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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedMar 10, 2026
DataAggregated Company Financials
Companies34
  • 7D0.4%
  • 3M4.3%
  • 1Y39.2%
  • YTD8.3%

Over the last 7 days, the Utilities industry has dropped 3.7%, driven by a pullback from Companhia de Saneamento Básico do Estado de São Paulo - SABESP of 1.5%. This takes the industry's 12 month performance to a gain of 35%. Earnings are forecast to grow by 10% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 10 Mar 2026R$813.3bR$547.2bR$63.4b9.8x12.8x1.5x
Thu, 05 Feb 2026R$807.9bR$544.8bR$49.6b9.1x16.3x1.5x
Sat, 03 Jan 2026R$739.9bR$544.8bR$49.6b8.9x14.9x1.4x
Mon, 01 Dec 2025R$770.0bR$551.3bR$49.6b9x15.5x1.4x
Wed, 29 Oct 2025R$717.6bR$545.6bR$70.6b8.5x10.2x1.3x
Fri, 26 Sep 2025R$679.3bR$538.5bR$70.1b8.4x9.7x1.3x
Sun, 24 Aug 2025R$637.8bR$537.8bR$70.0b8x9.1x1.2x
Tue, 22 Jul 2025R$612.4bR$520.3bR$73.3b8.1x8.4x1.2x
Thu, 19 Jun 2025R$654.5bR$525.4bR$73.9b8.7x8.9x1.2x
Sat, 17 May 2025R$631.4bR$524.7bR$74.2b8.5x8.5x1.2x
Mon, 14 Apr 2025R$594.5bR$509.2bR$71.6b7.8x8.3x1.2x
Wed, 12 Mar 2025R$569.6bR$494.4bR$71.2b8.3x8x1.2x
Fri, 07 Feb 2025R$552.8bR$474.8bR$69.1b8.6x8x1.2x
Sun, 05 Jan 2025R$515.6bR$474.8bR$69.1b8.1x7.5x1.1x
Tue, 03 Dec 2024R$540.2bR$474.8bR$69.1b8.5x7.8x1.1x
Thu, 31 Oct 2024R$591.3bR$465.8bR$56.5b8.2x10.5x1.3x
Sat, 28 Sep 2024R$601.2bR$470.6bR$57.0b8.5x10.5x1.3x
Mon, 26 Aug 2024R$621.9bR$474.3bR$57.6b8.4x10.8x1.3x
Wed, 24 Jul 2024R$572.1bR$463.1bR$55.9b8x10.2x1.2x
Fri, 21 Jun 2024R$537.8bR$463.1bR$55.9b7.8x9.6x1.2x
Sun, 19 May 2024R$587.8bR$468.5bR$56.6b8.3x10.4x1.3x
Tue, 16 Apr 2024R$589.2bR$465.6bR$54.7b9x10.8x1.3x
Thu, 14 Mar 2024R$587.3bR$442.7bR$45.4b9.2x12.9x1.3x
Sat, 10 Feb 2024R$570.4bR$434.7bR$43.8b8.9x13x1.3x
Mon, 08 Jan 2024R$626.1bR$468.3bR$47.0b12.5x13.3x1.3x
Wed, 06 Dec 2023R$608.4bR$468.3bR$47.0b12.2x13x1.3x
Fri, 03 Nov 2023R$557.6bR$459.3bR$45.9b10.7x12.1x1.2x
Sun, 01 Oct 2023R$572.0bR$458.7bR$45.4b11x12.6x1.2x
Tue, 29 Aug 2023R$575.2bR$458.7bR$45.4b11x12.7x1.3x
Thu, 27 Jul 2023R$597.0bR$451.3bR$41.5b12.4x14.4x1.3x
Sat, 24 Jun 2023R$574.5bR$451.2bR$42.2b10.3x13.6x1.3x
Mon, 22 May 2023R$550.4bR$449.3bR$42.3b10x13x1.2x
Wed, 19 Apr 2023R$551.3bR$454.6bR$45.9b8.9x12x1.2x
Fri, 17 Mar 2023R$544.0bR$458.7bR$52.2b9.4x10.4x1.2x
Price to Earnings Ratio

10.4x


Total Market Cap: R$544.0bTotal Earnings: R$52.2bTotal Revenue: R$458.7bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 11.2x202420252026
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 12.6x which is higher than its 3-year average PE of 11.2x.
  • 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 grown 7.0% per year over the last three years.
  • Revenues for these companies have grown 6.1% per year.
  • This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Industry Trends

