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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedJun 04, 2026
DataAggregated Company Financials
Companies34
  • 7D-0.7%
  • 3M-4.8%
  • 1Y18.4%
  • YTD1.4%

Last week, the Utilities industry hasn't moved much but Companhia de Saneamento de Minas Gerais is up 13% in that time. As for the the longer term, the industry is up 18% over the past 12 months. 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
Thu, 04 Jun 2026R$745.1bR$527.2bR$59.1b10.6x12.6x1.4x
Sat, 02 May 2026R$856.2bR$552.3bR$59.7b10.1x14.3x1.6x
Mon, 30 Mar 2026R$808.2bR$551.6bR$59.9b9.6x13.5x1.5x
Wed, 25 Feb 2026R$831.4bR$545.3bR$50.1b9x16.6x1.5x
Fri, 23 Jan 2026R$772.3bR$544.8bR$49.6b9.4x15.6x1.4x
Sun, 21 Dec 2025R$756.2bR$544.8bR$49.6b8.9x15.2x1.4x
Tue, 18 Nov 2025R$770.6bR$551.8bR$49.7b9.4x15.5x1.4x
Thu, 16 Oct 2025R$697.9bR$543.5bR$70.6b8.6x9.9x1.3x
Sat, 13 Sep 2025R$662.9bR$538.5bR$70.1b8.3x9.5x1.2x
Mon, 11 Aug 2025R$631.8bR$525.7bR$70.4b8.4x9x1.2x
Wed, 09 Jul 2025R$648.2bR$525.4bR$73.9b8.7x8.8x1.2x
Fri, 06 Jun 2025R$653.5bR$525.4bR$73.9b8.8x8.8x1.2x
Sun, 04 May 2025R$625.5bR$510.0bR$73.4b8x8.5x1.2x
Tue, 01 Apr 2025R$562.3bR$504.4bR$73.0b7.6x7.7x1.1x
Thu, 27 Feb 2025R$572.2bR$491.8bR$70.2b8.8x8.2x1.2x
Sat, 25 Jan 2025R$529.8bR$474.8bR$69.1b8.4x7.7x1.1x
Mon, 23 Dec 2024R$536.2bR$474.8bR$69.1b8.4x7.8x1.1x
Wed, 20 Nov 2024R$558.8bR$474.6bR$69.1b8.8x8.1x1.2x
Fri, 18 Oct 2024R$593.1bR$470.6bR$57.0b8.3x10.4x1.3x
Sun, 15 Sep 2024R$617.2bR$470.6bR$57.0b8.4x10.8x1.3x
Tue, 13 Aug 2024R$602.0bR$471.8bR$56.5b8.1x10.7x1.3x
Thu, 11 Jul 2024R$577.2bR$463.1bR$55.9b7.9x10.3x1.2x
Sat, 08 Jun 2024R$560.5bR$463.4bR$56.4b7.9x9.9x1.2x
Mon, 06 May 2024R$590.7bR$466.1bR$54.5b9.2x10.8x1.3x
Wed, 03 Apr 2024R$600.0bR$466.3bR$54.7b9.6x11x1.3x
Fri, 01 Mar 2024R$590.3bR$441.3bR$44.8b9.5x13.2x1.3x
Sun, 28 Jan 2024R$621.0bR$468.3bR$47.0b12x13.2x1.3x
Tue, 26 Dec 2023R$627.5bR$468.3bR$47.0b12.5x13.4x1.3x
Thu, 23 Nov 2023R$605.4bR$468.3bR$47.0b11.9x12.9x1.3x
Sat, 21 Oct 2023R$552.0bR$458.7bR$45.4b10.8x12.2x1.2x
Mon, 18 Sep 2023R$584.6bR$458.7bR$45.4b11.3x12.9x1.3x
Wed, 16 Aug 2023R$572.2bR$458.6bR$43.4b10.4x13.2x1.2x
Fri, 14 Jul 2023R$590.7bR$451.3bR$41.5b12.3x14.2x1.3x
Sun, 11 Jun 2023R$570.7bR$449.7bR$42.4b10.3x13.5x1.3x
Price to Earnings Ratio

