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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedJul 02, 2026
DataAggregated Company Financials
Companies34
  • 7D-0.7%
  • 3M-6.4%
  • 1Y17.9%
  • YTD3.1%

Last week, the Utilities industry hasn't moved much but Companhia de Saneamento Básico do Estado de São Paulo - SABESP is up 3.3% in that time. As for the the longer term, the industry is up 18% over the past 12 months. Looking forward, earnings are forecast to grow by 15% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 02 Jul 2026R$762.3bR$527.5bR$59.4b10.9x12.8x1.4x
Sat, 30 May 2026R$751.9bR$527.2bR$59.1b11x12.7x1.4x
Mon, 27 Apr 2026R$880.3bR$552.3bR$59.7b10.8x14.7x1.6x
Wed, 25 Mar 2026R$820.2bR$550.8bR$62.1b9.6x13.2x1.5x
Fri, 20 Feb 2026R$818.5bR$545.4bR$50.1b9x16.3x1.5x
Sun, 18 Jan 2026R$745.2bR$544.8bR$49.6b9x15x1.4x
Tue, 16 Dec 2025R$763.1bR$544.8bR$49.6b9x15.4x1.4x
Thu, 13 Nov 2025R$763.0bR$545.1bR$53.6b9.6x14.2x1.4x
Sat, 11 Oct 2025R$685.9bR$543.5bR$70.6b8.2x9.7x1.3x
Mon, 08 Sep 2025R$655.5bR$538.5bR$70.0b8.5x9.4x1.2x
Wed, 06 Aug 2025R$601.8bR$522.3bR$74.2b7.8x8.1x1.2x
Fri, 04 Jul 2025R$665.7bR$525.4bR$73.9b8.9x9x1.3x
Sun, 01 Jun 2025R$662.7bR$525.4bR$73.9b8.7x9x1.3x
Tue, 29 Apr 2025R$625.3bR$509.6bR$73.6b8.2x8.5x1.2x
Thu, 27 Mar 2025R$567.3bR$502.5bR$70.8b7.7x8x1.1x
Sat, 22 Feb 2025R$566.0bR$479.2bR$69.2b9x8.2x1.2x
Mon, 20 Jan 2025R$530.1bR$474.8bR$69.1b8.5x7.7x1.1x
Wed, 18 Dec 2024R$537.0bR$474.8bR$69.1b8.6x7.8x1.1x
Fri, 15 Nov 2024R$557.9bR$471.2bR$66.9b8.8x8.3x1.2x
Sun, 13 Oct 2024R$585.5bR$470.6bR$57.0b8.6x10.3x1.2x
Tue, 10 Sep 2024R$618.5bR$470.6bR$57.0b8.5x10.8x1.3x
Thu, 08 Aug 2024R$588.5bR$470.0bR$56.2b8.1x10.5x1.3x
Sat, 06 Jul 2024R$569.1bR$463.1bR$55.9b8x10.2x1.2x
Mon, 03 Jun 2024R$549.0bR$463.1bR$55.9b8.1x9.8x1.2x
Wed, 01 May 2024R$576.9bR$466.1bR$54.6b9.1x10.6x1.2x
Fri, 29 Mar 2024R$587.0bR$451.2bR$53.9b9.2x10.9x1.3x
Sun, 25 Feb 2024R$586.9bR$441.2bR$44.7b9.7x13.1x1.3x
Tue, 23 Jan 2024R$614.4bR$468.3bR$47.0b11.9x13.1x1.3x
Thu, 21 Dec 2023R$626.5bR$468.3bR$47.0b12.5x13.3x1.3x
Sat, 18 Nov 2023R$608.1bR$468.3bR$47.0b12.2x12.9x1.3x
Mon, 16 Oct 2023R$560.0bR$458.7bR$45.4b10.8x12.3x1.2x
Wed, 13 Sep 2023R$570.3bR$458.7bR$45.4b11.3x12.6x1.2x
Fri, 11 Aug 2023R$574.1bR$452.3bR$41.7b9.9x13.8x1.3x
Sun, 09 Jul 2023R$592.7bR$451.3bR$41.5b12.5x14.3x1.3x
Price to Earnings Ratio

