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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedMar 19, 2026
DataAggregated Company Financials
Companies34
  • 7D1.5%
  • 3M4.3%
  • 1Y33.5%
  • YTD8.3%

Over the last 7 days, the Utilities industry has dropped 1.1%, driven by a pullback from Energisa of 5.1%. On the other hand Eneva is actually up 20%. This takes the industry's 12 month performance to a gain of 33%. As for the next few years, earnings are expected to grow by 12% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 19 Mar 2026R$811.8bR$550.3bR$63.6b9.6x12.8x1.5x
Sat, 14 Feb 2026R$819.8bR$545.1bR$50.2b8.8x16.3x1.5x
Mon, 12 Jan 2026R$766.1bR$544.8bR$49.6b8.9x15.4x1.4x
Wed, 10 Dec 2025R$757.5bR$544.8bR$49.6b9x15.3x1.4x
Fri, 07 Nov 2025R$746.5bR$546.9bR$57.5b8.7x13x1.4x
Sun, 05 Oct 2025R$680.0bR$538.5bR$70.1b8.4x9.7x1.3x
Tue, 02 Sep 2025R$646.2bR$538.5bR$70.0b8.2x9.2x1.2x
Thu, 31 Jul 2025R$608.6bR$522.6bR$74.5b7.7x8.2x1.2x
Sat, 28 Jun 2025R$649.5bR$525.4bR$73.9b8.7x8.8x1.2x
Mon, 26 May 2025R$654.0bR$525.4bR$73.9b8.8x8.9x1.2x
Wed, 23 Apr 2025R$602.4bR$509.7bR$73.4b8x8.2x1.2x
Fri, 21 Mar 2025R$573.5bR$498.3bR$72.5b7.6x7.9x1.2x
Sun, 16 Feb 2025R$567.7bR$474.8bR$69.1b8.6x8.2x1.2x
Tue, 14 Jan 2025R$519.5bR$474.8bR$69.1b8.2x7.5x1.1x
Thu, 12 Dec 2024R$550.7bR$474.8bR$69.1b8.6x8x1.2x
Sat, 09 Nov 2024R$517.3bR$447.4bR$60.1b8.3x8.6x1.2x
Mon, 07 Oct 2024R$592.7bR$470.6bR$57.0b8.6x10.4x1.3x
Wed, 04 Sep 2024R$614.5bR$470.6bR$57.0b8.4x10.8x1.3x
Fri, 02 Aug 2024R$593.2bR$469.8bR$56.4b7.9x10.5x1.3x
Sun, 30 Jun 2024R$550.7bR$463.1bR$55.9b7.9x9.9x1.2x
Tue, 28 May 2024R$548.7bR$448.3bR$53.4b8.3x10.3x1.2x
Thu, 25 Apr 2024R$581.8bR$466.2bR$54.7b9x10.6x1.2x
Sat, 23 Mar 2024R$586.4bR$444.6bR$47.0b9.2x12.5x1.3x
Mon, 19 Feb 2024R$571.2bR$434.9bR$43.9b9x13x1.3x
Wed, 17 Jan 2024R$636.2bR$468.3bR$47.0b12.4x13.5x1.4x
Fri, 15 Dec 2023R$621.1bR$468.3bR$47.0b12.2x13.2x1.3x
Sun, 12 Nov 2023R$581.7bR$465.3bR$47.2b11.8x12.3x1.3x
Tue, 10 Oct 2023R$563.6bR$458.7bR$45.4b10.9x12.4x1.2x
Thu, 07 Sep 2023R$569.1bR$458.7bR$45.4b10.9x12.5x1.2x
Sat, 05 Aug 2023R$575.0bR$451.9bR$40.2b12.2x14.3x1.3x
Mon, 03 Jul 2023R$593.2bR$451.3bR$42.2b10.2x14.1x1.3x
Wed, 31 May 2023R$547.2bR$449.8bR$42.4b10.1x12.9x1.2x
Fri, 28 Apr 2023R$552.5bR$456.0bR$45.9b8.7x12x1.2x
Sun, 26 Mar 2023R$521.8bR$457.8bR$51.6b8.8x10.1x1.1x
Price to Earnings Ratio

