Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedDec 13, 2025
DataAggregated Company Financials
Companies34
  • 7D1.1%
  • 3M16.0%
  • 1Y39.2%
  • YTD41.5%

The Utilities industry is up 1.1% in the last week, with CPFL Energia up 3.3%. This means that the industry has gained 39% over the past year. As for the next few years, earnings are expected to grow by 18% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 13 Dec 2025R$753.1bR$544.8bR$49.6b8.9x15.2x1.4x
Mon, 10 Nov 2025R$746.0bR$548.8bR$57.3b8.5x13x1.4x
Wed, 08 Oct 2025R$667.1bR$538.5bR$70.1b8.5x9.5x1.2x
Fri, 05 Sep 2025R$646.8bR$538.5bR$70.0b8.3x9.2x1.2x
Sun, 03 Aug 2025R$605.8bR$522.6bR$74.2b7.9x8.2x1.2x
Tue, 01 Jul 2025R$659.4bR$525.4bR$73.9b8.8x8.9x1.3x
Thu, 29 May 2025R$662.8bR$525.4bR$73.9b8.8x9x1.3x
Sat, 26 Apr 2025R$623.4bR$509.6bR$73.6b8.2x8.5x1.2x
Mon, 24 Mar 2025R$570.6bR$501.9bR$70.6b7.6x8.1x1.1x
Wed, 19 Feb 2025R$571.7bR$478.0bR$69.0b8.8x8.3x1.2x
Fri, 17 Jan 2025R$530.9bR$474.8bR$69.1b8.3x7.7x1.1x
Sun, 15 Dec 2024R$541.3bR$474.8bR$69.1b8.6x7.8x1.1x
Tue, 12 Nov 2024R$555.2bR$462.7bR$61.5b8.9x9x1.2x
Thu, 10 Oct 2024R$587.6bR$470.6bR$57.0b8.5x10.3x1.2x
Sat, 07 Sep 2024R$619.8bR$470.6bR$57.0b8.4x10.9x1.3x
Mon, 05 Aug 2024R$588.9bR$469.9bR$56.3b7.9x10.5x1.3x
Wed, 03 Jul 2024R$556.4bR$463.1bR$55.9b7.9x10x1.2x
Fri, 31 May 2024R$553.8bR$463.1bR$55.9b8x9.9x1.2x
Sun, 28 Apr 2024R$583.5bR$465.9bR$54.6b9x10.7x1.3x
Tue, 26 Mar 2024R$586.4bR$446.3bR$48.2b9.3x12.2x1.3x
Thu, 22 Feb 2024R$577.7bR$434.9bR$43.9b8.9x13.2x1.3x
Sat, 20 Jan 2024R$617.5bR$468.3bR$47.0b12x13.1x1.3x
Mon, 18 Dec 2023R$615.7bR$468.3bR$47.0b12.2x13.1x1.3x
Wed, 15 Nov 2023R$590.7bR$466.3bR$47.2b12.3x12.5x1.3x
Fri, 13 Oct 2023R$570.5bR$458.7bR$45.4b11x12.6x1.2x
Sun, 10 Sep 2023R$563.2bR$458.7bR$45.4b10.9x12.4x1.2x
Tue, 08 Aug 2023R$575.0bR$452.0bR$40.2b12.2x14.3x1.3x
Thu, 06 Jul 2023R$592.2bR$451.3bR$42.2b10x14x1.3x
Sat, 03 Jun 2023R$551.5bR$449.7bR$42.5b10x13x1.2x
Mon, 01 May 2023R$554.0bR$456.5bR$45.9b9x12.1x1.2x
Wed, 29 Mar 2023R$535.7bR$457.8bR$52.0b8.8x10.3x1.2x
Fri, 24 Feb 2023R$539.3bR$463.0bR$54.2b8.6x10x1.2x
Sun, 22 Jan 2023R$564.8bR$461.9bR$51.5b8.5x11x1.2x
Tue, 20 Dec 2022R$558.6bR$461.9bR$51.5b8x10.8x1.2x
Price to Earnings Ratio

10.8x


Total Market Cap: R$558.6bTotal Earnings: R$51.5bTotal Revenue: R$461.9bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 10.8x202320242025
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 15.2x which is higher than its 3-year average PE of 10.8x.
  • The 3-year average PS ratio of 1.2x is lower than the industry's current PS ratio of 1.4x.
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 Market0.99%
Utilities1.05%
Renewable Energy2.51%
Electric Utilities1.11%
Water Utilities0.076%
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 18.3x.
    • Analysts are expecting annual earnings growth of 34.0%, 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 34% 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 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
CPFE3 CPFL EnergiaR$50.133.3%
+R$1.8b		56.7%PE10.6x
ENEV3 EnevaR$20.563.6%
+R$1.4b		78.9%PE1157.2x
EGIE3 Engie Brasil EnergiaR$30.452.7%
+R$925.3m		15.0%PE11.5x
EQTL3 EquatorialR$39.831.5%
+R$740.3m		35.3%PE14.9x
CSMG3 Companhia de Saneamento de Minas GeraisR$43.684.6%
+R$731.8m		92.4%PE12.3x

