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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedJul 28, 2026
DataAggregated Company Financials
Companies34
  • 7D0.2%
  • 3M-10.4%
  • 1Y23.2%
  • YTD1.0%

The Utilities industry has been flat over the last week, but CPFL Energia has lost 3.6%. The past year has been better, since the industry has gained 23% in that time. Earnings are forecast to grow by 16% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Tue, 28 Jul 2026R$756.0bR$527.9bR$58.9b10.4x12.8x1.4x
Thu, 25 Jun 2026R$758.3bR$527.5bR$59.4b10.3x12.8x1.4x
Sat, 23 May 2026R$752.5bR$527.1bR$59.1b11.1x12.7x1.4x
Mon, 20 Apr 2026R$888.4bR$552.3bR$59.7b10.9x14.9x1.6x
Wed, 18 Mar 2026R$808.2bR$546.9bR$62.3b9.8x13x1.5x
Fri, 13 Feb 2026R$825.4bR$544.8bR$49.6b8.9x16.6x1.5x
Sun, 11 Jan 2026R$766.1bR$544.8bR$49.6b8.9x15.4x1.4x
Tue, 09 Dec 2025R$755.0bR$544.8bR$49.6b9.1x15.2x1.4x
Thu, 06 Nov 2025R$735.8bR$547.1bR$70.1b8.9x10.5x1.3x
Sat, 04 Oct 2025R$680.5bR$538.5bR$70.1b8.4x9.7x1.3x
Mon, 01 Sep 2025R$651.2bR$538.5bR$70.0b8.4x9.3x1.2x
Wed, 30 Jul 2025R$602.8bR$522.2bR$74.5b8x8.1x1.2x
Fri, 27 Jun 2025R$649.1bR$525.4bR$73.9b8.7x8.8x1.2x
Sun, 25 May 2025R$654.0bR$525.4bR$73.9b8.8x8.9x1.2x
Tue, 22 Apr 2025R$602.1bR$509.7bR$73.4b7.9x8.2x1.2x
Thu, 20 Mar 2025R$575.3bR$496.5bR$71.2b7.9x8.1x1.2x
Sat, 15 Feb 2025R$554.7bR$474.8bR$69.1b8.6x8x1.2x
Mon, 13 Jan 2025R$519.5bR$474.8bR$69.1b8.2x7.5x1.1x
Wed, 11 Dec 2024R$546.8bR$474.8bR$69.1b8.6x7.9x1.2x
Fri, 08 Nov 2024R$520.9bR$444.7bR$53.9b8.8x9.7x1.2x
Sun, 06 Oct 2024R$592.7bR$470.6bR$57.0b8.6x10.4x1.3x
Tue, 03 Sep 2024R$612.0bR$470.6bR$57.0b8.4x10.7x1.3x
Thu, 01 Aug 2024R$588.6bR$469.4bR$56.5b7.9x10.4x1.3x
Sat, 29 Jun 2024R$550.7bR$463.1bR$55.9b7.9x9.9x1.2x
Mon, 27 May 2024R$548.7bR$448.3bR$53.4b8.4x10.3x1.2x
Wed, 24 Apr 2024R$585.1bR$466.3bR$54.7b8.9x10.7x1.3x
Fri, 22 Mar 2024R$587.5bR$444.6bR$47.0b9.2x12.5x1.3x
Sun, 18 Feb 2024R$571.2bR$434.9bR$43.9b9x13x1.3x
Tue, 16 Jan 2024R$636.2bR$468.3bR$47.0b12.5x13.5x1.4x
Thu, 14 Dec 2023R$609.5bR$468.3bR$47.0b12.4x13x1.3x
Sat, 11 Nov 2023R$576.8bR$465.3bR$47.2b11.8x12.2x1.2x
Mon, 09 Oct 2023R$557.8bR$458.7bR$45.4b10.8x12.3x1.2x
Wed, 06 Sep 2023R$569.1bR$458.7bR$45.4b11.1x12.5x1.2x
Fri, 04 Aug 2023R$587.5bR$451.8bR$40.2b12.2x14.6x1.3x
Price to Earnings Ratio

14.6x


Total Market Cap: R$587.5bTotal Earnings: R$40.2bTotal Revenue: R$451.8bTotal 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 14% 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 Market0.74%
Utilities0.17%
Water Utilities0.90%
Gas Utilities0%0
Electric Utilities-0.061%
Renewable Energy-0.14%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 24.4x.
    • Analysts are expecting annual earnings growth of 31.9%, 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 10.6x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 32% over the next 5 years.
  • However this is lower than its past earnings growth rate of 71% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings grow by 13% 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
AXIA3 AXIA EnergiaR$51.271.6%
+R$2.3b		35.6%PE15.3x
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$28.870.9%
+R$946.8m		39.2%PE11.6x
CPLE3 Companhia Paranaense de Energia - COPELR$14.781.9%
+R$801.8m		35.0%PE16.3x
PASS3 Compass Gas e EnergiaR$25.303.5%
+R$614.2m		n/aPE14.6x
ENGI11 EnergisaR$49.641.3%
+R$237.1m		19.8%PE10x

