Investing IdeasBrowse All StocksMarkets
Have your own idea? Try our Stock Screener
Header cover image

Brazilian (BOVESPA) Market Analysis & Valuation

UpdatedFeb 23, 2026
DataAggregated Company Financials
Companies372
  • 7D2.0%
  • 3M16.2%
  • 1Y33.0%
  • YTD16.3%

The market is up 2.0% over the last week, with the Financials sector leading the way, up 3.6%. The market is up 33% 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, 23 Feb 2026R$5.6tR$4.0tR$412.0b10.5x13.6x1.4x
Wed, 21 Jan 2026R$4.9tR$4.2tR$398.7b9.5x12.3x1.2x
Fri, 19 Dec 2025R$4.8tR$4.2tR$401.6b9.4x11.9x1.1x
Sun, 16 Nov 2025R$4.8tR$4.2tR$412.0b9.6x11.7x1.1x
Tue, 14 Oct 2025R$4.4tR$4.2tR$433.2b8.7x10.1x1x
Thu, 11 Sep 2025R$4.5tR$4.2tR$436.3b8.9x10.3x1.1x
Sat, 09 Aug 2025R$4.3tR$4.2tR$414.3b9x10.4x1x
Mon, 07 Jul 2025R$4.5tR$4.2tR$406.1b9.6x11.1x1.1x
Wed, 04 Jun 2025R$4.5tR$4.7tR$416.5b9.6x10.8x1x
Fri, 02 May 2025R$4.5tR$4.7tR$402.2b8.9x11.1x1x
Sun, 30 Mar 2025R$4.4tR$4.7tR$407.8b8.3x10.7x0.9x
Tue, 25 Feb 2025R$4.3tR$4.6tR$456.4b8.1x9.3x0.9x
Thu, 23 Jan 2025R$4.2tR$4.6tR$481.0b8.3x8.7x0.9x
Sat, 21 Dec 2024R$4.2tR$4.6tR$481.2b8.4x8.6x0.9x
Mon, 18 Nov 2024R$4.4tR$4.6tR$476.0b9.2x9.2x1x
Wed, 16 Oct 2024R$4.5tR$4.4tR$428.4b9.7x10.5x1x
Fri, 13 Sep 2024R$4.6tR$4.4tR$427.0b10.3x10.9x1x
Sun, 11 Aug 2024R$4.5tR$4.4tR$455.9b10.1x10x1x
Tue, 09 Jul 2024R$4.4tR$4.3tR$446.4b9.9x9.8x1x
Thu, 06 Jun 2024R$4.3tR$4.4tR$447.0b9.8x9.6x1x
Sat, 04 May 2024R$4.5tR$4.3tR$454.9b10.2x10x1x
Mon, 01 Apr 2024R$4.6tR$4.4tR$459.1b10.6x10x1.1x
Wed, 28 Feb 2024R$4.6tR$4.4tR$459.7b10.4x10.1x1.1x
Fri, 26 Jan 2024R$4.5tR$4.3tR$466.8b11.4x9.7x1x
Sun, 24 Dec 2023R$4.7tR$4.4tR$467.0b11.9x10.1x1.1x
Tue, 21 Nov 2023R$4.5tR$4.4tR$467.6b10.5x9.5x1x
Thu, 19 Oct 2023R$4.1tR$4.5tR$504.1b10.4x8.2x0.9x
Sat, 16 Sep 2023R$4.4tR$4.5tR$505.2b11.4x8.7x1x
Mon, 14 Aug 2023R$4.4tR$4.6tR$512.4b11.7x8.6x1x
Wed, 12 Jul 2023R$4.4tR$4.6tR$552.8b11.6x8x1x
Fri, 09 Jun 2023R$4.3tR$4.6tR$554.4b11.8x7.8x0.9x
Sun, 07 May 2023R$4.0tR$4.6tR$571.1b10.3x7x0.9x
Tue, 04 Apr 2023R$3.9tR$4.6tR$595.5b9.8x6.5x0.8x
Thu, 02 Mar 2023R$4.0tR$4.5tR$611.2b9.4x6.5x0.9x
Price to Earnings Ratio

