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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedFeb 06, 2026
DataAggregated Company Financials
Companies34
  • 7D1.3%
  • 3M6.1%
  • 1Y39.9%
  • YTD6.2%

In the last week, the Utilities industry is up 1.3%, with Companhia de Saneamento Básico do Estado de São Paulo - SABESP up 3.8%. This means that the industry has gained 40% over the past year. 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
Fri, 06 Feb 2026R$793.5bR$544.8bR$49.6b9x16x1.5x
Sun, 04 Jan 2026R$762.6bR$544.8bR$49.6b8.9x15.4x1.4x
Tue, 02 Dec 2025R$770.0bR$551.0bR$49.6b9.2x15.5x1.4x
Thu, 30 Oct 2025R$717.0bR$545.8bR$70.6b8.7x10.2x1.3x
Sat, 27 Sep 2025R$680.4bR$538.5bR$70.1b8.4x9.7x1.3x
Mon, 25 Aug 2025R$637.8bR$537.8bR$70.0b8x9.1x1.2x
Wed, 23 Jul 2025R$606.7bR$520.3bR$73.3b8x8.3x1.2x
Fri, 20 Jun 2025R$654.2bR$525.4bR$73.9b8.7x8.9x1.2x
Sun, 18 May 2025R$631.4bR$524.7bR$74.2b8.5x8.5x1.2x
Tue, 15 Apr 2025R$600.2bR$509.7bR$73.4b7.8x8.2x1.2x
Thu, 13 Mar 2025R$570.1bR$494.4bR$71.2b8.2x8x1.2x
Sat, 08 Feb 2025R$552.0bR$474.8bR$69.1b8.4x8x1.2x
Mon, 06 Jan 2025R$515.6bR$474.8bR$69.1b8.1x7.5x1.1x
Wed, 04 Dec 2024R$535.7bR$474.8bR$69.1b8.5x7.8x1.1x
Fri, 01 Nov 2024R$531.6bR$447.5bR$53.5b8x9.9x1.2x
Sun, 29 Sep 2024R$601.2bR$470.6bR$57.0b8.5x10.5x1.3x
Tue, 27 Aug 2024R$616.3bR$474.3bR$57.6b8.3x10.7x1.3x
Thu, 25 Jul 2024R$570.4bR$464.1bR$55.9b8.1x10.2x1.2x
Sat, 22 Jun 2024R$543.4bR$463.1bR$55.9b7.9x9.7x1.2x
Mon, 20 May 2024R$587.8bR$468.5bR$56.6b8.3x10.4x1.3x
Wed, 17 Apr 2024R$589.2bR$465.6bR$54.7b9x10.8x1.3x
Fri, 15 Mar 2024R$584.4bR$443.7bR$46.4b9.2x12.6x1.3x
Sun, 11 Feb 2024R$571.8bR$434.9bR$43.9b8.9x13x1.3x
Tue, 09 Jan 2024R$626.1bR$468.3bR$47.0b12.5x13.3x1.3x
Thu, 07 Dec 2023R$612.7bR$468.3bR$47.0b12.1x13x1.3x
Sat, 04 Nov 2023R$572.0bR$459.5bR$46.0b11.5x12.4x1.2x
Mon, 02 Oct 2023R$574.0bR$458.7bR$45.4b11x12.6x1.3x
Wed, 30 Aug 2023R$575.7bR$458.7bR$45.4b11.2x12.7x1.3x
Fri, 28 Jul 2023R$588.9bR$451.8bR$40.9b12.4x14.4x1.3x
Sun, 25 Jun 2023R$577.1bR$451.2bR$42.2b10.3x13.7x1.3x
Tue, 23 May 2023R$550.4bR$449.7bR$42.4b10x13x1.2x
Thu, 20 Apr 2023R$547.5bR$454.6bR$45.9b8.8x11.9x1.2x
Sat, 18 Mar 2023R$530.6bR$458.3bR$51.8b9.3x10.2x1.2x
Mon, 13 Feb 2023R$550.0bR$461.9bR$51.5b8.3x10.7x1.2x
Price to Earnings Ratio

