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Brazilian (BOVESPA) Market Analysis & Valuation

UpdatedAug 23, 2026
DataAggregated Company Financials
Companies496
  • 7D2.0%
  • 3M-3.8%
  • 1Y11.7%
  • YTD1.0%

The market is up 2.0% over the last week, with the Energy sector leading the way, up 5.3%. In the last year, the market has climbed 12%. As for the next few years, earnings are expected to grow by 12% per annum.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

Has the Brazilian Market valuation changed over the past few years?

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 24 Aug 2026R$4.9tR$4.1tR$477.9b8.4x10.3x1.2x
Wed, 22 Jul 2026R$5.0tR$4.0tR$433.0b9.2x11.7x1.3x
Fri, 19 Jun 2026R$4.9tR$4.0tR$432.8b9.1x11.3x1.2x
Sun, 17 May 2026R$5.1tR$4.0tR$436.1b9.4x11.7x1.3x
Tue, 14 Apr 2026R$5.7tR$4.0tR$435.8b11.3x13.1x1.4x
Thu, 12 Mar 2026R$5.4tR$4.0tR$456.8b10.2x11.8x1.4x
Sat, 07 Feb 2026R$5.4tR$4.2tR$404.2b10x13.3x1.3x
Mon, 05 Jan 2026R$4.8tR$4.2tR$401.8b9.7x12x1.1x
Wed, 03 Dec 2025R$4.9tR$4.2tR$402.2b9.7x12.3x1.2x
Fri, 31 Oct 2025R$4.6tR$4.2tR$429.5b9.3x10.6x1.1x
Sun, 28 Sep 2025R$4.5tR$4.1tR$431.8b8.9x10.4x1.1x
Tue, 26 Aug 2025R$4.3tR$4.2tR$443.6b8.6x9.8x1x
Thu, 24 Jul 2025R$4.3tR$4.2tR$405.4b8.8x10.6x1x
Sat, 21 Jun 2025R$4.4tR$4.2tR$406.5b9.2x10.8x1x
Mon, 19 May 2025R$4.6tR$4.8tR$420.2b9.3x10.8x1x
Wed, 16 Apr 2025R$4.3tR$4.7tR$401.5b8.5x10.7x0.9x
Fri, 14 Mar 2025R$4.2tR$4.6tR$412.6b8.1x10.1x0.9x
Sun, 09 Feb 2025R$4.2tR$4.6tR$481.3b8.2x8.7x0.9x
Tue, 07 Jan 2025R$4.0tR$4.6tR$481.0b8.1x8.3x0.9x
Thu, 05 Dec 2024R$4.3tR$4.6tR$482.5b8.7x9x1x
Sat, 02 Nov 2024R$4.4tR$4.4tR$431.1b9.2x10.2x1x
Mon, 30 Sep 2024R$4.6tR$4.4tR$428.4b9.8x10.7x1x
Wed, 28 Aug 2024R$4.7tR$4.4tR$429.6b10.4x11x1.1x
Fri, 26 Jul 2024R$4.4tR$4.4tR$447.4b9.8x9.8x1x
Sun, 23 Jun 2024R$4.2tR$4.3tR$446.7b9.4x9.5x1x
Tue, 21 May 2024R$4.5tR$4.3tR$445.0b10.6x10.1x1x
Thu, 18 Apr 2024R$4.4tR$4.3tR$460.5b10.1x9.6x1x
Sat, 16 Mar 2024R$4.5tR$4.3tR$451.8b10.3x10x1x
Mon, 12 Feb 2024R$4.6tR$4.3tR$470.4b10.1x9.7x1.1x
Wed, 10 Jan 2024R$4.7tR$4.3tR$467.4b11.7x10x1.1x
Fri, 08 Dec 2023R$4.5tR$4.4tR$467.5b11.1x9.6x1x
Sun, 05 Nov 2023R$4.3tR$4.5tR$489.1b10.7x8.7x0.9x
Tue, 03 Oct 2023R$4.2tR$4.5tR$504.4b10.9x8.4x0.9x
Thu, 31 Aug 2023R$4.4tR$4.5tR$504.3b11.2x8.7x1x
Price to Earnings Ratio

8.7x


Total Market Cap: R$4.4tTotal Earnings: R$504.3bTotal Revenue: R$4.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Market Price to Earnings3Y Average 10.4x202420252026
Current Market PE
  • Investors are relatively neutral on the Brazilian market at the moment, indicating that they expect earnings will grow in line with historical growth rates.
  • The market is trading close to its 3-year average PE ratio of 10.4x.
Past Earnings Growth
  • The earnings for Brazilian listed companies have remained mostly flat over the last three years.
  • Meanwhile revenues have declined 3.4% per year.
  • This means that the cost of doing business could be reducing since sales have declined yet profits have remained steady.

Sector Trends

Which sectors have driven the changes within the Brazilian Market?

BR Market2.01%
Energy5.33%
Consumer Staples4.42%
Tech4.22%
Materials3.43%
Consumer Discretionary3.01%
Industrials2.73%
Healthcare1.55%
Utilities1.36%
Financials-0.01%
Real Estate-0.36%
Telecom-0.47%
Sector PE
  • Investors favour the Materials sector the most for future growth, which is trading above its 3-year average PE ratio of 10.4x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 22.2% which is higher than its past year's earnings decline of 30.5% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading below its 3-year average of 6.4x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 24% over the next 5 years.
  • This is better than its past earnings growth rate of 17% per year.
  • In contrast, the Energy sector is expected to see its earnings decline by 4.8% per year over the next few years.

Top Stock Gainers and Losers

Which companies have driven the market over the last 7 days?