6.5x


Total Market Cap: R$4.0tTotal Earnings: R$611.2bTotal Revenue: R$4.5tTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Market Price to Earnings3Y Average 9.7x202420252026
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 13.6x which is higher than its 3-year average PE of 9.7x.
Past Earnings Growth
  • The earnings for companies in the Brazilian industry have declined 12% per year over the last three years.
  • Revenues have also declined 4.4% 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 Market2.02%
Healthcare4.42%
Financials3.62%
Tech3.25%
Energy3.14%
Consumer Discretionary3.00%
Utilities2.35%
Real Estate1.60%
Industrials0.061%
Materials-0.58%
Consumer Staples-0.63%
Telecom-0.79%
Sector PE
  • Investors favour the Healthcare sector the most for future growth, which is trading above its 3-year average PE ratio of 50.7x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 26.6%, which is higher than its past year's earnings growth of 7.1% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 5.9x.
Forecasted Growth
  • Analysts are most optimistic on the Healthcare sector, expecting annual earnings growth of 27% over the next 5 years.
  • This is better than its past earnings growth rate of 7.1% 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$62.184.3%
+R$12.5b		86.7%PE18.8xFinancials
AZUL53 AzulR$0.0002615.6%
+R$12.1b		n/aPS0.7xIndustrials
BBAS3 Banco do BrasilR$26.996.1%
+R$8.9b		-3.5%PB0.8xFinancials
SANB11 Banco Santander (Brasil)R$36.706.4%
+R$8.2b		40.3%PB1.1xFinancials
RDOR3 Rede D'Or São LuizR$45.095.7%
+R$5.4b		51.9%PE22.4xHealthcare
See more

Market Insights

Header cover image
Alternatives part 2: 2026 and beyond 🔭
Richard Bowman avatar
Richard Bowman
|
|
Deep dive into the exciting world of Private Equity, Real Estate, Private Credit, Infrastructure & Transport and Hedge Funds.
Continue reading
Dotcom Bubble vs. Now 🫧
Last Week

Dotcom Bubble vs. Now 🫧

Latest News

VIVT3
R$40.70
Telefônica Brasil
7D
-0.7%
1Y
54.3%

VIVT3: Capital Reduction And Governance Meetings Will Support Steady Future Returns

Analysts have nudged their price target on Telefônica Brasil higher, pointing to a slightly richer assumed future P/E multiple of 19.82x, while keeping fair value steady at R$37.77 and only marginally refining long term revenue growth and profit margin assumptions. What's in the News Board meeting scheduled for February 12, 2026, to consider a proposal for the declaration of Interest on Capital and the resignation of a board member.
VALE3
R$86.81
Vale
7D
-0.3%
1Y
49.3%

VALE3: Copper And Base Metals Mix Will Drive Future Upside Potential

The updated analyst price target for Vale implies fair value rising from about R$86.67 to roughly R$102.54. Analysts point to stronger margin assumptions, a lower discount rate and a lower future P/E, supported by recent research that highlights higher copper exposure even as iron ore faces potential oversupply risk.
CMIN3
R$5.33
CSN Mineração
7D
-2.4%
1Y
-0.9%

CMIN3: Analyst Day Will Shape Margins P/E Expectations And Measured Return Profile

Analysts have inched up their price target on CSN Mineração to R$5.56 from R$5.54, citing slightly stronger assumed profit margins and a modestly lower future P/E multiple in their updated models. What's in the News CSN Mineração held an Analyst/Investor Day, giving the market an updated look at management's priorities and assumptions for the business (Key Developments).
CPFE3
R$49.76
CPFL Energia
7D
-1.9%
1Y
42.0%
SUZB3
R$56.86
Suzano
7D
-2.5%
1Y
-1.1%

SUZB3: Share Repurchases And Dividends Will Support Future Upside Potential

Analysts have nudged their Suzano price target slightly higher to reflect updated assumptions around a fair value of R$69.36, a lower discount rate, and modest adjustments to revenue growth, profit margin, and future P/E expectations. What's in the News Suzano S.A. announced a share repurchase program for up to 40,000,000 shares.
PRIO3
R$55.02
Prio
7D
4.7%
1Y
45.9%

