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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedJun 30, 2026
DataAggregated Company Financials
Companies34
  • 7D2.0%
  • 3M-4.9%
  • 1Y19.9%
  • YTD4.5%

The Utilities industry is up 2.0% in the last week, with Companhia de Saneamento Básico do Estado de São Paulo - SABESP up 5.3%. In the same time, Equatorial Pará Distribuidora de Energia was down 10%. This means that the industry has gained 20% over the past year. As for the next few years, earnings are expected to grow by 15% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 30 Jun 2026R$772.4bR$527.5bR$59.4b10.8x13x1.5x
Thu, 28 May 2026R$750.6bR$527.2bR$59.1b11x12.7x1.4x
Sat, 25 Apr 2026R$880.3bR$552.3bR$59.7b10.8x14.7x1.6x
Mon, 23 Mar 2026R$802.8bR$550.3bR$63.4b9.3x12.7x1.5x
Wed, 18 Feb 2026R$819.9bR$545.1bR$50.2b8.8x16.3x1.5x
Fri, 16 Jan 2026R$750.3bR$544.8bR$49.6b9.1x15.1x1.4x
Sun, 14 Dec 2025R$763.1bR$544.8bR$49.6b8.9x15.4x1.4x
Tue, 11 Nov 2025R$746.2bR$548.8bR$57.3b9.1x13x1.4x
Thu, 09 Oct 2025R$662.6bR$538.5bR$70.1b8.4x9.5x1.2x
Sat, 06 Sep 2025R$655.8bR$538.5bR$70.0b8.5x9.4x1.2x
Mon, 04 Aug 2025R$605.8bR$522.6bR$74.2b7.9x8.2x1.2x
Wed, 02 Jul 2025R$659.4bR$525.4bR$73.9b8.8x8.9x1.3x
Fri, 30 May 2025R$668.9bR$525.4bR$73.9b8.9x9.1x1.3x
Sun, 27 Apr 2025R$623.4bR$509.6bR$73.6b8.2x8.5x1.2x
Tue, 25 Mar 2025R$566.1bR$501.9bR$70.6b7.6x8x1.1x
Thu, 20 Feb 2025R$571.7bR$478.0bR$69.0b8.8x8.3x1.2x
Sat, 18 Jan 2025R$524.8bR$474.8bR$69.1b8.5x7.6x1.1x
Mon, 16 Dec 2024R$541.3bR$474.8bR$69.1b8.6x7.8x1.1x
Wed, 13 Nov 2024R$558.8bR$462.4bR$61.5b8.8x9.1x1.2x
Fri, 11 Oct 2024R$587.7bR$470.6bR$57.0b8.5x10.3x1.2x
Sun, 08 Sep 2024R$619.8bR$470.6bR$57.0b8.4x10.9x1.3x
Tue, 06 Aug 2024R$582.5bR$470.0bR$56.2b8.1x10.4x1.2x
Thu, 04 Jul 2024R$563.5bR$463.1bR$55.9b8x10.1x1.2x
Sat, 01 Jun 2024R$549.0bR$463.1bR$55.9b8.1x9.8x1.2x
Mon, 29 Apr 2024R$583.5bR$465.9bR$54.6b9x10.7x1.3x
Wed, 27 Mar 2024R$586.4bR$451.2bR$53.9b9.5x10.9x1.3x
Fri, 23 Feb 2024R$571.3bR$435.4bR$44.3b9x12.9x1.3x
Sun, 21 Jan 2024R$617.5bR$468.3bR$47.0b12x13.1x1.3x
Tue, 19 Dec 2023R$615.7bR$468.3bR$47.0b12.4x13.1x1.3x
Thu, 16 Nov 2023R$590.9bR$466.3bR$47.2b12.3x12.5x1.3x
Sat, 14 Oct 2023R$560.0bR$458.7bR$45.4b10.8x12.3x1.2x
Mon, 11 Sep 2023R$563.2bR$458.7bR$45.4b10.9x12.4x1.2x
Wed, 09 Aug 2023R$573.2bR$452.0bR$40.2b12.1x14.3x1.3x
Fri, 07 Jul 2023R$587.9bR$451.3bR$42.2b10x13.9x1.3x
Price to Earnings Ratio

13.9x


Total Market Cap: R$587.9bTotal Earnings: R$42.2bTotal Revenue: R$451.3bTotal 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 1.5x.
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 Market1.07%
Utilities1.96%
Water Utilities4.20%
Renewable Energy3.04%
Electric Utilities1.38%
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 23.5x.
    • Analysts are expecting annual earnings growth of 31.1%, 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 10.7x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 31% over the next 5 years.
  • However this is lower than its past earnings growth rate of 71% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 12% 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$29.655.3%
+R$5.2b		26.8%PE11.9x
ENEV3 EnevaR$26.716.0%
+R$2.9b		95.0%PE39.5x
AXIA3 AXIA EnergiaR$55.111.6%
+R$2.5b		36.3%PE16.4x
EQTL3 EquatorialR$39.744.0%
+R$1.9b		10.0%PE42.1x
CPFE3 CPFL EnergiaR$45.152.3%
+R$1.2b		11.0%PE9x

