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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedSep 19, 2025
DataAggregated Company Financials
Companies34
  • 7D2.1%
  • 3M7.4%
  • 1Y10.7%
  • YTD25.9%

The Utilities industry is up 1.9% in the last week, with Eneva up 4.4%. In the last 12 months, the industry was up 10%. Earnings are forecast to grow by 6.0% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
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
Tue, 03 Jan 2023R$559.9bR$461.9bR$51.5b8.6x10.9x1.2x
Thu, 01 Dec 2022R$621.7bR$458.5bR$51.5b8.3x12.1x1.4x
Sat, 29 Oct 2022R$632.3bR$470.8bR$54.9b9x11.5x1.3x
Mon, 26 Sep 2022R$619.5bR$474.3bR$55.4b9x11.2x1.3x
Price to Earnings Ratio

11.2x


Total Market Cap: R$619.5bTotal Earnings: R$55.4bTotal Revenue: R$474.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 10.8x202320242025
Current Industry PE
  • Investors are pessimistic on the Brazilian Utilities industry, indicating that they anticipate long term growth rates will be lower than they have historically.
  • The industry is trading at a PE ratio of 9.6x which is lower than its 3-year average PE of 10.8x.
  • The industry is trading close to its 3-year average PS ratio of 1.2x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 8.2% per year over the last three years.
  • Revenues for these companies have grown 4.3% 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 Market1.89%
Utilities2.09%
Water Utilities2.72%
Electric Utilities2.12%
Renewable Energy1.65%
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 16.3x.
    • Analysts are expecting annual earnings growth of 37.4%, which is higher than its past year's earnings decline of 54.8% per year.
  • Investors are most pessimistic about the Water Utilities industry, which is trading below its 3-year average of 10.4x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 37% over the next 5 years.
  • This is better than its past earnings decline of 55% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings growth to stay flat 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$129.373.1%
+R$2.7b		36.7%PE7.9x
ENEV3 EnevaR$16.342.6%
+R$813.0m		16.7%PS2.1x
CPFE3 CPFL EnergiaR$38.751.4%
+R$610.7m		16.1%PE8.3x
EQTL3 EquatorialR$36.611.2%
+R$551.4m		12.1%PE12.6x
EGIE3 Engie Brasil EnergiaR$40.991.5%
+R$489.6m		-6.2%PE11.1x

Latest News

ENEV3
R$16.34
Eneva
7D
2.6%
1Y
16.7%

Getting In Cheap On Eneva S.A. (BVMF:ENEV3) Is Unlikely

Sep 19
Getting In Cheap On Eneva S.A. (BVMF:ENEV3) Is Unlikely
EQMA3B
R$32.89
Equatorial Maranhão Distribuidora de Energia
7D
9.7%
1Y
35.9%
NEOE3
R$28.50
Neoenergia
7D
-2.0%
1Y
44.2%
ENGI3
R$14.06
Energisa
7D
-1.3%
1Y
1.4%

Urban And Grid Investments Will Advance Brazilian Energy Despite Debt

Despite slightly weaker revenue growth forecasts, Energisa's improved net profit margin has contributed to a modest increase in the consensus analyst price target from R$60.20 to R$61.41. What's in the News The board of Energisa S.A. met to consider and approve the 5th periodic tariff review for Energisa Tocantins – Distribuidora de Energia S.A., set to take effect July 4, 2026.
REDE3
R$6.30
Rede Energia Participações
7D
-1.3%
1Y
-9.6%

Rede Energia Participações (BVMF:REDE3) Takes On Some Risk With Its Use Of Debt

Sep 08
Rede Energia Participações (BVMF:REDE3) Takes On Some Risk With Its Use Of Debt
EQTL3
R$36.61
Equatorial
7D
1.2%
1Y
12.1%

Is Equatorial (BVMF:EQTL3) A Risky Investment?

Sep 08
Is Equatorial (BVMF:EQTL3) A Risky Investment?
ALUP11
R$30.51
Alupar Investimento
7D
-0.2%
1Y
2.7%

New Transmission Projects And International Expansion Will Establish Reliable Infrastructure

Alupar Investimento's consensus revenue growth forecast has shifted from modest expansion to contraction, while its net profit margin has improved substantially; however, the consensus analyst price target remains unchanged at R$36.96. Valuation Changes Summary of Valuation Changes for Alupar Investimento The Consensus Analyst Price Target remained effectively unchanged, at R$36.96.
CPFE3
R$38.75
CPFL Energia
7D
1.4%
1Y
16.1%

ANEEL Changes And Rising Distributed Generation Will Diminish Returns

With revenue growth and net profit margin projections both stable, analysts have maintained CPFL Energia's fair value estimate at R$41.08. Valuation Changes Summary of Valuation Changes for CPFL Energia The Consensus Analyst Price Target remained effectively unchanged, at R$41.08.
CBEE3
R$11.12
Ampla Energia e Serviços
7D
4.4%
1Y
-44.4%
EQPA3
R$5.65
Equatorial Pará Distribuidora de Energia
7D
-0.5%
1Y
-7.4%

We Think Equatorial Pará Distribuidora de Energia (BVMF:EQPA3) Is Taking Some Risk With Its Debt

Aug 28
We Think Equatorial Pará Distribuidora de Energia (BVMF:EQPA3) Is Taking Some Risk With Its Debt
SBSP3
R$129.37
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
3.1%
1Y
36.7%

Inflated Tariff Expectations Will Trigger Infrastructure Setbacks

Despite slightly weaker consensus revenue growth forecasts, analysts have left net profit margin expectations largely unchanged, resulting in only a marginal increase in SABESP’s consensus fair value from R$130.82 to R$132.95. What's in the News SABESP has entered into a R$3.8 billion turnkey smart metering service contract with Telefônica Brasil S.A. and Telefônica Cloud and Technology of Brazil S.A. The contract covers investment in equipment, infrastructure, automation, and connectivity solutions.
TAEE11
R$35.45
Transmissora Aliança de Energia Elétrica
7D
1.8%
1Y
3.4%

Return Trends At Transmissora Aliança de Energia Elétrica (BVMF:TAEE11) Aren't Appealing

Aug 26
Return Trends At Transmissora Aliança de Energia Elétrica (BVMF:TAEE11) Aren't Appealing
RNEW11
R$3.40
Renova Energia
7D
-1.7%
1Y
-40.8%
EGIE3
R$40.99
Engie Brasil Energia
7D
1.5%
1Y
-6.2%
CEEB3
R$36.70
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
-0.1%
1Y
-6.1%