13.5x


Total Market Cap: R$570.7bTotal Earnings: R$42.4bTotal Revenue: R$449.7bTotal 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 12.6x 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 5.4% 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 Market-2.75%
Utilities-0.73%
Renewable Energy0.041%
Gas Utilities0%0
Water Utilities-0.74%
Electric Utilities-1.09%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 22.8x.
    • Analysts are expecting annual earnings growth of 30.7%, 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 10.8x.
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
CSMG3 Companhia de Saneamento de Minas GeraisR$60.0013.3%
+R$2.7b		151.3%PE16.8x
EQTL3 EquatorialR$39.814.2%
+R$2.0b		8.5%PE42.2x
EGIE3 Engie Brasil EnergiaR$34.095.5%
+R$2.0b		16.6%PE15.2x
CEGR3 Companhia Distribuidora de Gás do Rio de Janeiro - CEGR$39.0019.3%
+R$1.6b		n/aPE14.4x
CBEE3 Ampla Energia e ServiçosR$15.3128.1%
+R$1.5b		80.3%PE136.6x

Latest News

CSMG3
R$60.00
Companhia de Saneamento de Minas Gerais
7D
13.3%
1Y
151.3%
CPFE3
R$43.30
CPFL Energia
7D
0.6%
1Y
6.9%
TAEE11
R$38.79
Transmissora Aliança de Energia Elétrica
7D
-1.1%
1Y
12.8%
Narrative Update • Jun 03

TAEE11: Revenue Contraction And Higher Discount Rate Will Pressure Future P/E

Analysts have trimmed their price target for Transmissora Aliança de Energia Elétrica from about R$38.01 to roughly R$37.33, citing updated assumptions that include a slightly higher discount rate, a steeper decline in expected revenue growth, a stronger projected profit margin, and a lower future P/E estimate. What's in the News No recent news stories, periodical coverage, or key developments were provided for Transmissora Aliança de Energia Elétrica, so there are no specific current events to highlight here.
SAPR11
R$37.25
Companhia de Saneamento do Paraná - SANEPAR
7D
-3.3%
1Y
12.6%
EQTL3
R$39.81
Equatorial
7D
4.2%
1Y
8.5%
Narrative Update • Jun 02

EQTL3: 2026 Shareholder Meeting Will Support Higher Profitability And Bullish View

Analysts now see slightly higher upside for Equatorial, lifting their price target to about R$50.67 from roughly R$49.91. This reflects updated views on discount rates, revenue trends, profit margins, and future P/E assumptions.
ENEV3
R$24.23
Eneva
7D
-3.1%
1Y
74.1%
Narrative Update • Jun 01

ENEV3: Higher Required Return And P E Repricing Will Support Upside

Analysts have slightly raised their price target for Eneva to R$29.35 from R$29.26. This change reflects updated assumptions around discount rate, revenue trends, profit margin, and forward P/E expectations.
SBSP3
R$27.23
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
-3.3%
1Y
22.0%
ENGI11
R$47.15
Energisa
7D
-2.6%
1Y
9.5%
AURE3
R$11.97
Auren Energia
7D
-3.5%
1Y
20.9%
Narrative Update • May 31

AURE3: Future Returns Will Likely Balance Margin Upside And Lower P/E Multiple

Analysts have maintained their R$12.00 price target for Auren Energia. The latest update reflects slightly different views on discount rate, revenue trends, profit margin and future P/E, which offset each other overall.
CEGR3
R$39.00
Companhia Distribuidora de Gás do Rio de Janeiro - CEG
7D
19.3%
1Y
n/a
CBEE3
R$15.31
Ampla Energia e Serviços
7D
28.1%
1Y
80.3%
EGIE3
R$34.09
Engie Brasil Energia
7D
5.5%
1Y
16.6%
Narrative Update • May 24

EGIE3: Higher P/E And Upbeat Research Will Shape Balanced Risk Reward

Analysts have raised their price target on Engie Brasil Energia to around R$34 from about R$32, citing updated assumptions on fair value, discount rate, revenue trends and future P/E, alongside recent upbeat research. Analyst Commentary Bullish Takeaways Bullish analysts see the revised fair value assumptions as supportive of the new R$34 price target, suggesting the stock’s valuation is more in line with their updated revenue and P/E inputs.
GEPA3
R$36.00
Rio Paranapanema Energia
7D
2.2%
1Y
9.6%
Analysis Article • May 23

Rio Paranapanema Energia's (BVMF:GEPA3) Weak Earnings May Only Reveal A Part Of The Whole Picture

A lackluster earnings announcement from Rio Paranapanema Energia S.A. ( BVMF:GEPA3 ) last week didn't sink the stock...
PASS3
R$25.79
Compass Gas e Energia
7D
-4.4%
1Y
n/a
REDE3
R$5.91
Rede Energia Participações
7D
0.3%
1Y
-13.1%
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...
CEEB3
R$47.02
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
-2.0%
1Y
27.0%