10.1x


Total Market Cap: R$521.8bTotal Earnings: R$51.6bTotal Revenue: R$457.8bTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Utilities Sector Price to Earnings3Y Average 11.2x202420252026
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 11.2x.
  • 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 6.5% per year over the last three years.
  • Revenues for these companies have grown 6.1% 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-0.087%
Utilities1.48%
Renewable Energy8.29%
Water Utilities2.60%
Electric Utilities0.13%
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 21.1x.
    • Analysts are expecting annual earnings growth of 31.3%, which is lower than the prior year's growth of 119.2% per year.
  • Investors are most pessimistic about the Electric Utilities industry, although it looks like investor sentiment has improved given that it's trading above 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 119% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 7.0% 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$24.3519.7%
+R$7.7b		92.0%PE40.3x
CPLE3 Companhia Paranaense de Energia - COPELR$15.207.3%
+R$3.1b		60.7%PE16.9x
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$147.252.1%
+R$1.6b		48.7%PE12.2x
CSMG3 Companhia de Saneamento de Minas GeraisR$54.204.2%
+R$830.4m		123.3%PE14.5x
REDE3 Rede Energia ParticipaçõesR$6.564.0%
+R$642.1m		-1.4%PE11.9x

Latest News

ENEV3
R$24.35
Eneva
7D
19.7%
1Y
92.0%
SBSP3
R$147.25
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
2.1%
1Y
48.7%
ALUP11
R$33.77
Alupar Investimento
7D
-2.4%
1Y
18.7%
TAEE11
R$41.85
Transmissora Aliança de Energia Elétrica
7D
-0.6%
1Y
20.8%

TAEE11: Ongoing Revenue Decline Will Keep P/E Under Pressure

Analysts have nudged their fair value estimate for Transmissora Aliança de Energia Elétrica slightly higher to about R$37.72 per share from roughly R$37.53, reflecting modest adjustments to discount rate assumptions and a small change in the future P/E outlook. What's in the News Transmissora Aliança de Energia Elétrica has scheduled a special and extraordinary shareholders meeting for February 27, 2026, to be held exclusively remotely in Brazil (Key Developments).
ENGI11
R$50.51
Energisa
7D
-5.1%
1Y
32.2%
EQTL3
R$40.13
Equatorial
7D
-0.05%
1Y
21.2%

EQTL3: Lower Discount Rate Will Support Bullish Thesis On Future Earnings

Analysts have nudged their price target on Equatorial slightly higher to R$47.25 from R$47.10, reflecting refreshed assumptions around the discount rate, revenue trends, profit margins and future P/E multiples. Valuation Changes Fair Value: R$47.25 compared with R$47.10 previously, a slight upward adjustment in the modelled price level.
CPFE3
R$47.98
CPFL Energia
7D
-0.5%
1Y
27.1%
CEEB3
R$47.81
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
1.7%
1Y
22.4%
AURE3
R$11.58
Auren Energia
7D
-0.9%
1Y
48.5%

AURE3: Lower Discount Rate And Higher P/E Will Support Upside Potential

Analysts have increased their fair value estimate for Auren Energia from R$15.82 to R$16.02, reflecting updated assumptions around discount rates, revenue growth, profit margins, and a higher future P/E multiple. Valuation Changes Fair Value: R$15.82 to R$16.02, a small upward adjustment in the estimate.
GEPA3
R$33.00
Rio Paranapanema Energia
7D
-2.4%
1Y
3.1%
NEOE3
R$33.15
Neoenergia
7D
0.2%
1Y
59.2%

NEOE3: Rising Discount Rate Will Pressure Earnings Expectations And Share Rerating

Analysts have adjusted their price target on Neoenergia from R$24.10 to about R$25.14, reflecting updated views on discount rates, revenue expectations, margins, and future P/E assumptions. Analyst Commentary Some bearish analysts have recently taken a more cautious stance on Neoenergia, including at least one downgrade in their formal ratings.
CSMG3
R$54.20
Companhia de Saneamento de Minas Gerais
7D
4.2%
1Y
123.3%
CPLE3
R$15.20
Companhia Paranaense de Energia - COPEL
7D
7.3%
1Y
60.7%
EQPA3
R$6.43
Equatorial Pará Distribuidora de Energia
7D
-0.9%
1Y
8.4%

We Think Equatorial Pará Distribuidora de Energia (BVMF:EQPA3) Is Taking Some Risk With Its Debt

Feb 10
We Think Equatorial Pará Distribuidora de Energia (BVMF:EQPA3) Is Taking Some Risk With Its Debt
SAPR11
R$41.42
Companhia de Saneamento do Paraná - SANEPAR
7D
4.3%
1Y
44.5%

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?
REDE3
R$6.56
Rede Energia Participações
7D
4.0%
1Y
-1.4%