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Portuguese (PSI) Market Analysis & Valuation

UpdatedJan 01, 2026
DataAggregated Company Financials
Companies44
  • 7D1.0%
  • 3M0.7%
  • 1Y23.5%
  • YTD22.4%

The market is up 1.0% over the last week, with the Utilities sector leading the way, up 1.5%. The market is up 23% over the last 12 months. Looking forward, earnings are forecast to grow by 13% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Thu, 01 Jan 2026€84.6b€108.5b€4.0b13.2x21.2x0.8x
Sat, 29 Nov 2025€83.9b€108.3b€3.9b13.2x21.6x0.8x
Mon, 27 Oct 2025€87.3b€107.7b€3.9b13.6x22.4x0.8x
Wed, 24 Sep 2025€81.2b€107.8b€4.0b12.5x20.1x0.8x
Fri, 22 Aug 2025€82.7b€107.8b€4.1b13.2x20.2x0.8x
Sun, 20 Jul 2025€79.2b€107.0b€4.4b12.2x18x0.7x
Tue, 17 Jun 2025€78.0b€107.2b€4.4b12x17.6x0.7x
Thu, 15 May 2025€74.0b€106.4b€4.4b11.6x16.8x0.7x
Sat, 12 Apr 2025€66.6b€106.0b€4.4b11.6x15x0.6x
Mon, 10 Mar 2025€69.9b€104.6b€4.6b13.9x15x0.7x
Wed, 05 Feb 2025€68.1b€104.7b€5.9b11.7x11.5x0.6x
Fri, 03 Jan 2025€70.2b€103.7b€5.9b11.6x11.9x0.7x
Sun, 01 Dec 2024€71.3b€104.7b€5.9b11.9x12.1x0.7x
Tue, 29 Oct 2024€74.8b€105.6b€6.4b12.2x11.7x0.7x
Thu, 26 Sep 2024€80.3b€104.9b€6.4b13x12.5x0.8x
Sat, 24 Aug 2024€78.3b€104.7b€6.4b12.1x12.2x0.7x
Mon, 22 Jul 2024€79.8b€103.3b€5.8b12.8x13.7x0.8x
Wed, 19 Jun 2024€78.2b€103.2b€5.8b12.4x13.5x0.8x
Fri, 17 May 2024€82.3b€103.6b€5.7b15.9x14.5x0.8x
Sun, 14 Apr 2024€74.6b€102.6b€5.8b10.3x12.9x0.7x
Tue, 12 Mar 2024€75.0b€102.7b€5.6b12.1x13.5x0.7x
Thu, 08 Feb 2024€76.5b€103.0b€5.8b12x13.3x0.7x
Sat, 06 Jan 2024€84.0b€103.1b€5.8b11.6x14.5x0.8x
Mon, 04 Dec 2023€82.5b€103.3b€5.8b11.6x14.2x0.8x
Wed, 01 Nov 2023€77.8b€105.2b€5.5b10x14.2x0.7x
Fri, 29 Sep 2023€76.2b€105.9b€5.5b9.9x13.8x0.7x
Sun, 27 Aug 2023€80.4b€104.8b€5.6b9.3x14.5x0.8x
Tue, 25 Jul 2023€81.4b€106.5b€6.3b9.5x13x0.8x
Thu, 22 Jun 2023€81.9b€106.5b€6.3b10x13x0.8x
Sat, 20 May 2023€82.0b€106.2b€6.2b10x13.3x0.8x
Mon, 17 Apr 2023€82.8b€105.8b€5.4b9.4x15.2x0.8x
Wed, 15 Mar 2023€80.4b€104.2b€5.5b9x14.6x0.8x
Fri, 10 Feb 2023€78.3b€101.3b€5.1b9.3x15.3x0.8x
Sun, 08 Jan 2023€80.2b€101.3b€5.1b8.9x15.7x0.8x
Price to Earnings Ratio

15.7x


Total Market Cap: €80.2bTotal Earnings: €5.1bTotal Revenue: €101.3bTotal Market Cap vs Earnings and Revenue0%0%0%
Portuguese Market Price to Earnings3Y Average 14.9x202420252026
Current Market PE
  • Investors are optimistic on the Portuguese market, and appear confident in strong long term growth rates.
  • The market is trading at a PE ratio of 21.2x which is higher than its 3-year average PE of 14.9x.
Past Earnings Growth
  • The earnings for Portuguese listed companies have declined 7.9% per year over the last three years.
  • Meanwhile revenues for these companies have grown 2.3% per year.
  • This means that although more sales are being generated, either the cost of doing business or the level of investment back into businesses has increased, which has decreased profits.