CompanyLast Price7D1YValuationSector
VALE3 ValeR$75.035.2%
+R$15.9b		36.9%PE30.8xMaterials
WEGE3 WEGR$49.273.7%
+R$7.4b		31.4%PE33.1xIndustrials
AXIA3 AXIA EnergiaR$51.854.1%
+R$5.8b		21.5%PE12.3xUtilities
MBRF3 MBRF Global FoodsR$19.5419.4%
+R$4.4b		-13.9%PE74xConsumer Staples
BPAC11 Banco BTG PactualR$51.851.7%
+R$4.1b		19.7%PE13.7xFinancials
See more

Market Insights

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Latest News

MBRF3
R$19.54
MBRF Global Foods
7D
19.4%
1Y
-13.9%
VIVT3
R$29.33
Telefônica Brasil
7D
-1.4%
1Y
-14.7%
Narrative Update • Aug 21

VIVT3: Fiber Merger And Capital Distributions Will Support Stronger Outlook

Analysts have trimmed their price target on Telefônica Brasil, lowering fair value from R$38.51 to R$37.45 as they refine assumptions around discount rates, revenue growth, profit margins and future P/E levels. What’s in the News for Telefônica Brasil A board meeting is scheduled for Jun 16, 2026 to review the appraisal report of Fibrasil’s shareholders’ equity and the draft merger protocol, with the appraisal report prepared by PriceWaterhouseCoopers Auditores Independentes Ltda.
CSMG3
R$54.50
Companhia de Saneamento de Minas Gerais
7D
-2.3%
1Y
94.9%
VALE3
R$75.03
Vale
7D
5.2%
1Y
36.9%
Narrative Update • Aug 18

VALE3: Copper And Base Metals Expansion Will Drive Future Upside

Analysts have lifted the fair value estimate for Vale to R$111.05 from R$106.92. This reflects updated models that incorporate mixed but generally higher recent Street price targets, a shift to a lower assumed future P/E multiple, and revised assumptions for revenue growth, profit margins, and risk.
EMBJ3
R$97.27
Embraer
7D
-1.8%
1Y
25.3%
Narrative Update • Aug 16

EMBJ3: Backlog Strength And China Entry Will Support Bullish Thesis

Embraer’s updated analyst price target has increased from R$92.16 to R$111.07, with analysts citing recent target revisions and new coverage that emphasize the company’s sizable R$33.4b backlog, diversified aircraft portfolio, and current valuation relative to global peers. Analyst Commentary Recent research on Embraer highlights both supportive views on the current valuation and some areas where execution and relative pricing could attract closer scrutiny from investors.
JHSF3
R$10.16
JHSF Participações
7D
-6.1%
1Y
83.4%
SUZB3
R$44.97
Suzano
7D
7.0%
1Y
-16.4%
CURY3
R$29.90
Cury Construtora e Incorporadora
7D
-5.8%
1Y
-9.6%
PRIO3
R$62.85
Prio
7D
7.2%
1Y
65.2%
EGIE3
R$27.63
Engie Brasil Energia
7D
-1.4%
1Y
-1.7%
Analysis Article • Aug 12

Engie Brasil Energia's (BVMF:EGIE3) Earnings Are Of Questionable Quality

Engie Brasil Energia S.A. ( BVMF:EGIE3 ) announced strong profits, but the stock was stagnant. Our analysis suggests...
AXIA3
R$51.85
AXIA Energia
7D
4.1%
1Y
21.5%
Narrative Update • Aug 12

AXIA3: Preferred Share Redemption In 2026 Will Drive Future Upside Potential

Analysts have lifted the AXIA Energia price target from R$68.51 to about R$70.15, reflecting updated assumptions for fair value, discount rate, revenue, profit margins and future P/E estimates. What's in the News for AXIA Energia The Board of Directors approved the redemption of 37,237,014 Class C Preferred Shares (PNC) for BRL 2,000 million at BRL 53.71 per share, with an alternative for holders to convert PNC into common shares on a 1 to 1 basis in August 2026.
BPAC11
R$51.85
Banco BTG Pactual
7D
1.7%
1Y
19.7%
WEGE3
R$49.27
WEG
7D
3.7%
1Y
31.4%
Narrative Update • Aug 11

WEGE3: Improving Momentum Will Likely Fail To Justify Elevated Share Pricing

The analyst price target for WEG has shifted from R$37.30 to R$42.60, with analysts pointing to improving momentum, reset estimates, and an assessment that current levels offer an attractive entry point. Analyst Commentary Recent research on WEG highlights a mix of improved sentiment and lingering caution.
SANB11
R$29.55
Banco Santander (Brasil)
7D
-1.3%
1Y
9.0%
Narrative Update • Aug 07

SANB11: Upcoming Governance Shakeup Will Support Bullish Long-Term Outlook

Analysts have adjusted their price target for Banco Santander (Brasil) to R$34.43 from R$35.67, reflecting updated assumptions for revenue growth, profit margins and an increased projected P/E multiple. What’s in the News for Banco Santander (Brasil) Banco Santander, S.A. proposed to acquire an additional 10.34% stake in Banco Santander (Brasil) S.A. for up to €1.9b through voluntary exchange tender offers, with new shares of Banco Santander, S.A. to be issued as consideration.
ABEV3
R$15.00
Ambev
7D
1.7%
1Y
22.9%
Narrative Update • Aug 06

ABEV3: Tougher Post World Cup Comparisons Will Constrain Future Rerating Potential

Analysts have nudged their fair value estimate for Ambev slightly higher to R$13.00 from R$12.50, reflecting updated assumptions on revenue growth, profit margins and future P/E, while weighing recent mixed rating actions and cautious commentary on tougher comparisons ahead. Analyst Commentary Recent research on Ambev highlights a split view, with some bearish analysts turning more cautious even as others remain constructive.
AZUL3
R$19.31
Azul
7D
-8.5%
1Y
n/a