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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedJun 24, 2026
DataAggregated Company Financials
Companies34
  • 7D2.7%
  • 3M-4.0%
  • 1Y22.7%
  • YTD2.5%

Over the last 7 days, the Utilities industry has risen 2.7%, driven by gains from AXIA Energia of 3.5%. Meanwhile, Ampla Energia e Serviços actually underperformed within the industry, shrinking 5.9% in the last week. This takes the industry's 12 month performance to a gain of 23%. 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, 25 Jun 2026R$757.8bR$527.5bR$59.4b10.4x12.8x1.4x
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
Sun, 02 Jul 2023R$593.2bR$451.3bR$42.2b10.2x14.1x1.3x
Price to Earnings Ratio

14.1x


Total Market Cap: R$593.2bTotal Earnings: R$42.2bTotal 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 12% 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 Market1.51%
Utilities2.74%
Renewable Energy3.28%
Water Utilities3.02%
Electric Utilities2.87%
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 23.3x.
    • Analysts are expecting annual earnings growth of 30.9%, 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 10.7x.
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
AXIA3 AXIA EnergiaR$54.223.5%
+R$5.2b		36.4%PE16.1x
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$28.162.5%
+R$2.5b		27.7%PE11.3x
ENEV3 EnevaR$25.204.7%
+R$2.1b		82.6%PE37.3x
CPLE3 Companhia Paranaense de Energia - COPELR$14.994.8%
+R$2.0b		29.6%PE16.5x
EQPA3 Equatorial Pará Distribuidora de EnergiaR$6.4511.4%
+R$1.5b		14.2%PE9.2x

Latest News

EQPA3
R$6.69
Equatorial Pará Distribuidora de Energia
7D
15.9%
1Y
18.4%
CPFE3
R$44.37
CPFL Energia
7D
0.8%
1Y
9.8%
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.
SBSP3
R$28.47
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
5.8%
1Y
27.5%
EQTL3
R$38.00
Equatorial
7D
3.1%
1Y
7.1%
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.
ENEV3
R$25.94
Eneva
7D
7.6%
1Y
91.0%
Narrative Update • Jun 16

ENEV3: Lower Discount Rate And Richer P E Will Support Upside

Analysts have made a small upward adjustment to Eneva's fair value estimate, moving the target from about R$29.35 to roughly R$29.54. They cited updated assumptions on discount rate, revenue trends, profit margin and future P/E as key inputs to their revised view.
AURE3
R$11.18
Auren Energia
7D
-0.3%
1Y
12.7%
Narrative Update • Jun 14

AURE3: Higher Margin Outlook Will Support Future Upside Potential

Narrative Update: Auren Energia The analyst price target for Auren Energia has been adjusted to R$16.50 from R$16.02. Analysts point to updated assumptions for the discount rate, revenue growth, profit margin and future P/E as the key drivers of this change.
EGIE3
R$33.60
Engie Brasil Energia
7D
-0.8%
1Y
8.9%
AXIA3
R$54.18
AXIA Energia
7D
5.2%
1Y
35.9%
New Narrative • Jun 11

Hydrology And Regulatory Shifts Will Challenge Trading Tailwinds But Support Long Term Earnings Quality

Catalysts About AXIA Energia AXIA Energia operates across power generation, transmission and energy trading in the Brazilian electricity sector. What are the underlying business or industry changes driving this perspective?
SAPR11
R$37.21
Companhia de Saneamento do Paraná - SANEPAR
7D
-1.4%
1Y
-1.0%
ENGI11
R$46.40
Energisa
7D
2.0%
1Y
9.1%
CBEE3
R$10.15
Ampla Energia e Serviços
7D
-4.9%
1Y
19.3%
RNEW3
R$0.94
Renova Energia
7D
-6.0%
1Y
4.4%
CPLE3
R$15.02
Companhia Paranaense de Energia - COPEL
7D
1.6%
1Y
29.3%
Analysis Article • May 07

Analysts Have Just Cut Their Companhia Paranaense de Energia - COPEL (BVMF:CPLE3) Revenue Estimates By 2.9%

Today is shaping up negative for Companhia Paranaense de Energia - COPEL ( BVMF:CPLE3 ) shareholders, with the analysts...
CEEB3
R$45.71
Companhia de Eletricidade do Estado da Bahia - COELBA
7D
-0.4%
1Y
22.9%