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Brazilian (BOVESPA) Utilities Sector Analysis

UpdatedApr 11, 2026
DataAggregated Company Financials
Companies34
  • 7D6.2%
  • 3M18.0%
  • 1Y44.9%
  • YTD19.2%

In the last week, the Utilities industry is up 6.2%, with Companhia de Saneamento Básico do Estado de São Paulo - SABESP up 8.2%. In the same time, Companhia Distribuidora de Gás do Rio de Janeiro - CEG was down 33%. This means that the industry has gained 45% over the past year. Looking forward, earnings are forecast to grow by 13% annually.

Sector Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sat, 11 Apr 2026R$894.8bR$552.3bR$59.7b10.7x15x1.6x
Mon, 09 Mar 2026R$804.7bR$548.0bR$63.9b9.8x12.6x1.5x
Wed, 04 Feb 2026R$798.8bR$544.8bR$49.6b9.2x16.1x1.5x
Fri, 02 Jan 2026R$739.9bR$544.8bR$49.6b9x14.9x1.4x
Sun, 30 Nov 2025R$770.0bR$551.3bR$49.6b9x15.5x1.4x
Tue, 28 Oct 2025R$717.3bR$543.5bR$70.6b8.5x10.2x1.3x
Thu, 25 Sep 2025R$684.2bR$538.5bR$70.1b8.5x9.8x1.3x
Sat, 23 Aug 2025R$638.6bR$537.8bR$70.0b8.1x9.1x1.2x
Mon, 21 Jul 2025R$608.5bR$520.3bR$73.3b8.1x8.3x1.2x
Wed, 18 Jun 2025R$659.5bR$525.4bR$73.9b8.8x8.9x1.3x
Fri, 16 May 2025R$631.0bR$523.2bR$73.5b8.4x8.6x1.2x
Sun, 13 Apr 2025R$594.5bR$509.7bR$73.4b7.7x8.1x1.2x
Tue, 11 Mar 2025R$570.8bR$494.4bR$71.2b8.1x8x1.2x
Thu, 06 Feb 2025R$553.9bR$474.8bR$69.1b8.6x8x1.2x
Sat, 04 Jan 2025R$521.2bR$474.8bR$69.1b8.1x7.5x1.1x
Mon, 02 Dec 2024R$540.2bR$474.7bR$69.0b8.5x7.8x1.1x
Wed, 30 Oct 2024R$594.7bR$474.2bR$56.4b8.2x10.5x1.3x
Fri, 27 Sep 2024R$601.5bR$470.6bR$57.0b8.6x10.5x1.3x
Sun, 25 Aug 2024R$621.9bR$474.3bR$57.6b8.4x10.8x1.3x
Tue, 23 Jul 2024R$575.1bR$463.1bR$55.9b7.9x10.3x1.2x
Thu, 20 Jun 2024R$537.8bR$463.1bR$55.9b7.9x9.6x1.2x
Sat, 18 May 2024R$587.8bR$468.4bR$56.6b8.3x10.4x1.3x
Mon, 15 Apr 2024R$591.2bR$465.6bR$54.7b9.2x10.8x1.3x
Wed, 13 Mar 2024R$587.3bR$440.9bR$45.1b9.5x13x1.3x
Fri, 09 Feb 2024R$576.1bR$434.7bR$43.8b8.9x13.1x1.3x
Sun, 07 Jan 2024R$626.1bR$468.3bR$47.0b12.5x13.3x1.3x
Tue, 05 Dec 2023R$610.6bR$468.3bR$47.0b12x13x1.3x
Thu, 02 Nov 2023R$551.4bR$459.3bR$45.9b10.7x12x1.2x
Sat, 30 Sep 2023R$572.0bR$458.7bR$45.4b11x12.6x1.2x
Mon, 28 Aug 2023R$575.2bR$458.7bR$45.4b11x12.7x1.3x
Wed, 26 Jul 2023R$594.8bR$451.3bR$41.5b12.4x14.3x1.3x
Fri, 23 Jun 2023R$583.6bR$449.8bR$42.4b10.1x13.8x1.3x
Sun, 21 May 2023R$545.7bR$449.5bR$42.5b9.9x12.8x1.2x
Tue, 18 Apr 2023R$553.1bR$454.6bR$45.9b9.3x12x1.2x
Price to Earnings Ratio