Latest News

LIGT3
R$4.67
Light
7D
-8.1%
1Y
9.9%
CBEE3
R$10.00
Ampla Energia e Serviços
7D
11.0%
1Y
-16.7%
ENEV3
R$20.56
Eneva
7D
3.6%
1Y
78.9%

ENEV3: Higher Multiple And Softer Margins Will Shape Balanced Outlook

Analysts have raised their price target for Eneva from R$17.01 to R$20.35, citing modest improvements in expected revenue trends, a slightly lower discount rate, and a higher future P/E multiple despite a marginally softer projected profit margin. Valuation Changes Fair Value: Raised from R$17.01 to R$20.35, representing a moderate upward revision in the estimated intrinsic value.
CPFE3
R$50.13
CPFL Energia
7D
3.3%
1Y
56.7%

CPFE3: Higher Earnings Multiple Will Likely Deepen Future Overvaluation Risk

Analysts have modestly raised their price target on CPFL Energia to BRL 43.28 from BRL 42.66. This reflects slightly improved long term revenue expectations despite marginally softer profit margin assumptions and a higher implied future P/E multiple.
CPLE3
R$13.50
Companhia Paranaense de Energia - COPEL
7D
1.7%
1Y
63.4%
NEOE3
R$32.28
Neoenergia
7D
-0.03%
1Y
59.0%

NEOE3: Full Ownership Will Be Pursued While Outlook Remains Broadly Stable

Analysts have slightly raised their price target on Neoenergia to R$33.56 from R$33.56. This reflects modest tweaks to the discount rate and earnings assumptions while maintaining a broadly unchanged fundamental outlook.
SBSP3
R$136.85
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
-0.4%
1Y
53.1%
EQTL3
R$39.83
Equatorial
7D
1.5%
1Y
35.3%

Does Equatorial (BVMF:EQTL3) Have A Healthy Balance Sheet?

Dec 10
Does Equatorial (BVMF:EQTL3) Have A Healthy Balance Sheet?
SAPR11
R$37.19
Companhia de Saneamento do Paraná - SANEPAR
7D
-2.2%
1Y
31.2%
ALUP11
R$32.60
Alupar Investimento
7D
-1.7%
1Y
24.7%

Here's Why Alupar Investimento (BVMF:ALUP11) Has A Meaningful Debt Burden

Dec 05
Here's Why Alupar Investimento (BVMF:ALUP11) Has A Meaningful Debt Burden
ENGI11
R$49.17
Energisa
7D
1.5%
1Y
41.2%

Is Energisa (BVMF:ENGI11) Using Too Much Debt?

Dec 04
Is Energisa (BVMF:ENGI11) Using Too Much Debt?
CSMG3
R$43.68
Companhia de Saneamento de Minas Gerais
7D
4.6%
1Y
92.4%

CSMG3: Earnings Outlook Will Remain Pressured By Persistent Discount Rate

Analysts have slightly adjusted their price target for Companhia de Saneamento de Minas Gerais to R$33.37. This change reflects minor adjustments in forecasts for revenue growth, profitability, and valuation multiples.
RIOS3
R$34.80
Rio Alto Energias Renováveis
7D
-0.6%
1Y
n/a
EGIE3
R$30.45
Engie Brasil Energia
7D
2.7%
1Y
15.0%

EGIE3: Dividend Prospects Will Face Pressure From Higher Risk Levels

Analysts have revised Engie Brasil Energia's fair value estimate sharply downward, from R$39.76 to R$28.47. This adjustment is due to shifting electricity prices and a more cautious outlook on future revenue growth and dividend potential.
EQPA3
R$5.65
Equatorial Pará Distribuidora de Energia
7D
-2.1%
1Y
-1.7%

Equatorial Pará Distribuidora de Energia's (BVMF:EQPA3) Weak Earnings May Only Reveal A Part Of The Whole Picture

Nov 22
Equatorial Pará Distribuidora de Energia's (BVMF:EQPA3) Weak Earnings May Only Reveal A Part Of The Whole Picture
REDE3
R$6.26
Rede Energia Participações
7D
-0.9%
1Y
-2.0%