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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedJan 29, 2026
DataAggregated Company Financials
Companies34
  • 7D3.8%
  • 3M10.0%
  • 1Y40.9%
  • YTD6.3%

In the last week, the Utilities industry is up 3.8%, with Companhia de Saneamento Básico do Estado de São Paulo - SABESP up 8.4%. In the same time, Ampla Energia e Serviços was down 15%. In the last 12 months, the industry was up 41%. Looking forward, 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, 29 Jan 2026R$802.2bR$544.8bR$49.6b9.3x16.2x1.5x
Sat, 27 Dec 2025R$735.3bR$544.8bR$49.6b9x14.8x1.3x
Mon, 24 Nov 2025R$756.2bR$551.3bR$49.6b9.4x15.2x1.4x
Wed, 22 Oct 2025R$707.8bR$543.5bR$70.6b8.6x10x1.3x
Fri, 19 Sep 2025R$677.3bR$538.5bR$70.1b8.3x9.7x1.3x
Sun, 17 Aug 2025R$638.8bR$536.2bR$70.6b8.4x9x1.2x
Tue, 15 Jul 2025R$609.2bR$520.3bR$73.3b8.1x8.3x1.2x
Thu, 12 Jun 2025R$651.0bR$525.4bR$73.9b8.7x8.8x1.2x
Sat, 10 May 2025R$625.8bR$515.2bR$72.8b8.2x8.6x1.2x
Mon, 07 Apr 2025R$566.7bR$504.4bR$73.0b7.6x7.8x1.1x
Wed, 05 Mar 2025R$559.2bR$494.4bR$71.2b7.7x7.9x1.1x
Fri, 31 Jan 2025R$538.9bR$474.8bR$69.1b8.6x7.8x1.1x
Sun, 29 Dec 2024R$527.3bR$474.8bR$69.1b8.4x7.6x1.1x
Tue, 26 Nov 2024R$563.4bR$474.6bR$69.1b8.7x8.2x1.2x
Thu, 24 Oct 2024R$597.5bR$473.5bR$56.4b8.8x10.6x1.3x
Sat, 21 Sep 2024R$608.9bR$470.6bR$57.0b8.3x10.7x1.3x
Mon, 19 Aug 2024R$614.3bR$474.8bR$59.2b8.1x10.4x1.3x
Wed, 17 Jul 2024R$579.7bR$463.1bR$55.9b7.9x10.4x1.3x
Fri, 14 Jun 2024R$545.4bR$463.4bR$56.4b7.6x9.7x1.2x
Sun, 12 May 2024R$578.9bR$469.4bR$56.4b8.5x10.3x1.2x
Tue, 09 Apr 2024R$606.9bR$465.6bR$54.7b9.3x11.1x1.3x
Thu, 07 Mar 2024R$587.3bR$440.3bR$44.4b9.8x13.2x1.3x
Sat, 03 Feb 2024R$617.1bR$468.3bR$47.0b11.9x13.1x1.3x
Mon, 01 Jan 2024R$635.8bR$468.3bR$47.0b12.9x13.5x1.4x
Wed, 29 Nov 2023R$606.6bR$468.3bR$47.0b11.8x12.9x1.3x
Fri, 27 Oct 2023R$554.4bR$459.1bR$45.6b10.8x12.2x1.2x
Sun, 24 Sep 2023R$579.3bR$458.7bR$45.4b11.3x12.8x1.3x
Tue, 22 Aug 2023R$571.7bR$457.9bR$43.9b10.8x13x1.2x
Thu, 20 Jul 2023R$584.2bR$451.3bR$41.5b12.1x14.1x1.3x
Sat, 17 Jun 2023R$574.9bR$449.7bR$42.4b10.1x13.6x1.3x
Mon, 15 May 2023R$565.4bR$460.9bR$44.5b9.5x12.7x1.2x
Wed, 12 Apr 2023R$549.8bR$454.6bR$45.9b8.9x12x1.2x
Fri, 10 Mar 2023R$536.4bR$463.1bR$53.1b9.4x10.1x1.2x
Sun, 05 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 16.2x 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 Market7.20%
Utilities3.84%
Water Utilities8.54%
Electric Utilities3.28%
Renewable Energy1.50%
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 19.6x.
    • Analysts are expecting annual earnings growth of 30.5%, 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$141.768.4%
+R$7.7b		57.2%PE13.8x
EQTL3 EquatorialR$41.405.9%
+R$2.9b		42.2%PE15.5x
CPLE3 Companhia Paranaense de Energia - COPELR$13.494.7%
+R$1.8b		57.2%PE18.3x
CSMG3 Companhia de Saneamento de Minas GeraisR$51.359.5%
+R$1.7b		132.4%PE14.4x
ENGI11 EnergisaR$52.978.3%
+R$1.5b		52.3%PE6.1x

