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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedMar 05, 2026
DataAggregated Company Financials
Companies34
  • 7D-1.8%
  • 3M2.1%
  • 1Y41.9%
  • YTD10.0%

Over the last 7 days, the Utilities industry has dropped 1.8%, driven by Companhia de Saneamento Básico do Estado de São Paulo - SABESP declining 3.5%. This takes the industry's 12 month performance to a gain of 42%. As for the next few years, earnings are expected to grow by 10% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 05 Mar 2026R$810.6bR$546.0bR$62.2b9.3x13x1.5x
Sat, 31 Jan 2026R$794.3bR$544.8bR$49.6b9.1x16x1.5x
Mon, 29 Dec 2025R$737.2bR$544.8bR$49.6b9x14.9x1.4x
Wed, 26 Nov 2025R$776.0bR$551.3bR$49.6b9.5x15.6x1.4x
Fri, 24 Oct 2025R$706.0bR$543.5bR$70.6b8.5x10x1.3x
Sun, 21 Sep 2025R$685.1bR$538.5bR$70.1b8.2x9.8x1.3x
Tue, 19 Aug 2025R$637.0bR$537.6bR$70.1b8.1x9.1x1.2x
Thu, 17 Jul 2025R$612.0bR$520.3bR$73.3b8.3x8.3x1.2x
Sat, 14 Jun 2025R$653.3bR$525.4bR$73.9b8.7x8.8x1.2x
Mon, 12 May 2025R$625.8bR$514.7bR$72.9b8.2x8.6x1.2x
Wed, 09 Apr 2025R$560.5bR$504.4bR$73.0b7.5x7.7x1.1x
Fri, 07 Mar 2025R$558.3bR$494.4bR$71.2b7.9x7.8x1.1x
Sun, 02 Feb 2025R$550.0bR$474.8bR$69.1b8.7x8x1.2x
Tue, 31 Dec 2024R$527.3bR$474.8bR$69.1b8.2x7.6x1.1x
Thu, 28 Nov 2024R$573.1bR$474.8bR$69.1b8.7x8.3x1.2x
Sat, 26 Oct 2024R$597.3bR$473.2bR$56.4b9.4x10.6x1.3x
Mon, 23 Sep 2024R$608.9bR$470.6bR$57.0b8.3x10.7x1.3x
Wed, 21 Aug 2024R$623.7bR$474.8bR$59.2b8.1x10.5x1.3x
Fri, 19 Jul 2024R$572.0bR$463.1bR$55.9b7.9x10.2x1.2x
Sun, 16 Jun 2024R$548.0bR$463.1bR$55.9b7.9x9.8x1.2x
Tue, 14 May 2024R$578.9bR$469.8bR$56.1b8.5x10.3x1.2x
Thu, 11 Apr 2024R$602.7bR$465.6bR$54.7b9.6x11x1.3x
Sat, 09 Mar 2024R$591.2bR$440.3bR$44.4b9.7x13.3x1.3x
Mon, 05 Feb 2024R$617.1bR$468.3bR$47.0b11.9x13.1x1.3x
Wed, 03 Jan 2024R$627.0bR$468.3bR$47.0b12.5x13.4x1.3x
Fri, 01 Dec 2023R$602.2bR$468.3bR$47.0b11.8x12.8x1.3x
Sun, 29 Oct 2023R$561.8bR$459.3bR$45.7b10.7x12.3x1.2x
Tue, 26 Sep 2023R$580.0bR$458.7bR$45.4b11.2x12.8x1.3x
Thu, 24 Aug 2023R$579.0bR$458.3bR$43.9b10.9x13.2x1.3x
Sat, 22 Jul 2023R$592.4bR$451.3bR$41.5b12.1x14.3x1.3x
Mon, 19 Jun 2023R$574.9bR$449.8bR$42.4b10.1x13.6x1.3x
Wed, 17 May 2023R$553.1bR$443.5bR$42.7b9.7x12.9x1.2x
Fri, 14 Apr 2023R$558.5bR$454.6bR$45.9b9.2x12.2x1.2x
Sun, 12 Mar 2023R$534.1bR$463.1bR$53.1b9.5x10.1x1.2x
Price to Earnings Ratio

10.1x


Total Market Cap: R$534.1bTotal Earnings: R$53.1bTotal Revenue: R$463.1bTotal 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 5.4% per year over the last three years.
  • Revenues for these companies have grown 5.6% 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-3.04%
Utilities-1.85%
Gas Utilities0%0
Renewable Energy-1.17%
Electric Utilities-1.41%
Water Utilities-4.38%
Industry PE
  • Investors are most optimistic about the Renewable Energy industry which is trading above its 3-year average PE ratio of 20.8x.
    • Analysts are expecting annual earnings growth of 31.8%, which is higher than its past year's earnings decline of 39.6% 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 32% over the next 5 years.
  • This is better than its past earnings decline of 40% per year.
  • In contrast, the Electric Utilities industry is expected to see its earnings grow by 5.4% 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
AURE3 Auren EnergiaR$12.042.6%
+R$323.9m		53.0%PS1x
CPLE3 Companhia Paranaense de Energia - COPELR$14.950.5%
+R$244.1m		69.1%PE16.6x
EQPA3 Equatorial Pará Distribuidora de EnergiaR$6.491.6%
+R$220.9m		17.8%PE8.7x
EQMA3B Equatorial Maranhão Distribuidora de EnergiaR$33.983.0%
+R$160.9m		37.5%PE7.5x
GEPA3 Rio Paranapanema EnergiaR$33.012.9%
+R$88.8m		6.5%PE7x

