing Revenue Contraction Will Continue To Pressure Future Earnings Multiple

Analysts have nudged their price target higher for Transmissora Aliança de Energia Elétrica to R$37.53 from R$35.47, citing updated assumptions that include a slightly lower discount rate, modestly weaker revenue growth expectations, a higher profit margin projection near 50% and a marginally higher forward P/E estimate. What's in the News A special and extraordinary shareholders meeting is scheduled for December 15, 2025, at 13:00 Coordinated Universal Time, with an agenda focused on electing one member to the Board of Directors (Key Developments).
SBSP3
R$153.06
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
6.6%
1Y
62.4%
GPAR3
R$17.00
Companhia CELG de Participações S/A
7D
-1.7%
1Y
-26.4%

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?
ENGI11
R$52.12
Energisa
7D
4.1%
1Y
42.1%

Energisa S.A. (BVMF:ENGI11) Could Be Riskier Than It Looks

Jan 19
Energisa S.A. (BVMF:ENGI11) Could Be Riskier Than It Looks
CPLE3
R$14.16
Companhia Paranaense de Energia - COPEL
7D
6.1%
1Y
57.3%
RNEW3
R$1.04
Renova Energia
7D
-3.7%
1Y
-48.0%
RIOS3
R$29.20
Rio Alto Energias Renováveis
7D
-7.0%
1Y
n/a
GEPA3
R$33.50
Rio Paranapanema Energia
7D
-1.5%
1Y
8.1%

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