PRIO3: Index Addition And Refined Assumptions Will Shape Future Repricing Potential

Analysts have lifted their price target for Prio by about R$2, citing updated assumptions around fair value, discount rate, revenue growth, profit margins and future P/E multiples. Analyst Commentary Bullish Takeaways Bullish analysts point to the refreshed fair value work as support for a higher price target, arguing that updated revenue and margin assumptions still leave what they see as a valuation gap relative to their internal estimates.
TIMS3
R$26.99
TIM
7D
-1.1%
1Y
57.0%

TIMS3: Fibre Buyback Talks And Tower Deal Will Shape Balanced Outlook

Analysts have nudged their fair value estimate for TIM higher to R$25.81 from R$25.66, supported by updated assumptions that include slightly different revenue growth, profit margin and forward P/E expectations, along with a small adjustment to the discount rate. What's in the News TIM is in talks to buy back a 51% stake in fibre network unit I-Systems, which it previously sold to IHS Towers in 2021, with the stake described as potentially worth around US$170 million.
EMBJ3
R$95.71
Embraer
7D
3.1%
1Y
62.3%

EMBJ3: Higher Discounting Assumptions And India Expansion Will Shape Measured Outlook

Analysts lifted their fair value estimate for Embraer to R$93.97 from R$92.77, citing updated views on discount rates, revenue growth, profit margins and future P/E assumptions reflected in recent price target revisions, such as the BofA increase. Analyst Commentary Bullish Takeaways Bullish analysts view the higher fair value estimate of R$93.97 as better aligned with recent price target revisions, including the US$10 increase highlighted in recent research.
ABEV3
R$16.03
Ambev
7D
-2.0%
1Y
44.2%

ABEV3: Profitability Execution Risk May Limit Appeal Despite Cash Flow Outlook

Analysts have nudged their Ambev price target higher, with the fair value estimate moving from R$13.98 to R$14.81, citing expectations for profitability-led earnings and cash flow growth into 2026. Analyst Commentary Recent research has focused on how Ambev might balance earnings quality with cash generation as it approaches 2026.
WEGE3
R$51.99
WEG
7D
-3.4%
1Y
0.9%

WEGE3: Tariff And Renewables Risks Will Pressure Overvalued Shares

Analysts have raised their price target on WEG to R$55, citing what they view as overly cautious market sentiment on tariffs and renewables orders, along with Street models for 2026-27 EBITDA that they estimate are roughly 7% below their own projections. Analyst Commentary Even with the new R$55 price target, there is still a split in how analysts see the risk and reward for WEG.
BBAS3
R$26.99
Banco do Brasil
7D
6.1%
1Y
-3.5%
SANB11
R$36.70
Banco Santander (Brasil)
7D
6.4%
1Y
40.3%
BPAC11
R$62.18
Banco BTG Pactual
7D
4.3%
1Y
86.7%
RDOR3
R$45.09
Rede D'Or São Luiz
7D
5.7%
1Y
51.9%

RDOR3: Refined Discount Rate And Profitability Assumptions Will Support Future Repricing

Analysts have slightly raised their fair value estimate for Rede D'Or São Luiz to R$50.59 from R$49.71. They cite modest adjustments in the discount rate, revenue growth, profit margin and future P/E assumptions.
B3SA3
R$18.08
B3 - Brasil Bolsa Balcão
7D
3.6%
1Y
61.1%

B3SA3: Buyback Review And Equity Swaps Will Support Fairly Balanced Outlook

Analysts have nudged their price target for B3 up from R$15.91 to R$16.38, reflecting updated assumptions around discount rates, revenue growth, profit margins and future P/E levels. What's in the News Board meeting on January 29, 2026, to re elect Maria Luiza Lage de Mattos Levi as an external member and financial expert on the Audit Committee, with the committee composition ratified to include Cristina Anne Betts as coordinator and independent, non bound director (Key Developments).
AZUL53
R$0.00026
Azul
7D
15.6%
1Y
n/a