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Brazilian (BOVESPA) Market Analysis & Valuation

UpdatedApr 02, 2026
DataAggregated Company Financials
Companies372
  • 7D3.0%
  • 3M13.9%
  • 1Y27.9%
  • YTD13.7%

The market is up 3.0% over the last week, with the Financials sector leading the way, up 4.0%. In the last year, the market has climbed 28%. Looking forward, earnings are forecast to grow by 12% annually.

Trending IndustriesOil and GasRenewable Energy

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Fri, 03 Apr 2026R$5.5tR$4.0tR$436.1b10.8x12.6x1.4x
Sun, 01 Mar 2026R$5.5tR$4.0tR$399.0b10.1x13.9x1.4x
Tue, 27 Jan 2026R$5.3tR$4.2tR$398.2b10.1x13.3x1.3x
Thu, 25 Dec 2025R$4.8tR$4.2tR$401.6b9.7x12x1.1x
Sat, 22 Nov 2025R$4.8tR$4.2tR$412.2b9.3x11.6x1.1x
Mon, 20 Oct 2025R$4.4tR$4.2tR$432.4b8.9x10.2x1.1x
Wed, 17 Sep 2025R$4.5tR$4.2tR$434.9b9x10.4x1.1x
Fri, 15 Aug 2025R$4.3tR$4.2tR$450.9b8.6x9.6x1x
Sun, 13 Jul 2025R$4.3tR$4.2tR$404.6b9x10.7x1x
Tue, 10 Jun 2025R$4.5tR$4.7tR$416.6b9.1x10.7x1x
Thu, 08 May 2025R$4.4tR$4.7tR$405.3b8.9x10.8x0.9x
Sat, 05 Apr 2025R$4.2tR$4.7tR$407.0b8.2x10.4x0.9x
Mon, 03 Mar 2025R$4.1tR$4.6tR$408.3b8.4x10.1x0.9x
Wed, 29 Jan 2025R$4.2tR$4.6tR$475.2b8.5x8.9x0.9x
Fri, 27 Dec 2024R$4.1tR$4.6tR$480.9b8.3x8.6x0.9x
Sun, 24 Nov 2024R$4.4tR$4.6tR$479.8b9.3x9.2x1x
Tue, 22 Oct 2024R$4.5tR$4.4tR$428.9b9.7x10.5x1x
Thu, 19 Sep 2024R$4.7tR$4.4tR$427.1b10.2x10.9x1.1x
Sat, 17 Aug 2024R$4.7tR$4.4tR$426.7b10.3x10.9x1x
Mon, 15 Jul 2024R$4.5tR$4.3tR$446.4b10x10x1x
Wed, 12 Jun 2024R$4.2tR$4.4tR$447.0b9.9x9.5x1x
Fri, 10 May 2024R$4.6tR$4.4tR$433.2b10.2x10.5x1x
Sun, 07 Apr 2024R$4.5tR$4.3tR$458.9b10.4x9.9x1x
Tue, 05 Mar 2024R$4.6tR$4.3tR$456.7b10.3x10x1.1x
Thu, 01 Feb 2024R$4.5tR$4.3tR$466.8b11.3x9.7x1x
Sat, 30 Dec 2023R$4.8tR$4.4tR$467.0b11.8x10.2x1.1x
Mon, 27 Nov 2023R$4.4tR$4.4tR$468.4b10.7x9.5x1x
Wed, 25 Oct 2023R$4.1tR$4.5tR$504.1b10.6x8.2x0.9x
Fri, 22 Sep 2023R$4.2tR$4.5tR$504.4b10.9x8.4x0.9x
Sun, 20 Aug 2023R$4.3tR$4.5tR$503.9b10.9x8.5x0.9x
Tue, 18 Jul 2023R$4.4tR$4.6tR$552.8b11.7x8x1x
Thu, 15 Jun 2023R$4.4tR$4.6tR$554.5b11.9x8x1x
Sat, 13 May 2023R$4.1tR$4.6tR$553.9b10.4x7.4x0.9x
Mon, 10 Apr 2023R$3.9tR$4.6tR$595.1b9.4x6.5x0.8x
Price to Earnings Ratio

