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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedJan 23, 2026
DataAggregated Company Financials
Companies34
  • 7D5.2%
  • 3M9.9%
  • 1Y40.8%
  • YTD4.8%

Over the last 7 days, the Utilities industry has risen 5.2%, driven by gains from Companhia de Saneamento Básico do Estado de São Paulo - SABESP of 9.2%. In the same time, Companhia Distribuidora de Gás do Rio de Janeiro - CEG was down 7.8%. In the last 12 months, the industry was up 41%. As for the next few years, earnings are expected to grow by 16% per annum.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 23 Jan 2026R$772.3bR$544.8bR$49.6b9.4x15.6x1.4x
Sun, 21 Dec 2025R$756.2bR$544.8bR$49.6b8.9x15.2x1.4x
Tue, 18 Nov 2025R$770.6bR$551.8bR$49.7b9.4x15.5x1.4x
Thu, 16 Oct 2025R$697.9bR$543.5bR$70.6b8.6x9.9x1.3x
Sat, 13 Sep 2025R$662.9bR$538.5bR$70.1b8.3x9.5x1.2x
Mon, 11 Aug 2025R$631.8bR$525.7bR$70.4b8.4x9x1.2x
Wed, 09 Jul 2025R$648.2bR$525.4bR$73.9b8.7x8.8x1.2x
Fri, 06 Jun 2025R$653.5bR$525.4bR$73.9b8.8x8.8x1.2x
Sun, 04 May 2025R$625.5bR$510.0bR$73.4b8x8.5x1.2x
Tue, 01 Apr 2025R$562.3bR$504.4bR$73.0b7.6x7.7x1.1x
Thu, 27 Feb 2025R$572.2bR$491.8bR$70.2b8.8x8.2x1.2x
Sat, 25 Jan 2025R$529.8bR$474.8bR$69.1b8.4x7.7x1.1x
Mon, 23 Dec 2024R$536.2bR$474.8bR$69.1b8.4x7.8x1.1x
Wed, 20 Nov 2024R$558.8bR$474.6bR$69.1b8.8x8.1x1.2x
Fri, 18 Oct 2024R$593.1bR$470.6bR$57.0b8.3x10.4x1.3x
Sun, 15 Sep 2024R$617.2bR$470.6bR$57.0b8.4x10.8x1.3x
Tue, 13 Aug 2024R$602.0bR$471.8bR$56.5b8.1x10.7x1.3x
Thu, 11 Jul 2024R$577.2bR$463.1bR$55.9b7.9x10.3x1.2x
Sat, 08 Jun 2024R$560.5bR$463.4bR$56.4b7.9x9.9x1.2x
Mon, 06 May 2024R$590.7bR$466.1bR$54.5b9.2x10.8x1.3x
Wed, 03 Apr 2024R$600.0bR$466.3bR$54.7b9.6x11x1.3x
Fri, 01 Mar 2024R$590.3bR$441.3bR$44.8b9.5x13.2x1.3x
Sun, 28 Jan 2024R$621.0bR$468.3bR$47.0b12x13.2x1.3x
Tue, 26 Dec 2023R$627.5bR$468.3bR$47.0b12.5x13.4x1.3x
Thu, 23 Nov 2023R$605.4bR$468.3bR$47.0b11.9x12.9x1.3x
Sat, 21 Oct 2023R$552.0bR$458.7bR$45.4b10.8x12.2x1.2x
Mon, 18 Sep 2023R$584.6bR$458.7bR$45.4b11.3x12.9x1.3x
Wed, 16 Aug 2023R$572.2bR$458.6bR$43.4b10.4x13.2x1.2x
Fri, 14 Jul 2023R$590.7bR$451.3bR$41.5b12.3x14.2x1.3x
Sun, 11 Jun 2023R$570.7bR$449.7bR$42.4b10.3x13.5x1.3x
Tue, 09 May 2023R$549.1bR$459.4bR$44.1b9.3x12.5x1.2x
Thu, 06 Apr 2023R$538.6bR$455.4bR$46.1b8.7x11.7x1.2x
Sat, 04 Mar 2023R$530.4bR$463.5bR$53.1b9.3x10x1.1x
Mon, 30 Jan 2023R$569.7bR$461.9bR$51.5b8.6x11.1x1.2x
Price to Earnings Ratio