14.3x


Total Market Cap: R$592.7bTotal Earnings: R$41.5bTotal 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 12.8x 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 13% 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 Market-0.27%
Utilities-0.65%
Water Utilities2.74%
Gas Utilities0%0
Renewable Energy-0.88%
Electric Utilities-1.26%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 23.6x.
    • Analysts are expecting annual earnings growth of 31.3%, 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$29.853.3%
+R$3.3b		31.2%PE12x
CSMG3 Companhia de Saneamento de Minas GeraisR$61.142.0%
+R$455.0m		112.7%PE17.1x
ENEV3 EnevaR$26.250.5%
+R$249.1m		90.2%PE38.8x
ENGI11 EnergisaR$47.411.1%
+R$195.0m		7.9%PE9.5x
AURE3 Auren EnergiaR$11.541.1%
+R$135.8m		16.7%PS0.9x

Latest News

CEGR3
R$35.00
Companhia Distribuidora de Gás do Rio de Janeiro - CEG
7D
-10.3%
1Y
n/a
AXIA3
R$53.97
AXIA Energia
7D
-2.0%
1Y
32.1%
ENEV3
R$26.25
Eneva
7D
0.5%
1Y
90.2%
Narrative Update • Jun 30

ENEV3: Repriced Earnings Profile Will Support Higher Future P E Multiple

Analysts have raised their price target for Eneva from R$27.10 to R$32.50, citing revised assumptions on revenue growth, margins, discount rate and future P/E that together indicate a different risk and earnings profile for the company. What’s in the News for Eneva No recent company specific news items for Eneva are available from the provided sources.
LIGT3
R$3.38
Light
7D
6.3%
1Y
-48.3%
AURE3
R$11.54
Auren Energia
7D
1.1%
1Y
16.7%
Narrative Update • Jun 28

AURE3: Fair Outlook Will Reflect Lower Risk Assumptions And Slimmer Profitability

Analysts have raised their price target for Auren Energia from about R$12.52 to roughly R$14.26, citing updates to fair value assumptions, a slightly lower discount rate, and changes to revenue growth, profit margin, and future P/E inputs in their models. What's in the News for Auren Energia No recent company specific news items for Auren Energia were identified in the provided sources.
ENGI11
R$47.41
Energisa
7D
1.1%
1Y
7.9%
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.
SBSP3
R$29.85
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
3.3%
1Y
31.2%
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.
EGIE3
R$32.69
Engie Brasil Energia
7D
-3.0%
1Y
-6.3%
Narrative Update • Jun 25

EGIE3: Firmer Margins And Eased Revenue Contraction Will Shape Balanced Outlook

Analysts modestly lifted their price target for Engie Brasil Energia to R$34.24, citing slightly firmer profit margin expectations and updated assumptions on discount rates and revenue trends as the main drivers of the change. What's in the News for Engie Brasil Energia Engie Brasil Energia has scheduled a Special and Extraordinary Shareholders Meeting for July 2, 2026, to be held exclusively remotely in Brazil.
EQPA3
R$5.70
Equatorial Pará Distribuidora de Energia
7D
-13.5%
1Y
1.1%
CSMG3
R$61.14
Companhia de Saneamento de Minas Gerais
7D
2.0%
1Y
112.7%
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$44.26
CPFL Energia
7D
-1.9%
1Y
7.6%
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$38.74
Equatorial
7D
-0.8%
1Y
7.4%
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.
PASS3
R$24.55
Compass Gas e Energia
7D
-3.9%
1Y
n/a
EQMA3B
R$30.02
Equatorial Maranhão Distribuidora de Energia
7D
-4.4%
1Y
8.8%
REDE3
R$6.02
Rede Energia Participações
7D
0.7%
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...
CEEB3
R$45.80
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
0.2%
1Y
25.0%