Latest News

GEPA3
R$33.01
Rio Paranapanema Energia
7D
2.9%
1Y
6.5%
AURE3
R$12.04
Auren Energia
7D
2.6%
1Y
53.0%
CPLE3
R$14.95
Companhia Paranaense de Energia - COPEL
7D
0.5%
1Y
69.1%
EGIE3
R$33.01
Engie Brasil Energia
7D
-1.2%
1Y
24.8%

Transmission Expansion And Higher Renewable Availability Will Support A Stronger Long Term Outlook

Catalysts About Engie Brasil Energia Engie Brasil Energia is an energy company focused on electricity generation, transmission and gas transportation in Brazil, with a portfolio that includes hydro, wind and solar assets. What are the underlying business or industry changes driving this perspective?
EQTL3
R$41.79
Equatorial
7D
-1.1%
1Y
40.8%

EQTL3: Stable Fair Value And P/E Assumptions Will Sustain Bullish Thesis

Analysts kept their fair value estimate for Equatorial broadly unchanged at around R$47.10, with only small tweaks to the discount rate and assumed future P/E. This signals that their refreshed price target is primarily a fine tuning rather than a major reset in view of recent research updates.
ALUP11
R$34.65
Alupar Investimento
7D
-4.3%
1Y
30.7%

ALUP11: Dividend Timetable And Stable Assumptions Will Shape A Balanced Outlook

Analysts have kept their R$39.54 price target for Alupar Investimento broadly unchanged, citing only minor tweaks to the discount rate, revenue growth, profit margin and future P/E assumptions in their updated models. What's in the News Board meeting scheduled for December 18, 2025, to decide on the distribution of interim dividends based on the September 30, 2025, balance sheet.
ENEV3
R$21.06
Eneva
7D
-2.3%
1Y
80.0%

ENEV3: Higher Required Return And Governance Agenda Will Shape A Steady Outlook

Analysts have slightly increased their fair value price target for Eneva from R$23.90 to R$24.33, reflecting updated views on discount rate assumptions, revenue trends, profit margins and future P/E expectations. What's in the News Eneva has scheduled a Special and Extraordinary Shareholders Meeting for February 5, 2026.
CPFE3
R$48.29
CPFL Energia
7D
-5.1%
1Y
36.4%

CPFE3: Stable Earnings Assumptions And Firm P/E Will Likely Keep Shares Fairly Valued

Analysts have nudged their fair value estimate for CPFL Energia higher to about R$46.59 from roughly R$46.09, citing updated assumptions around future earnings and valuation multiples as the key drivers of the revised price target. Analyst Commentary Bullish Takeaways Bullish analysts view the modest uplift in fair value, from about R$46.09 to roughly R$46.59, as a sign that updated assumptions around earnings and valuation multiples still support the current thesis rather than forcing a reset.
CSMG3
R$54.51
Companhia de Saneamento de Minas Gerais
7D
-4.7%
1Y
136.2%

CSMG3: Future Returns Will Likely Balance Rich P/E And Fair Valuation

Analysts have lifted their price target for Companhia de Saneamento de Minas Gerais from R$47.48 to R$52.71, citing updated views on its discount rate assumptions, revenue growth outlook, profit margins and future P/E expectations. What's in the News A special and extraordinary shareholders meeting is scheduled for Feb 23, 2026, to be held partially remotely in Belo Horizonte, Minas Gerais (company event notice).
SBSP3
R$151.39
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
-3.5%
1Y
65.6%

Companhia de Saneamento Básico do Estado de São Paulo - SABESP (BVMF:SBSP3) Is Doing The Right Things To Multiply Its Share Price

Feb 14
Companhia de Saneamento Básico do Estado de São Paulo - SABESP (BVMF:SBSP3) Is Doing The Right Things To Multiply Its Share Price
RNEW3
R$1.32
Renova Energia
7D
10.0%
1Y
-24.1%
EQPA3
R$6.49
Equatorial Pará Distribuidora de Energia
7D
1.6%
1Y
17.8%

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$42.26
Companhia de Saneamento do Paraná - SANEPAR
7D
-10.6%
1Y
52.2%

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?
EQMA3B
R$33.98
Equatorial Maranhão Distribuidora de Energia
7D
3.0%
1Y
37.5%

Return Trends At Equatorial Maranhão Distribuidora de Energia (BVMF:EQMA3B) Aren't Appealing

Jan 28
Return Trends At Equatorial Maranhão Distribuidora de Energia (BVMF:EQMA3B) Aren't Appealing
REDE3
R$6.32
Rede Energia Participações
7D
0.5%
1Y
-1.7%