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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedAug 04, 2026
DataAggregated Company Financials
Companies34
  • 7D0.6%
  • 3M-10.0%
  • 1Y25.0%
  • YTD2.1%

The Utilities industry has stayed flat over the last week. The past year has been better, since the industry has gained 25% in that time. 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
Tue, 04 Aug 2026R$761.9bR$528.2bR$58.8b10.5x13x1.4x
Thu, 02 Jul 2026R$762.3bR$527.5bR$59.4b10.9x12.8x1.4x
Sat, 30 May 2026R$751.9bR$527.2bR$59.1b11x12.7x1.4x
Mon, 27 Apr 2026R$880.3bR$552.3bR$59.7b10.8x14.7x1.6x
Wed, 25 Mar 2026R$820.2bR$550.8bR$62.1b9.6x13.2x1.5x
Fri, 20 Feb 2026R$818.5bR$545.4bR$50.1b9x16.3x1.5x
Sun, 18 Jan 2026R$745.2bR$544.8bR$49.6b9x15x1.4x
Tue, 16 Dec 2025R$763.1bR$544.8bR$49.6b9x15.4x1.4x
Thu, 13 Nov 2025R$763.0bR$545.1bR$53.6b9.6x14.2x1.4x
Sat, 11 Oct 2025R$685.9bR$543.5bR$70.6b8.2x9.7x1.3x
Mon, 08 Sep 2025R$655.5bR$538.5bR$70.0b8.5x9.4x1.2x
Wed, 06 Aug 2025R$601.8bR$522.3bR$74.2b7.8x8.1x1.2x
Fri, 04 Jul 2025R$665.7bR$525.4bR$73.9b8.9x9x1.3x
Sun, 01 Jun 2025R$662.7bR$525.4bR$73.9b8.7x9x1.3x
Tue, 29 Apr 2025R$625.3bR$509.6bR$73.6b8.2x8.5x1.2x
Thu, 27 Mar 2025R$567.3bR$502.5bR$70.8b7.7x8x1.1x
Sat, 22 Feb 2025R$566.0bR$479.2bR$69.2b9x8.2x1.2x
Mon, 20 Jan 2025R$530.1bR$474.8bR$69.1b8.5x7.7x1.1x
Wed, 18 Dec 2024R$537.0bR$474.8bR$69.1b8.6x7.8x1.1x
Fri, 15 Nov 2024R$557.9bR$471.2bR$66.9b8.8x8.3x1.2x
Sun, 13 Oct 2024R$585.5bR$470.6bR$57.0b8.6x10.3x1.2x
Tue, 10 Sep 2024R$618.5bR$470.6bR$57.0b8.5x10.8x1.3x
Thu, 08 Aug 2024R$588.5bR$470.0bR$56.2b8.1x10.5x1.3x
Sat, 06 Jul 2024R$569.1bR$463.1bR$55.9b8x10.2x1.2x
Mon, 03 Jun 2024R$549.0bR$463.1bR$55.9b8.1x9.8x1.2x
Wed, 01 May 2024R$576.9bR$466.1bR$54.6b9.1x10.6x1.2x
Fri, 29 Mar 2024R$587.0bR$451.2bR$53.9b9.2x10.9x1.3x
Sun, 25 Feb 2024R$586.9bR$441.2bR$44.7b9.7x13.1x1.3x
Tue, 23 Jan 2024R$614.4bR$468.3bR$47.0b11.9x13.1x1.3x
Thu, 21 Dec 2023R$626.5bR$468.3bR$47.0b12.5x13.3x1.3x
Sat, 18 Nov 2023R$608.1bR$468.3bR$47.0b12.2x12.9x1.3x
Mon, 16 Oct 2023R$560.0bR$458.7bR$45.4b10.8x12.3x1.2x
Wed, 13 Sep 2023R$570.3bR$458.7bR$45.4b11.3x12.6x1.2x
Fri, 11 Aug 2023R$574.1bR$452.3bR$41.7b9.9x13.8x1.3x
Price to Earnings Ratio

13.8x


Total Market Cap: R$574.1bTotal Earnings: R$41.7bTotal Revenue: R$452.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 11.3x202420252026
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 13.0x which is higher than its 3-year average PE of 11.3x.
  • The 3-year average PS ratio of 1.3x is lower than the industry's current PS ratio of 1.4x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 12% per year over the last three years.
  • Revenues for these companies have grown 5.3% 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 Market0.86%
Utilities0.56%
Renewable Energy1.50%
Electric Utilities1.14%
Gas Utilities0%0
Water Utilities-2.00%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 24.6x.
    • Analysts are expecting annual earnings growth of 32.0%, which is lower than the prior year's growth of 71.1% per year.
  • Investors are most pessimistic about the Electric Utilities industry, which is trading close to its 3-year average of 10.6x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 32% over the next 5 years.
  • However this is lower than its past earnings growth rate of 71% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings grow by 13% 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
AXIA3 AXIA EnergiaR$53.562.5%
+R$3.7b		41.9%PE15.9x
ENEV3 EnevaR$26.753.5%
+R$1.7b		98.1%PE39.5x
GEPA3 Rio Paranapanema EnergiaR$34.999.3%
+R$282.4m		-2.8%PE12.3x
CPFE3 CPFL EnergiaR$46.110.3%
+R$172.8m		23.2%PE9.2x
ENGI11 EnergisaR$50.190.8%
+R$149.1m		20.5%PE10.1x

