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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedJan 27, 2026
DataAggregated Company Financials
Companies34
  • 7D6.3%
  • 3M9.7%
  • 1Y38.1%
  • YTD5.2%

The Utilities industry is up 6.3% in the last week, with Companhia de Saneamento Básico do Estado de São Paulo - SABESP up 12%. This takes the industry's 12 month performance to a gain of 38%. 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
Wed, 28 Jan 2026R$800.4bR$544.8bR$49.6b9.2x16.1x1.5x
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
Price to Earnings Ratio

10.8x


Total Market Cap: R$556.1bTotal Earnings: R$51.5bTotal Revenue: R$461.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 11x202420252026
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 16.1x which is higher than its 3-year average PE of 11.0x.
  • 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 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 Market8.05%
Utilities6.29%
Water Utilities11.37%
Renewable Energy6.65%
Electric Utilities5.37%
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 19.5x.
    • Analysts are expecting annual earnings growth of 31.1%, 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 31% 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
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$140.509.9%
+R$8.9b		53.0%PE13.7x
EQTL3 EquatorialR$41.509.3%
+R$4.5b		41.4%PE15.5x
CPLE3 Companhia Paranaense de Energia - COPELR$13.7110.0%
+R$3.7b		59.0%PE18.6x
CPFE3 CPFL EnergiaR$54.605.3%
+R$3.2b		60.8%PE11.5x
EGIE3 Engie Brasil EnergiaR$33.477.1%
+R$2.5b		27.5%PE12.6x

Latest News

CEEB3
R$43.50
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
-0.6%
1Y
14.5%

Here's Why Companhia de Eletricidade do Estado da Bahia - COELBA (BVMF:CEEB3) Is Weighed Down By Its Debt Load

Jan 27
Here's Why Companhia de Eletricidade do Estado da Bahia - COELBA (BVMF:CEEB3) Is Weighed Down By Its Debt Load
CPFE3
R$54.60
CPFL Energia
7D
5.3%
1Y
60.8%

CPFE3: Weak Revenue Outlook And Rich P/E Will Likely Sustain Overvaluation

Analysts have nudged their price target for CPFL Energia slightly higher to reflect a modest increase in estimated fair value to R$43.43, while also acknowledging only small adjustments to profit margin assumptions and future P/E expectations. Valuation Changes Fair Value Estimate: Adjusted slightly from R$43.28 to R$43.43 per share, reflecting a modest tweak in the underlying valuation model.
CSMG3
R$51.02
Companhia de Saneamento de Minas Gerais
7D
12.1%
1Y
131.5%

Does Companhia de Saneamento de Minas Gerais (BVMF:CSMG3) Have A Healthy Balance Sheet?

Jan 24
Does Companhia de Saneamento de Minas Gerais (BVMF:CSMG3) Have A Healthy Balance Sheet?
ENGI11
R$53.05
Energisa
7D
11.9%
1Y
50.2%

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

Jan 19
Energisa S.A. (BVMF:ENGI11) Could Be Riskier Than It Looks
EQTL3
R$41.50
Equatorial
7D
9.3%
1Y
41.4%

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.
CPLE3
R$13.71
Companhia Paranaense de Energia - COPEL
7D
10.0%
1Y
59.0%
EGIE3
R$33.47
Engie Brasil Energia
7D
7.1%
1Y
27.5%

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.
SAPR11
R$47.90
Companhia de Saneamento do Paraná - SANEPAR
7D
10.8%
1Y
86.8%
SBSP3
R$140.50
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
9.9%
1Y
53.0%
RIOS3
R$31.40
Rio Alto Energias Renováveis
7D
-12.8%
1Y
n/a
AFLT3
R$7.25
Afluente Transmissão de Energia Elétrica
7D
-1.8%
1Y
2.5%