Latest News

CPLE3
R$14.78
Companhia Paranaense de Energia - COPEL
7D
1.9%
1Y
35.0%
ENGI11
R$49.64
Energisa
7D
1.3%
1Y
19.8%
Narrative Update • Jul 24

ENGI11: Higher Margin Outlook Will Support Stronger Future Earnings Profile

Analysts have raised their Energisa price target from R$58.82 to R$65.69, reflecting updated views on fair value, discount rate, expected revenue trends, profit margins and future P/E assumptions. What’s in the News for Energisa No recent Energisa specific news items were identified in the provided sources.
SAPR11
R$36.74
Companhia de Saneamento do Paraná - SANEPAR
7D
1.6%
1Y
6.7%
Narrative Update • Jul 24

SAPR11: Fair Value Outlook Will Balance Richer Margins And Lower P/E

Analysts have raised their fair value estimate for Companhia de Saneamento do Paraná SANEPAR from R$30.20 to approximately R$33.52, reflecting updated views on discount rates, revenue growth, profit margins, and future P/E assumptions. What's in the News No recent company specific news items for Companhia de Saneamento do Paraná SANEPAR were identified in the provided sources.
EGIE3
R$30.04
Engie Brasil Energia
7D
-1.0%
1Y
0.6%
Narrative Update • Jul 24

EGIE3: Follow On Offering And Jirau Asset Injection Will Shape Returns

Analysts have modestly lifted their price target for Engie Brasil Energia to R$28.00 from R$27.00, reflecting updated assumptions on the discount rate, revenue trends, profit margins, and a slightly higher future P/E multiple. What's in the News Engie Brasil Energia has filed a follow on equity offering of its ordinary shares, according to a key developments filing.
CPFE3
R$44.75
CPFL Energia
7D
-3.6%
1Y
19.0%
Narrative Update • Jul 21

CPFE3: Higher Margin Outlook Will Support Stronger Forward Earnings Power

Analysts have raised their fair value estimate for CPFL Energia from R$54.59 to R$58.70, citing revised assumptions for revenue growth, profit margins, the discount rate, and the forward P/E multiple. Analyst Commentary Bullish analysts view the higher fair value estimate for CPFL Energia as a reflection of improved confidence in the company’s ability to support its valuation through the updated revenue, margin, discount rate, and forward P/E assumptions.
ENEV3
R$25.47
Eneva
7D
0.2%
1Y
89.1%
Narrative Update • Jul 14

ENEV3: Elevated Future P/E Will Likely Expose Weaker Profit Margins

Analysts have raised their price target on Eneva to around R$24.20 from R$13.90, reflecting updated assumptions around fair value, discount rate, revenue trends, profit margins and future P/E expectations. What’s in the News for Eneva No recent Eneva specific news items were identified from the provided primary news sources.
AURE3
R$11.32
Auren Energia
7D
1.0%
1Y
22.8%
Narrative Update • Jul 13

AURE3: Future Returns Will Balance Lower Margins And Higher P/E Assumptions

Analysts now set a fair value price target for Auren Energia at R$13.00, up R$1.00 from the prior R$12.00, citing updated assumptions around discount rates, revenue trajectory, profit margins and future P/E expectations. What’s in the News for Auren Energia No recent company specific news items for Auren Energia were identified in the provided sources.
AXIA3
R$51.27
AXIA Energia
7D
1.6%
1Y
35.6%
Narrative Update • Jul 13

AXIA3: Fair Outlook Balances Governance Changes And Tariff Ruling Risk

Analysts have lifted their price target on AXIA Energia to R$53.96 from R$50.80, citing updated assumptions around slightly softer revenue declines, a small improvement in profit margins, and a higher future P/E multiple. What’s in the News AXIA Energia SA changed its corporate name from Brazilian Electric Power Company on April 15, 2026, with related bylaw changes approved at an extraordinary general meeting.
ALUP11
R$33.20
Alupar Investimento
7D
-0.7%
1Y
12.5%
GEPA3
R$32.00
Rio Paranapanema Energia
7D
-5.6%
1Y
n/a
SBSP3
R$28.87
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
0.9%
1Y
39.2%
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.
EQPA3
R$5.25
Equatorial Pará Distribuidora de Energia
7D
-0.2%
1Y
-5.6%
TAEE11
R$39.95
Transmissora Aliança de Energia Elétrica
7D
-2.9%
1Y
19.7%
Narrative Update • Jun 17

TAEE11: Stable Margins And P/E Assumptions Will Shape Future Returns

Analysts have nudged their price target for Transmissora Aliança de Energia Elétrica slightly higher to R$37.69 from R$37.33. The change reflects updated assumptions around revenue contraction, profit margins and a forward P/E of about 12.2x.
EQTL3
R$38.80
Equatorial
7D
-0.08%
1Y
14.9%
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$25.30
Compass Gas e Energia
7D
3.5%
1Y
n/a
REDE3
R$5.77
Rede Energia Participações
7D
-0.5%
1Y
-9.8%
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...