Latest News

ENGI11
R$47.93
Energisa
7D
2.7%
1Y
9.4%
Narrative Update • Jun 26

ENGI11: Upcoming Shareholder Meeting Will Shape Future Capital Structure Narrative

Analysts have increased their price target for Energisa from approximately R$74.91 to about R$80.06, citing updated assumptions for revenue growth, profit margins and a lower assumed future P/E multiple in their valuation work. What’s in the News for Energisa Energisa has a Special or Extraordinary Shareholders Meeting scheduled for April 29, 2026, according to company disclosures.
CPLE3
R$15.21
Companhia Paranaense de Energia - COPEL
7D
1.5%
1Y
31.0%
Narrative Update • Jun 26

CPLE3: Share Buybacks Will Underpin Higher Multiple Expectations Going Forward

Analysts have lifted their fair value estimate for Companhia Paranaense de Energia, COPEL, from R$14.27 to about R$17.93, citing updated assumptions around discount rates, revenue growth, profit margins, and future P/E expectations. What’s in the News for Companhia Paranaense de Energia - COPEL A board meeting is scheduled for May 21, 2026 to consider an amendment and renewal of COPEL's share buyback program.
SBSP3
R$29.65
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
5.3%
1Y
26.8%
Narrative Update • Jun 26

SBSP3: Higher Discount Rate And Margin Pressure Will Limit Split Appeal

Analysts have revised their price target on Companhia de Saneamento Básico do Estado de São Paulo SABESP to R$26.10 from R$119.86, citing updated assumptions that reflect a higher discount rate, more conservative revenue growth, a lower profit margin outlook and a higher future P/E multiple. What's in the News for Companhia de Saneamento Básico do Estado de São Paulo SABESP Companhia de Saneamento Básico do Estado de São Paulo SABESP has announced a 5-for-1 stock split or significant stock dividend, scheduled for Apr-29-2026.
SAPR11
R$37.71
Companhia de Saneamento do Paraná - SANEPAR
7D
-2.9%
1Y
1.3%
Narrative Update • Jun 26

SAPR11: Higher Margin Outlook Will Support Stronger Future Pricing Power

Analysts have lifted their fair value price target for Companhia de Saneamento do Paraná SANEPAR from R$45.90 to R$50.88. This reflects updated assumptions for the discount rate, revenue growth, profit margin and future P/E.
AXIA3
R$55.11
AXIA Energia
7D
1.6%
1Y
36.3%
New Narrative • Jun 25

Transmission Expansion And Dequotized Generation Will Support A Stronger Long-Term Earnings Profile

Catalysts About AXIA Energia AXIA Energia is a Brazilian power company engaged in electricity generation, transmission and energy trading. What are the underlying business or industry changes driving this perspective?
EQPA3
R$5.80
Equatorial Pará Distribuidora de Energia
7D
-10.1%
1Y
2.8%
CSMG3
R$60.67
Companhia de Saneamento de Minas Gerais
7D
3.1%
1Y
117.5%
Narrative Update • Jun 24

CSMG3: Future Returns Will Reflect Index Inclusion And Steady Earnings Multiple

Analysts have lifted their price target for Companhia de Saneamento de Minas Gerais to R$60.34 from R$55.76, citing updated assumptions around revenue growth, profit margins and future P/E levels in their valuation work. What's in the News for Companhia de Saneamento de Minas Gerais Companhia de Saneamento de Minas Gerais was added to the Brazil Valor BM&FBOVESPA Index, according to Key Developments data.
CPFE3
R$45.15
CPFL Energia
7D
2.3%
1Y
11.0%
Narrative Update • Jun 23

CPFE3: Higher Margins And Dividend Support Will Drive Future Upside

Analysts have adjusted their price target for CPFL Energia to reflect updated expectations for slightly softer revenue growth, a modestly higher profit margin, and a lower future P/E, resulting in a revised valuation of R$50.79 per share. Analyst Commentary Recent research commentary on CPFL Energia highlights a mix of optimism and caution around the stock’s revised valuation of R$50.79 per share, with opinions centered on how the updated revenue, margin and P/E assumptions may play out.
EQTL3
R$39.74
Equatorial
7D
4.0%
1Y
10.0%
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.
ENEV3
R$26.71
Eneva
7D
6.0%
1Y
95.0%
Narrative Update • Jun 16

ENEV3: Lower Discount Rate And Richer P E Will Support Upside

Analysts have made a small upward adjustment to Eneva's fair value estimate, moving the target from about R$29.35 to roughly R$29.54. They cited updated assumptions on discount rate, revenue trends, profit margin and future P/E as key inputs to their revised view.
CBEE3
R$10.15
Ampla Energia e Serviços
7D
-1.9%
1Y
19.3%
PASS3
R$24.38
Compass Gas e Energia
7D
-2.9%
1Y
n/a
EQMA3B
R$30.85
Equatorial Maranhão Distribuidora de Energia
7D
-0.5%
1Y
11.8%
RNEW3
R$0.83
Renova Energia
7D
-9.8%
1Y
-12.6%
REDE3
R$5.94
Rede Energia Participações
7D
-1.3%
1Y
-10.5%
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...
AFLT3
R$7.30
Afluente Transmissão de Energia Elétrica
7D
-5.8%
1Y
4.1%