12x


Total Market Cap: R$553.1bTotal Earnings: R$45.9bTotal Revenue: R$454.6bTotal 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 15.0x 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 1.6x.
Past Earnings Growth
  • The earnings for companies in the Utilities industry have grown 9.2% per year over the last three years.
  • Revenues for these companies have grown 6.7% 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 Market4.38%
Utilities6.23%
Renewable Energy7.88%
Electric Utilities7.02%
Water Utilities6.41%
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 21.5x.
    • Analysts are expecting annual earnings growth of 32.9%, which is lower than the prior year's growth of 119.2% 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 10.1x.
Forecasted Growth
  • Analysts are most optimistic on the Renewable Energy industry, expecting annual earnings growth of 33% over the next 5 years.
  • However this is lower than its past earnings growth rate of 119% per year.
  • In contrast, the Water Utilities industry is expected to see its earnings grow by 10% 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$170.508.2%
+R$9.0b		64.3%PE14.1x
EQTL3 EquatorialR$44.7710.5%
+R$5.4b		33.2%PE46.6x
CPFE3 CPFL EnergiaR$53.819.3%
+R$5.3b		42.7%PE11.3x
ENEV3 EnevaR$26.717.4%
+R$3.5b		114.7%PE44.2x
EGIE3 Engie Brasil EnergiaR$36.068.4%
+R$3.2b		27.3%PE15.9x

Latest News

CEGR3
R$37.07
Companhia Distribuidora de Gás do Rio de Janeiro - CEG
7D
-32.6%
1Y
-61.7%
ENEV3
R$26.71
Eneva
7D
7.4%
1Y
114.7%

ENEV3: Meeting Outlook And Revised Assumptions Will Guide Balanced Future View

Analysts now see Eneva's fair value at about R$27.73 per share, compared with roughly R$25.53 previously. This reflects updated assumptions for revenue growth, profit margins and future P/E multiples.
AURE3
R$13.90
Auren Energia
7D
10.6%
1Y
76.6%

AURE3: Future Returns Will Likely Stabilize As Margins Improve And P/E Eases

Analysts have kept their R$12.00 price target for Auren Energia unchanged, citing a slightly lower discount rate, a less steep 6.0% revenue contraction, a modest improvement in profit margin to around 3.1%, and a lower future P/E closer to 70x as key factors in their updated view. Valuation Changes Fair Value: R$12.00 remains unchanged, so the updated inputs did not alter the headline valuation level.
CPFE3
R$53.81
CPFL Energia
7D
9.3%
1Y
42.7%

CPFE3: Stable Assumptions Suggest Earnings Resilience Will Likely Keep Shares Fairly Valued

Analysts have updated their view on CPFL Energia with a revised R$ price target, reflecting the unchanged fair value estimate of R$46.62, alongside consistent discount rate, revenue growth and profit margin assumptions that remain aligned with recent research commentary. Analyst Commentary Recent Street research on banks with similar regional and income profiles highlights how modest changes in price targets can reflect shifts in expectations for earnings resilience, capital deployment and growth rather than dramatic changes in thesis.
CPLE3
R$16.66
Companhia Paranaense de Energia - COPEL
7D
4.6%
1Y
73.0%

Heavy Investment Plan And Auction Exposure Will Pressure Margins And Future Earnings

Catalysts About Companhia Paranaense de Energia (COPEL) Companhia Paranaense de Energia, COPEL, is an integrated Brazilian utility engaged in electricity generation, transmission, distribution and trading. What are the underlying business or industry changes driving this perspective?
SBSP3
R$170.50
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
8.2%
1Y
64.3%
SAPR11
R$45.44
Companhia de Saneamento do Paraná - SANEPAR
7D
-0.4%
1Y
64.7%
ENGI11
R$57.35
Energisa
7D
7.8%
1Y
53.1%
EGIE3
R$36.06
Engie Brasil Energia
7D
8.4%
1Y
27.3%

EGIE3: Stable Margins And Slightly Higher Discount Rate Will Shape Firm Pricing

Analysts have very slightly trimmed their price target for Engie Brasil Energia from R$31.10 to R$31.03, reflecting updated assumptions around the discount rate, revenue growth and profit margin, while keeping future P/E expectations broadly in line. Valuation Changes Fair Value: R$31.10 to R$31.03, a very small downward adjustment in the modelled estimate.
EQTL3
R$44.77
Equatorial
7D
10.5%
1Y
33.2%

EQTL3: Higher Future P/E Assumptions Will Support Bullish Earnings Outlook

Analysts have slightly raised their price target for Equatorial to R$47.32 from R$47.25. They point to updated assumptions that now reflect a marginally higher discount rate, a softer revenue growth outlook, a lower profit margin and a higher future P/E multiple.
AFLT3
R$7.23
Afluente Transmissão de Energia Elétrica
7D
-1.5%
1Y
-1.0%