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

BR Market-1.06%
Utilities0.39%
Renewable Energy1.42%
Electric Utilities0.78%
Gas Utilities0%0
Water Utilities-1.66%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 21.0x.
    • Analysts are expecting annual earnings growth of 31.2%, which is lower than the prior year's growth of 119.2% per year.
  • Investors are most pessimistic about the Electric Utilities industry, which is trading close to its 3-year average of 10.7x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 31% over the next 5 years.
  • However this is lower than its past earnings growth rate of 119% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 5.9% 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
CPFE3 CPFL EnergiaR$49.173.3%
+R$1.8b		25.6%PE10.3x
ENEV3 EnevaR$21.092.9%
+R$1.1b		73.4%PE34.9x
EQTL3 EquatorialR$40.901.0%
+R$515.9m		31.3%PE15.3x
ENGI11 EnergisaR$53.592.4%
+R$485.6m		51.2%PE6.2x
CPLE3 Companhia Paranaense de Energia - COPELR$14.531.0%
+R$445.5m		62.2%PE16.2x

Latest News

ALUP11
R$33.89
Alupar Investimento
7D
-1.1%
1Y
23.5%
CPFE3
R$49.17
CPFL Energia
7D
3.3%
1Y
25.6%

CPFE3: Slightly Higher P/E Assumptions Will Likely Keep Shares Fairly Valued

Analysts have nudged their price target on CPFL Energia slightly higher to R$46.62, reflecting updated assumptions on revenue trends, profit margins and future P/E. These updates are broadly consistent with recent Street research adjustments seen in other names such as Central Pacific.
NEOE3
R$32.89
Neoenergia
7D
-0.03%
1Y
66.7%

NEOE3: Rising Discount Rate Will Pressure Earnings Expectations And Share Rerating

Analysts have adjusted their price target on Neoenergia from R$24.10 to about R$25.14, reflecting updated views on discount rates, revenue expectations, margins, and future P/E assumptions. Analyst Commentary Some bearish analysts have recently taken a more cautious stance on Neoenergia, including at least one downgrade in their formal ratings.
ENEV3
R$21.09
Eneva
7D
2.9%
1Y
73.4%
CSMG3
R$53.14
Companhia de Saneamento de Minas Gerais
7D
-1.1%
1Y
135.0%
CPLE3
R$14.53
Companhia Paranaense de Energia - COPEL
7D
1.0%
1Y
62.2%
TAEE11
R$42.81
Transmissora Aliança de Energia Elétrica
7D
1.4%
1Y
28.6%

TAEE11: Prolonged Revenue Decline Will Keep Future P/E Under Pressure

Analysts have kept their R$37.53 price target for Transmissora Aliança de Energia Elétrica broadly unchanged, with slight tweaks to the discount rate and future P/E assumptions reflecting fine tuned views on risk and earnings quality rather than a major shift in outlook. What's in the News Transmissora Aliança de Energia Elétrica S.A. has scheduled a Special and Extraordinary Shareholders Meeting for February 27, 2026, to be held exclusively remotely in Brazil (Key Developments).
EGIE3
R$32.38
Engie Brasil Energia
7D
0.4%
1Y
22.0%

Transmission Expansion And Higher Renewable Availability Will Support A Stronger Long Term Outlook

Catalysts About Engie Brasil Energia Engie Brasil Energia is an energy company focused on electricity generation, transmission and gas transportation in Brazil, with a portfolio that includes hydro, wind and solar assets. What are the underlying business or industry changes driving this perspective?
EQTL3
R$40.90
Equatorial
7D
1.0%
1Y
31.3%

EQTL3: Stable Fair Value And P/E Assumptions Will Sustain Bullish Thesis

Analysts kept their fair value estimate for Equatorial broadly unchanged at around R$47.10, with only small tweaks to the discount rate and assumed future P/E. This signals that their refreshed price target is primarily a fine tuning rather than a major reset in view of recent research updates.
ENGI11
R$53.59
Energisa
7D
2.4%
1Y
51.2%
SBSP3
R$146.00
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
-1.5%
1Y
56.7%

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
RNEW3
R$1.20
Renova Energia
7D
-9.1%
1Y
-31.8%
EQPA3
R$6.36
Equatorial Pará Distribuidora de Energia
7D
-2.0%
1Y
14.6%

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
LIGT3
R$4.64
Light
7D
-3.9%
1Y
14.6%
SAPR11
R$40.99
Companhia de Saneamento do Paraná - SANEPAR
7D
-4.0%
1Y
50.8%

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$34.97
Equatorial Maranhão Distribuidora de Energia
7D
2.9%
1Y
44.2%

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