11.1x


Total Market Cap: R$569.7bTotal 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 15.6x 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 1.4x.
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 Market5.48%
Utilities5.18%
Water Utilities7.77%
Renewable Energy7.01%
Electric Utilities4.86%
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 19.4x.
    • Analysts are expecting annual earnings growth of 31.2%, 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 31% 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 11% 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$135.079.2%
+R$8.0b		49.9%PE13.2x
CPFE3 CPFL EnergiaR$54.996.0%
+R$3.6b		65.9%PE11.6x
EQTL3 EquatorialR$40.256.6%
+R$3.1b		41.9%PE15.1x
EGIE3 Engie Brasil EnergiaR$33.248.7%
+R$3.0b		32.4%PE12.5x
ENEV3 EnevaR$22.387.1%
+R$2.8b		107.2%PE1259.7x

Latest News

ENGI11
R$50.31
Energisa
7D
7.4%
1Y
48.8%

Energisa S.A. (BVMF:ENGI11) Could Be Riskier Than It Looks

Jan 19
Energisa S.A. (BVMF:ENGI11) Could Be Riskier Than It Looks
CSMG3
R$48.22
Companhia de Saneamento de Minas Gerais
7D
9.2%
1Y
122.7%

CSMG3: Future Returns Will Likely Be Limited By Compressed Margins

Analysts have modestly lifted their fair value estimate for Companhia de Saneamento de Minas Gerais from about R$39.48 to roughly R$40.91 per share, reflecting updated assumptions around the discount rate, revenue growth, profit margin, and future P/E. What's in the News Companhia de Saneamento de Minas Gerais has been added to the Brazil IBOVESPA Index, placing the stock among the benchmark names tracked by many local investors and index products (Key Developments).
CPFE3
R$54.99
CPFL Energia
7D
6.0%
1Y
65.9%

CPFL Energia (BVMF:CPFE3) Takes On Some Risk With Its Use Of Debt

Jan 14
CPFL Energia (BVMF:CPFE3) Takes On Some Risk With Its Use Of Debt
ENEV3
R$22.38
Eneva
7D
7.1%
1Y
107.2%
EQTL3
R$40.25
Equatorial
7D
6.6%
1Y
41.9%

EQTL3: Future P/E And Stable Margins Will Sustain Bullish Undervaluation Narrative

Narrative Update on Equatorial Analysts have trimmed their price target on Equatorial to US$45.88, reflecting slightly higher discount rate and future P/E assumptions, while keeping fair value and margin expectations broadly unchanged. Valuation Changes Fair Value: Model fair value remains unchanged at US$45.88 per share.
CBEE3
R$10.80
Ampla Energia e Serviços
7D
-1.6%
1Y
n/a

Is Ampla Energia e Serviços (BVMF:CBEE3) A Risky Investment?

Jan 09
Is Ampla Energia e Serviços (BVMF:CBEE3) A Risky Investment?
CPLE3
R$13.29
Companhia Paranaense de Energia - COPEL
7D
5.5%
1Y
60.5%
EGIE3
R$33.24
Engie Brasil Energia
7D
8.7%
1Y
32.4%

EGIE3: Higher Power Prices And Neutral Rating Will Support Balanced Risk Profile

Analysts have nudged their fair value estimate for Engie Brasil Energia to about R$29 per share, supported by a reduced discount rate and a recent shift to a Neutral rating with a R$45 price target, as higher electricity prices are seen as creating a more balanced risk and reward profile. Analyst Commentary Bullish Takeaways Bullish analysts see the move to a Neutral rating and R$45 price target as recognition that valuation now better reflects the company’s risk and return profile, with less pressure from earlier bearish views.
CEEB3
R$43.81
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
-1.6%
1Y
15.3%
REDE3
R$6.20
Rede Energia Participações
7D
-0.5%
1Y
-1.6%
LIGT3
R$4.52
Light
7D
-1.1%
1Y
13.6%
SBSP3
R$135.07
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
9.2%
1Y
49.9%
RNEW3
R$0.99
Renova Energia
7D
-1.0%
1Y
-45.6%
RIOS3
R$32.80
Rio Alto Energias Renováveis
7D
-2.4%
1Y
n/a