Latest News

CPLE3
R$14.87
Companhia Paranaense de Energia - COPEL
7D
-0.4%
1Y
35.2%
SBSP3
R$27.57
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
-2.5%
1Y
32.1%
Narrative Update • Jul 29

SBSP3: Share Merger Plans And Mixed Fundamentals Will Shape Fair Outlook

Analysts have raised their fair value estimate for Companhia de Saneamento Básico do Estado de São Paulo SABESP from R$26.10 to R$27.05, reflecting updated assumptions for slightly weaker revenue growth and profit margin, along with a higher expected future P/E multiple. What's in the News Companhia de Saneamento Básico do Estado de São Paulo SABESP has called a Special and Extraordinary Shareholders Meeting for Jul 30, 2026 at 14:00 Coordinated Universal Time.
AXIA3
R$53.56
AXIA Energia
7D
2.5%
1Y
41.9%
Narrative Update • Jul 29

AXIA3: Upcoming Shareholder Decisions And ADR Move Will Support Upside

Analysts have adjusted the AXIA Energia price target to R$68.51, compared with the previous fair value estimate of R$67.12. The change reflects updated views on revenue growth, profit margins and future P/E assumptions.
ENEV3
R$26.75
Eneva
7D
3.5%
1Y
98.1%
Narrative Update • Jul 28

ENEV3: Higher Fair Value And Rich P/E Will Shape Measured Upside

Analysts have raised their price target for Eneva to R$27.91 from R$24.20, citing updated assumptions for fair value, discount rate, revenue contraction, profit margin and future P/E that are now reflected in the new valuation. What’s in the News for Eneva Analysts updated Eneva’s valuation assumptions covering fair value, discount rate, revenue contraction, profit margin and future P/E, which resulted in a new price target of R$27.91.
AURE3
R$11.20
Auren Energia
7D
-2.2%
1Y
17.2%
ENGI11
R$50.19
Energisa
7D
0.8%
1Y
20.5%
Narrative Update • Jul 24

ENGI11: Higher Margin Outlook Will Support Stronger Future Earnings Profile

Analysts have raised their Energisa price target from R$58.82 to R$65.69, reflecting updated views on fair value, discount rate, expected revenue trends, profit margins and future P/E assumptions. What’s in the News for Energisa No recent Energisa specific news items were identified in the provided sources.
SAPR11
R$35.62
Companhia de Saneamento do Paraná - SANEPAR
7D
-1.7%
1Y
4.5%
Narrative Update • Jul 24

SAPR11: Fair Value Outlook Will Balance Richer Margins And Lower P/E

Analysts have raised their fair value estimate for Companhia de Saneamento do Paraná SANEPAR from R$30.20 to approximately R$33.52, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News No recent company specific news items for Companhia de Saneamento do Paraná SANEPAR were identified in the provided sources.
EGIE3
R$30.10
Engie Brasil Energia
7D
0.3%
1Y
5.6%
Narrative Update • Jul 24

EGIE3: Follow On Offering And Jirau Asset Injection Will Shape Returns

Analysts have modestly lifted their price target for Engie Brasil Energia to R$28.00 from R$27.00, reflecting updated assumptions on the discount rate, revenue trends, profit margins, and a slightly higher future P/E multiple. What's in the News Engie Brasil Energia has filed a follow on equity offering of its ordinary shares, according to a key developments filing.
CPFE3
R$46.11
CPFL Energia
7D
0.3%
1Y
23.2%
Narrative Update • Jul 21

CPFE3: Higher Margin Outlook Will Support Stronger Forward Earnings Power

Analysts have raised their fair value estimate for CPFL Energia from R$54.59 to R$58.70, citing revised assumptions for revenue growth, profit margins, the discount rate, and the forward P/E multiple. Analyst Commentary Bullish analysts view the higher fair value estimate for CPFL Energia as a reflection of improved confidence in the company’s ability to support its valuation through the updated revenue, margin, discount rate, and forward P/E assumptions.
ALUP11
R$32.54
Alupar Investimento
7D
-1.5%
1Y
10.8%
GEPA3
R$34.99
Rio Paranapanema Energia
7D
9.3%
1Y
-2.8%
EQPA3
R$5.36
Equatorial Pará Distribuidora de Energia
7D
0.9%
1Y
-6.6%
EQTL3
R$38.89
Equatorial
7D
0.2%
1Y
13.6%
Narrative Update • Jun 17

EQTL3: 2026 Meeting Will Support Steady Outlook And Bullish View

Analysts kept their fair value estimate for Equatorial steady at R$50.67 while making only small adjustments to the discount rate, revenue growth, profit margin, and future P/E assumptions. These changes resulted in no material change to the overall price target narrative.
PASS3
R$25.10
Compass Gas e Energia
7D
-0.5%
1Y
n/a
EQMA3B
R$29.60
Equatorial Maranhão Distribuidora de Energia
7D
-1.4%
1Y
3.5%
REDE3
R$5.74
Rede Energia Participações
7D
-1.5%
1Y
-9.2%
Analysis Article • May 18

Rede Energia Participações' (BVMF:REDE3) Shareholders Have More To Worry About Than Only Soft Earnings

The subdued market reaction suggests that Rede Energia Participações S.A.'s ( BVMF:REDE3 ) recent earnings didn't...