Latest News

SBSP3
R$141.76
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
8.4%
1Y
57.2%
CSMG3
R$51.35
Companhia de Saneamento de Minas Gerais
7D
9.5%
1Y
132.4%
EQTL3
R$41.40
Equatorial
7D
5.9%
1Y
42.2%

EQTL3: Lower Discount Rate And Firm P/E Will Support Bullish Undervaluation Narrative

Analysts have increased their price target on Equatorial by about $0.50, citing a slightly lower discount rate and marginally different assumptions for fair value and future P/E as the key drivers of this update. Valuation Changes Fair Value: risen slightly from R$45.88 to R$46.38, reflecting a modest uplift in the modelled intrinsic value.
EGIE3
R$33.55
Engie Brasil Energia
7D
3.8%
1Y
27.9%

EGIE3: Higher Future P/E Will Sustain Cautious View On Rich Pricing

Analysts have nudged their price target on Engie Brasil Energia higher to R$29.32 from R$28.96, citing small adjustments to fair value estimates, the discount rate and future P/E assumptions as the main drivers of the change. What's in the News Engie Brasil Energia has scheduled a series of board meetings throughout 2026, including on February 25, June 3, August 6, November 10 and December 11.
ENEV3
R$21.53
Eneva
7D
-0.09%
1Y
91.9%

ENEV3: Softer Assumptions And Governance Agenda Will Support A Steady Outlook

Narrative Update Overview Analysts now place Eneva's fair value at R$22.61 per share versus the previous R$20.75, reflecting updated assumptions around discount rates, revenue trends, margins and future P/E expectations. What's in the News Eneva has scheduled a Special and Extraordinary Shareholders Meeting for February 5, 2026, which may cover corporate governance or capital structure topics (Key Developments).
AURE3
R$11.69
Auren Energia
7D
-0.5%
1Y
50.3%

AURE3: Revenue Outlook Shift Will Support Higher Fair Value Estimate

Narrative Update Analysts have lifted their fair value estimate for Auren Energia from R$13.50 to about R$15.82, citing revised expectations for revenue growth, profit margins, and future P/E multiples as key drivers of the higher price target. Valuation Changes Fair Value Estimate increased from R$13.50 to about R$15.82, representing a rise of roughly R$2.32 per share.
CBEE3
R$9.22
Ampla Energia e Serviços
7D
-14.6%
1Y
n/a
CEED3
R$8.96
Companhia Estadual de Distribuição de Energia Elétrica
7D
-10.3%
1Y
n/a
TAEE11
R$43.25
Transmissora Aliança de Energia Elétrica
7D
6.2%
1Y
33.7%

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

Analysts have nudged their price target for Transmissora Aliança de Energia Elétrica slightly higher to reflect a fair value adjustment to R$35.47 from R$34.84, citing updated assumptions around discount rates, revenue trends and profit margins, along with a modest change in expected future P/E. What's in the News A special and extraordinary shareholders meeting is scheduled for Dec 15, 2025, at 13:00 UTC to address corporate governance matters.
ENGI11
R$52.97
Energisa
7D
8.3%
1Y
52.3%

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$13.49
Companhia Paranaense de Energia - COPEL
7D
4.7%
1Y
57.2%
SAPR11
R$47.88
Companhia de Saneamento do Paraná - SANEPAR
7D
8.4%
1Y
86.7%
RIOS3
R$31.40
Rio Alto Energias Renováveis
7D
-4.3%
1Y
n/a