10.7x


Total Market Cap: R$550.0bTotal 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 16.0x 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 Market-0.62%
Utilities1.26%
Water Utilities3.59%
Electric Utilities0.98%
Renewable Energy0.11%
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 19.8x.
    • Analysts are expecting annual earnings growth of 29.8%, 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 30% 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$145.003.8%
+R$3.8b		52.7%PE14.2x
CSMG3 Companhia de Saneamento de Minas GeraisR$53.786.6%
+R$1.3b		133.5%PE15.1x
ENEV3 EnevaR$21.581.9%
+R$785.5m		81.2%PE1214.6x
CPLE3 Companhia Paranaense de Energia - COPELR$13.341.9%
+R$742.4m		49.9%PE18.1x
REDE3 Rede Energia ParticipaçõesR$6.291.3%
+R$205.5m		-1.3%PE11.4x

Latest News

ENEV3
R$21.58
Eneva
7D
1.9%
1Y
81.2%

Eneva (BVMF:ENEV3) Takes On Some Risk With Its Use Of Debt

Feb 06
Eneva (BVMF:ENEV3) Takes On Some Risk With Its Use Of Debt
CBEE3
R$9.13
Ampla Energia e Serviços
7D
-15.4%
1Y
n/a
SAPR11
R$46.61
Companhia de Saneamento do Paraná - SANEPAR
7D
-2.2%
1Y
71.9%

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?
NEOE3
R$32.48
Neoenergia
7D
0.2%
1Y
75.4%
CPFE3
R$50.22
CPFL Energia
7D
-2.9%
1Y
47.3%

Risks To Shareholder Returns Are Elevated At These Prices For CPFL Energia S.A. (BVMF:CPFE3)

Feb 04
Risks To Shareholder Returns Are Elevated At These Prices For CPFL Energia S.A. (BVMF:CPFE3)
CSMG3
R$53.78
Companhia de Saneamento de Minas Gerais
7D
6.6%
1Y
133.5%

CSMG3: Future Returns Will Likely Be Capped By Rich P/E Assumptions

Narrative Update Analysts have increased their price target for Companhia de Saneamento de Minas Gerais to US$47.48 from US$40.91, citing updated assumptions for profit margins and future P/E that adjust their valuation framework. What's in the News An upcoming special and extraordinary shareholders meeting is scheduled for February 23, 2026, and will be held partially remotely in Belo Horizonte, Minas Gerais (company event notice).
TAEE11
R$41.70
Transmissora Aliança de Energia Elétrica
7D
-2.2%
1Y
25.7%

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

Analysts have nudged their price target higher for Transmissora Aliança de Energia Elétrica to R$37.53 from R$35.47, citing updated assumptions that include a slightly lower discount rate, modestly weaker revenue growth expectations, a higher profit margin projection near 50% and a marginally higher forward P/E estimate. What's in the News A special and extraordinary shareholders meeting is scheduled for December 15, 2025, at 13:00 Coordinated Universal Time, with an agenda focused on electing one member to the Board of Directors (Key Developments).
AURE3
R$10.95
Auren Energia
7D
-3.3%
1Y
31.8%
ALUP11
R$34.37
Alupar Investimento
7D
0.9%
1Y
27.4%
SBSP3
R$145.00
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
3.8%
1Y
52.7%
EQTL3
R$40.43
Equatorial
7D
-1.0%
1Y
31.7%

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.
CEEB3
R$45.95
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
1.6%
1Y
22.0%

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
EQPA3
R$6.26
Equatorial Pará Distribuidora de Energia
7D
-2.6%
1Y
13.2%

Equatorial Pará Distribuidora de Energia (BVMF:EQPA3) Is Looking To Continue Growing Its Returns On Capital

Jan 20
Equatorial Pará Distribuidora de Energia (BVMF:EQPA3) Is Looking To Continue Growing Its Returns On Capital
ENGI11
R$50.01
Energisa
7D
-2.7%
1Y
34.6%

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$13.34
Companhia Paranaense de Energia - COPEL
7D
1.9%
1Y
49.9%
REDE3
R$6.29
Rede Energia Participações
7D
1.3%
1Y
-1.3%