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Brazilian (BOVESPA) Market Analysis & Valuation

UpdatedApr 13, 2026
DataAggregated Company Financials
Companies372
  • 7D4.4%
  • 3M17.1%
  • 1Y37.1%
  • YTD18.6%

The market has climbed 4.4% in the last 7 days, lead by the Financials sector with a gain of 6.3%. The market is up 37% over the last 12 months. Earnings are forecast to grow by 13% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Mon, 13 Apr 2026R$5.7tR$4.0tR$435.8b11.3x13.1x1.4x
Wed, 11 Mar 2026R$5.4tR$4.0tR$445.7b10.3x12.1x1.4x
Fri, 06 Feb 2026R$5.4tR$4.2tR$398.3b10.1x13.4x1.3x
Sun, 04 Jan 2026R$4.8tR$4.2tR$401.8b9.7x12x1.1x
Tue, 02 Dec 2025R$4.9tR$4.2tR$402.6b9.6x12.1x1.2x
Thu, 30 Oct 2025R$4.5tR$4.2tR$428.0b9x10.6x1.1x
Sat, 27 Sep 2025R$4.5tR$4.1tR$431.8b8.9x10.4x1.1x
Mon, 25 Aug 2025R$4.3tR$4.2tR$443.3b8.5x9.8x1x
Wed, 23 Jul 2025R$4.2tR$4.2tR$404.5b8.7x10.5x1x
Fri, 20 Jun 2025R$4.4tR$4.2tR$406.4b9.3x10.9x1.1x
Sun, 18 May 2025R$4.6tR$4.8tR$420.2b9.3x10.8x1x
Tue, 15 Apr 2025R$4.2tR$4.7tR$401.5b8.4x10.6x0.9x
Thu, 13 Mar 2025R$4.1tR$4.6tR$410.8b8.1x10x0.9x
Sat, 08 Feb 2025R$4.3tR$4.6tR$481.4b8.2x8.8x0.9x
Mon, 06 Jan 2025R$4.0tR$4.6tR$480.7b8.1x8.3x0.9x
Wed, 04 Dec 2024R$4.3tR$4.6tR$482.5b8.6x8.9x0.9x
Fri, 01 Nov 2024R$4.4tR$4.4tR$429.9b9.4x10.3x1x
Sun, 29 Sep 2024R$4.6tR$4.4tR$428.4b9.8x10.7x1x
Tue, 27 Aug 2024R$4.7tR$4.4tR$429.3b10.3x11x1.1x
Thu, 25 Jul 2024R$4.4tR$4.4tR$446.8b10x9.9x1x
Sat, 22 Jun 2024R$4.2tR$4.3tR$446.7b9.4x9.5x1x
Mon, 20 May 2024R$4.5tR$4.4tR$445.0b10.4x10.1x1x
Wed, 17 Apr 2024R$4.5tR$4.3tR$460.4b10.2x9.7x1x
Fri, 15 Mar 2024R$4.6tR$4.3tR$450.2b10.5x10.2x1.1x
Sun, 11 Feb 2024R$4.6tR$4.3tR$470.4b10.1x9.7x1.1x
Tue, 09 Jan 2024R$4.7tR$4.3tR$467.1b11.5x10x1.1x
Thu, 07 Dec 2023R$4.5tR$4.4tR$467.4b10.9x9.6x1x
Sat, 04 Nov 2023R$4.3tR$4.5tR$489.1b10.7x8.7x0.9x
Mon, 02 Oct 2023R$4.2tR$4.5tR$504.4b11x8.4x0.9x
Wed, 30 Aug 2023R$4.3tR$4.5tR$504.1b11.2x8.6x1x
Fri, 28 Jul 2023R$4.5tR$4.6tR$549.4b12.1x8.1x1x
Sun, 25 Jun 2023R$4.5tR$4.6tR$554.1b11.7x8x1x
Tue, 23 May 2023R$4.2tR$4.6tR$562.6b10.6x7.4x0.9x
Thu, 20 Apr 2023R$4.0tR$4.6tR$595.3b9.6x6.7x0.9x
Price to Earnings Ratio

6.7x


Total Market Cap: R$4.0tTotal Earnings: R$595.3bTotal Revenue: R$4.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Market Price to Earnings3Y Average 10x202420252026
Current Market PE
  • Investors are optimistic on the Brazilian market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 13.1x which is higher than its 3-year average PE of 10.0x.
Past Earnings Growth
  • The earnings for companies in the Brazilian industry have declined 9.9% per year over the last three years.
  • Revenues have also declined 4.6% per year.
  • This means overall sales from these companies are declining and profits are subsequently falling as well.

Sector Trends

Which sectors have driven the changes within the Brazilian Market?

BR Market4.38%
Financials6.31%
Utilities6.23%
Healthcare4.80%
Consumer Staples4.12%
Industrials4.04%
Telecom3.60%
Consumer Discretionary3.07%
Real Estate1.99%
Energy1.74%
Materials1.74%
Tech-2.82%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading close to its 3-year average PE ratio of 51.2x.
    • 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 growth of 5.9% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 6.1x.
Forecasted Growth
  • Analysts are most optimistic on the Tech sector, expecting annual earnings growth of 23% over the next 5 years.
  • This is better than its past earnings growth rate of 6.5% per year.
  • In contrast, the Energy industry is expected to see its earnings growth to stay flat over the next few years.