6.5x


Total Market Cap: R$3.9tTotal Earnings: R$595.1bTotal Revenue: R$4.6tTotal Market Cap vs Earnings and Revenue0%0%0%
Brazilian Market Price to Earnings3Y Average 9.9x202420252026
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 12.6x which is higher than its 3-year average PE of 9.9x.
Past Earnings Growth
  • The earnings for companies in the Brazilian industry have declined 9.8% 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 Market2.97%
Industrials5.48%
Real Estate5.12%
Materials4.45%
Financials4.04%
Telecom3.58%
Utilities2.78%
Consumer Staples2.49%
Healthcare2.13%
Consumer Discretionary2.07%
Tech1.36%
Energy-1.73%
Sector PE
  • Investors favour the Consumer Discretionary sector the most for future growth, which is trading above its 3-year average PE ratio of 21.8x.
    • The market's confidence is likely because analysts are expecting annual earnings growth of 23.2%, which is higher than its past year's earnings growth of 18.8% per year.
  • The Energy sector is the least preferred by investors for future growth, which is trading close to its 3-year average of 6.0x.
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 sector is expected to see its earnings decline by 2.8% 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$83.005.2%
+R$17.5b		51.3%PE25.6xMaterials
WEGE3 WEGR$51.017.3%
+R$14.6b		15.2%PE33.6xIndustrials
BPAC11 Banco BTG PactualR$57.604.3%
+R$11.5b		65.5%PE17.4xFinancials
ABEV3 AmbevR$15.363.6%
+R$8.3b		10.9%PE15.5xConsumer Staples
SANB11 Banco Santander (Brasil)R$31.205.4%
+R$5.9b		13.3%PB0.9xFinancials
See more

Market Insights

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Latest News

WEGE3
R$51.01
WEG
7D
7.3%
1Y
15.2%

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.
ABEV3
R$15.36
Ambev
7D
3.6%
1Y
10.9%

ABEV3: Profitability Led Earnings And Cash Flow Will Shape Fairly Valued Outlook

Analysts have raised their main price target for Ambev shares to R$3.00 from R$2.50, citing expectations that the company is entering 2026 positioned for profitability-led earnings and cash flow growth. Analyst Commentary Bullish analysts are framing the new R$3.00 price target as a reflection of growing confidence in Ambev’s ability to convert profitability into more resilient earnings and cash generation as the company approaches 2026.
SANB11
R$31.20
Banco Santander (Brasil)
7D
5.4%
1Y
13.3%
ONCO3
R$1.40
Oncoclínicas do Brasil Serviços Médicos
7D
-14.6%
1Y
-74.3%

ONCO3: Higher Required Returns And Lower Margins Will Likely Cap Upside

Analysts have revised their price target on Oncoclínicas do Brasil Serviços Médicos to R$1.60. The update reflects higher assumed discount rates, lower revenue growth and profit margin estimates, and a higher future P/E multiple in their models.
BPAC11
R$57.60
Banco BTG Pactual
7D
4.3%
1Y
65.5%
RADL3
R$22.76
Raia Drogasil
7D
-4.2%
1Y
16.5%

RADL3: Higher Margin Outlook Will Likely Restrain Future Share Upside

Analysts have raised their price target on Raia Drogasil from R$19.64 to R$22.17, citing updated assumptions that combine slightly different revenue growth and discount rate inputs with a higher projected profit margin and broadly similar future P/E expectations. Valuation Changes Fair Value: R$19.64 to R$22.17, a small upward adjustment in the implied valuation range.
LREN3
R$14.96
Lojas Renner
7D
-1.5%
1Y
12.8%
DASA3
R$3.08
Diagnósticos da América
7D
-9.7%
1Y
63.8%
PRIO3
R$64.13
Prio
7D
-6.7%
1Y
74.1%
VIVT3
R$41.65
Telefônica Brasil
7D
3.7%
1Y
58.9%
EMBJ3
R$80.60
Embraer
7D
7.5%
1Y
27.2%
VALE3
R$83.00
Vale
7D
5.2%
1Y
51.3%

VALE3: Base Metals And Copper Mix Will Drive Future Returns

Narrative Update on Vale The analyst price target for Vale edges slightly lower in the model, reflecting a marginal trim to fair value to R$88.67. Analysts see the shares more fully reflecting iron ore and base metals assumptions after a series of target increases and recent rating downgrades that emphasize valuation and oversupply risks.
SMTO3
R$19.71
São Martinho
7D
-4.8%
1Y
-1.6%

SMTO3: Special Meeting Will Highlight Risky Earnings Assumptions Behind Higher Fair Value

Analysts have lifted their São Martinho price target from R$13.90 to R$14.80, citing updated assumptions on discount rate, revenue growth, profit margin and future P/E, which together support a higher fair value estimate. What's in the News São Martinho has scheduled a Special and Extraordinary Shareholders Meeting for February 6, 2026, at Fazenda São Martinho in the city of Pradópolis, state of São Paulo, Brazil (Key Developments).
VBBR3
R$31.26
Vibra Energia
7D
-0.6%
1Y
79.9%

VBBR3: Tax Policy Tailwinds Will Still Offer Limited Long Term Upside

Analysts have raised their fair value estimate for Vibra Energia from R$23.54 to R$25.40, citing recent upgrades and higher price targets driven by improved sentiment toward Brazilian fuel retailers following government tax and subsidy changes. Analyst Commentary Recent Street research points to a more constructive stance on Vibra Energia, helped by policy moves around oil export taxes, fuel taxes, and diesel subsidies.
AZUL53
R$0.00023
Azul
7D
-2.9%
1Y
n/a
ANCR11
R$694.99
Fundo de Investimento Imobiliário - FII Ancar IC
7D
65.5%
1Y
756.7%