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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedFeb 09, 2026
DataAggregated Company Financials
Companies34
  • 7D1.6%
  • 3M5.1%
  • 1Y41.9%
  • YTD6.4%

Over the last 7 days, the Utilities industry has risen 1.6%, driven by gains from Companhia de Saneamento Básico do Estado de São Paulo - SABESP of 1.9%. In the last 12 months, the industry was up 42%. 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
Mon, 09 Feb 2026R$803.1bR$544.8bR$49.6b8.9x16.2x1.5x
Wed, 07 Jan 2026R$739.2bR$539.8bR$49.0b8.8x15.1x1.4x
Fri, 05 Dec 2025R$780.3bR$551.0bR$49.6b9.4x15.7x1.4x
Sun, 02 Nov 2025R$724.5bR$546.6bR$70.3b8.6x10.3x1.3x
Tue, 30 Sep 2025R$690.4bR$538.5bR$70.1b8.4x9.9x1.3x
Thu, 28 Aug 2025R$644.1bR$538.5bR$70.0b8.3x9.2x1.2x
Sat, 26 Jul 2025R$605.0bR$522.2bR$74.5b8.1x8.1x1.2x
Mon, 23 Jun 2025R$649.7bR$525.4bR$73.9b8.7x8.8x1.2x
Wed, 21 May 2025R$660.3bR$525.1bR$73.9b8.8x8.9x1.3x
Fri, 18 Apr 2025R$602.1bR$509.7bR$73.4b7.9x8.2x1.2x
Sun, 16 Mar 2025R$581.1bR$494.4bR$71.2b8.2x8.2x1.2x
Tue, 11 Feb 2025R$547.2bR$474.8bR$69.1b8.6x7.9x1.2x
Thu, 09 Jan 2025R$529.4bR$474.8bR$69.1b8.3x7.7x1.1x
Sat, 07 Dec 2024R$543.1bR$474.8bR$69.1b8.7x7.9x1.1x
Mon, 04 Nov 2024R$520.0bR$444.3bR$54.3b8.3x9.6x1.2x
Wed, 02 Oct 2024R$597.2bR$470.6bR$57.0b8.5x10.5x1.3x
Fri, 30 Aug 2024R$614.0bR$474.3bR$57.6b8.2x10.7x1.3x
Sun, 28 Jul 2024R$588.3bR$469.4bR$56.5b8.2x10.4x1.3x
Tue, 25 Jun 2024R$548.9bR$463.1bR$55.9b7.9x9.8x1.2x
Thu, 23 May 2024R$572.9bR$463.1bR$55.9b8.2x10.2x1.2x
Sat, 20 Apr 2024R$585.9bR$465.6bR$54.7b9x10.7x1.3x
Mon, 18 Mar 2024R$581.3bR$444.6bR$47.0b9.2x12.4x1.3x
Wed, 14 Feb 2024R$571.8bR$434.9bR$43.9b8.9x13x1.3x
Fri, 12 Jan 2024R$635.6bR$468.3bR$47.0b12.4x13.5x1.4x
Sun, 10 Dec 2023R$610.5bR$468.3bR$47.0b12x13x1.3x
Tue, 07 Nov 2023R$572.0bR$459.6bR$44.9b11.7x12.7x1.2x
Thu, 05 Oct 2023R$568.9bR$458.7bR$45.4b10.8x12.5x1.2x
Sat, 02 Sep 2023R$573.9bR$458.7bR$45.4b11x12.6x1.3x
Mon, 31 Jul 2023R$588.1bR$451.9bR$40.3b11.6x14.6x1.3x
Wed, 28 Jun 2023R$578.4bR$451.3bR$42.2b10.1x13.7x1.3x
Fri, 26 May 2023R$549.1bR$449.7bR$42.4b10.1x12.9x1.2x
Sun, 23 Apr 2023R$552.0bR$454.6bR$45.9b8.9x12x1.2x
Tue, 21 Mar 2023R$526.2bR$457.4bR$52.2b9.2x10.1x1.2x
Thu, 16 Feb 2023R$548.2bR$461.9bR$51.5b8.6x10.6x1.2x
Price to Earnings Ratio

10.6x


Total Market Cap: R$548.2bTotal 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 16.2x 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 Market0.53%
Utilities1.58%
Renewable Energy2.33%
Water Utilities1.99%
Electric Utilities1.44%
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 19.9x.
    • Analysts are expecting annual earnings growth of 30.1%, 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 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
ENEV3 EnevaR$21.894.2%
+R$1.7b		85.4%PE1232.1x
CPLE3 Companhia Paranaense de Energia - COPELR$13.401.6%
+R$623.6m		51.9%PE18.2x
CSMG3 Companhia de Saneamento de Minas GeraisR$53.852.8%
+R$557.4m		125.7%PE15.1x
ALUP11 Alupar InvestimentoR$34.122.1%
+R$230.7m		27.6%PE9.7x
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$143.850.2%
+R$218.2m		52.4%PE14x

Latest News

CSMG3
R$53.85
Companhia de Saneamento de Minas Gerais
7D
2.8%
1Y
125.7%
ENEV3
R$21.89
Eneva
7D
4.2%
1Y
85.4%

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
LIGT3
R$4.99
Light
7D
-3.3%
1Y
26.6%
CBEE3
R$9.13
Ampla Energia e Serviços
7D
-8.7%
1Y
n/a
SAPR11
R$45.93
Companhia de Saneamento do Paraná - SANEPAR
7D
-1.6%
1Y
69.5%

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?
CPFE3
R$49.31
CPFL Energia
7D
-3.5%
1Y
45.5%

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)
AURE3
R$11.40
Auren Energia
7D
1.2%
1Y
40.0%
ALUP11
R$34.12
Alupar Investimento
7D
2.1%
1Y
27.6%
SBSP3
R$143.85
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
0.2%
1Y
52.4%
EQTL3
R$40.89
Equatorial
7D
-0.1%
1Y
35.9%

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
EGIE3
R$33.35
Engie Brasil Energia
7D
-0.5%
1Y
30.8%

EGIE3: Higher Future P/E Will Sustain Cautious View On Rich Pricing

Analysts have nudged their price target on Engie Brasil Energia higher to R$29.32 from R$28.96, citing small adjustments to fair value estimates, the discount rate and future P/E assumptions as the main drivers of the change. What's in the News Engie Brasil Energia has scheduled a series of board meetings throughout 2026, including on February 25, June 3, August 6, November 10 and December 11.
EQPA3
R$6.17
Equatorial Pará Distribuidora de Energia
7D
-3.6%
1Y
10.8%

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
CPLE3
R$13.40
Companhia Paranaense de Energia - COPEL
7D
1.6%
1Y
51.9%
REDE3
R$6.26
Rede Energia Participações
7D
0.6%
1Y
-2.3%
RIOS3
R$29.60
Rio Alto Energias Renováveis
7D
-5.7%
1Y
n/a