Top Stock Gainers and Losers

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

CompanyLast Price7D1YValuationSector
BPAC11 Banco BTG PactualR$62.788.8%
+R$24.4b		82.6%PE18.9xFinancials
VALE3 ValeR$85.593.0%
+R$10.7b		57.5%PE26.4xMaterials
SBSP3 Companhia de Saneamento Básico do Estado de São Paulo - SABESPR$170.509.3%
+R$10.2b		62.2%PE14.1xUtilities
ABEV3 AmbevR$16.124.3%
+R$10.1b		17.8%PE16.2xConsumer Staples
WEGE3 WEGR$52.884.5%
+R$9.5b		15.4%PE34.8xIndustrials
See more

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Latest News

BBAS3
R$24.73
Banco do Brasil
7D
5.5%
1Y
-11.9%

BBAS3: Analyst Day Signals Stable Outlook With Margin Assumptions Supporting Fair Value

Analysts have updated their view on Banco do Brasil, revising price expectations to reflect new assumptions. These keep fair value steady at R$26.94 while incorporating higher modeled revenue growth of 17.45%, a profit margin of 36.62% and a lower future P/E of 7.19x.
AZZA3
R$20.80
Azzas 2154
7D
-13.3%
1Y
-22.4%

AZZA3: Higher Required Return Will Still Support Future Upside Potential

Analysts have trimmed the price target for Azzas 2154 by roughly R$1, reflecting slightly higher assumed discount rates and more cautious revenue growth expectations. This was partly offset by a small uplift in projected profit margins and a marginally lower future P/E.
CEGR3
R$37.07
Companhia Distribuidora de Gás do Rio de Janeiro - CEG
7D
-32.6%
1Y
-61.7%
MBRF3
R$19.83
MBRF Global Foods
7D
-3.3%
1Y
-3.3%
BPAC11
R$62.78
Banco BTG Pactual
7D
8.8%
1Y
82.6%

BPAC11: Lower Discount Rate And Firm Margins Will Support Bullish Outlook

Analysts have nudged their price target for Banco BTG Pactual higher to about R$65 from roughly R$64, citing updated assumptions that include a modestly lower discount rate, slightly adjusted revenue growth expectations, a small uplift in profit margin, and a marginally higher future P/E multiple. Valuation Changes Fair Value: The updated model fair value is now R$65.05, compared with the prior R$63.97, reflecting a modest uplift in the estimate.
VIVT3
R$42.94
Telefônica Brasil
7D
5.5%
1Y
68.4%

VIVT3: Capital Return Actions And Governance Changes Will Shape Balanced Future Outlook

Analysts have nudged their price target on Telefônica Brasil higher from about R$38.88 to roughly R$39.86, citing updated assumptions for revenue growth, profit margins, and future P/E levels. What's in the News The Board of Directors appointed Rodrigo Rossi Monari as Chief Financial and Investor Relations Officer.
CPFE3
R$53.81
CPFL Energia
7D
11.3%
1Y
40.7%

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.
VALE3
R$85.59
Vale
7D
3.0%
1Y
57.5%

VALE3: Copper Strength And Base Metals Mix Will Support Future Upside

Analysts have slightly reduced the fair value estimate for Vale. The updated price target of R$101.20 reflects a higher discount rate and more conservative revenue growth assumptions, partly offset by a marginally stronger profit margin outlook and a lower future P/E.
SUZB3
R$47.16
Suzano
7D
-4.9%
1Y
-10.0%

SUZB3: Share Repurchases And Dividend Proposal Will Support Future Upside

Analysts have slightly trimmed Suzano's fair value estimate to R$70.98 from R$71.21, as small adjustments to the discount rate, revenue growth, profit margin, and forward P/E assumptions feed through to the price target calculation. What's in the News Suzano has called a Special and Extraordinary Shareholders Meeting for April 23, 2026, which will address key corporate matters including proposed dividends and bylaw changes (company event filing).
ABEV3
R$16.12
Ambev
7D
4.3%
1Y
17.8%
MRSA3B
R$43.50
MRS Logística
7D
-13.0%
1Y
53.2%
WEGE3
R$52.88
WEG
7D
4.5%
1Y
15.4%

WEGE3: Future Earnings Power To Be Tested After Neutral Downgrade

Analysts now see fair value for WEG at about R$54.26, up from roughly R$53.17. This reflects slightly softer revenue growth assumptions, a modestly higher long term profit margin, and a neutral stance following recent price target cuts tied to the Q4 miss and revised guidance.
TOTS3
R$33.84
TOTVS
7D
-3.6%
1Y
-5.4%

TOTS3: Recent Upgrade And Buyback Plans Will Support Bullish Repricing

Analysts have nudged their fair value estimate for TOTVS up from R$51.28 to R$51.75, citing updated assumptions around revenue growth, profitability, discount rate and future P/E, along with a recent upgrade to Outperform from Neutral with a R$47 price target. Analyst Commentary Bullish analysts see the updated fair value and the R$47 price target as consistent with a thesis that the company can support its current P/E assumptions through solid execution on revenue and profitability goals.
SBSP3
R$170.50
Companhia de Saneamento Básico do Estado de São Paulo - SABESP
7D
9.3%
1Y
62.2%
AZUL53
R$0.00019
Azul
7D
-12.2%
1Y
n/a
ANCR11
R$504.99
Fundo de Investimento Imobiliário - FII Ancar IC
7D
-27.3%
1Y
376.4%