Sector Trends

Which sectors have driven the changes within the Portuguese Market?

PT Market1.03%
Energy2.31%
Utilities1.49%
Consumer Staples0.87%
Financials0.68%
Industrials-0.04%
Telecom-0.12%
Consumer Discretionary-0.21%
Materials-0.49%
Real Estate-0.57%
Tech-0.82%
Healthcare-8.54%
Sector PE
  • Investors favour the Real Estate sector the most for future growth which is trading above its 3-year average PE ratio.
    • Analysts are expecting annual earnings growth of 2.5%, which is lower than the prior year's growth of 7.7% per year.
  • The Healthcare sector is the least preferred by investors for future growth. Although, investor sentiment seems to have improved given that it's trading above its 3-year average of 6.3x.
Forecasted Growth
  • Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 21% over the next 5 years.
  • This is better than its past earnings decline of 6.5% per year.
  • In contrast, the Telecom sector is expected to see its earnings decline by 5.2% 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
GALP Galp Energia SGPS€14.632.3%
+€229.5m		-8.3%PE10.4xEnergy
EDPR EDP Renováveis€12.041.8%
+€220.7m		19.9%PS5.8xUtilities
EDP EDP€3.921.3%
+€210.8m		26.7%PE24.1xUtilities
JMT Jerónimo Martins SGPS€20.260.9%
+€113.1m		9.8%PE19.8xConsumer Staples
BCP Banco Comercial Português€0.900.7%
+€88.8m		92.9%PB1.8xFinancials
See more

Market Insights

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EDPR
€12.04
EDP Renováveis
7D
1.8%
1Y
19.9%
EGL
€4.95
Mota-Engil SGPS
7D
-1.2%
1Y
69.8%

Returns Are Gaining Momentum At Mota-Engil SGPS (ELI:EGL)

Dec 30
Returns Are Gaining Momentum At Mota-Engil SGPS (ELI:EGL)
NVG
€3.14
Navigator Company
7D
1.7%
1Y
-12.5%

Is Navigator Company (ELI:NVG) Using Too Much Debt?

Dec 30
Is Navigator Company (ELI:NVG) Using Too Much Debt?
RENE
€3.22
REN - Redes Energéticas Nacionais SGPS
7D
1.1%
1Y
41.0%

RENE: Outperform Upgrade And Stable Regulated Cash Flows Will Support Future Returns

Analysts have raised their price target on REN, Redes Energéticas Nacionais SGPS, to EUR 3.80 from EUR 3.34, reflecting increased confidence in the company’s upside potential following an upgrade to Outperform and stable long term growth and profitability assumptions. Analyst Commentary Bullish analysts point to the upgrade to Outperform and the increased price target as evidence that REN is positioned to deliver attractive risk adjusted returns within the regulated utilities space.
MLFMV
€3.00
Farminveste S.G.P.S
7D
-8.5%
1Y
150.0%
JMT
€20.26
Jerónimo Martins SGPS
7D
0.9%
1Y
9.8%

JMT: Premium Multiple Will Be Sustained By Margin Resilience And Defensive Format

Analysts have nudged their price target on Jerónimo Martins SGPS slightly higher to just above EUR 25, reflecting modestly softer growth and margin assumptions, which are offset by confidence in the company’s ability to sustain a premium valuation multiple. Analyst Commentary Recent updates from JPMorgan highlight a generally constructive stance on Jerónimo Martins SGPS, with the latest move being a price target increase to EUR 25.30 while maintaining an Overweight rating.
SEM
€20.90
Semapa - Sociedade de Investimento e Gestão SGPS
7D
-5.0%
1Y
47.4%

Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.'s (ELI:SEM) Price Is Right But Growth Is Lacking After Shares Rocket 26%

Dec 21
Semapa - Sociedade de Investimento e Gestão, SGPS, S.A.'s (ELI:SEM) Price Is Right But Growth Is Lacking After Shares Rocket 26%
EDP
€3.92
EDP
7D
1.3%
1Y
26.7%

EDP: Capital Markets Day Will Shape Long-Term Revenue Outlook

Analysts have raised their price target on EDP by approximately $0.16 per share, reflecting a more constructive view on the company’s long term revenue growth trajectory despite slightly softer margin expectations and a marginally lower future P E multiple. What's in the News EDP has scheduled a Capital Markets Day 2025.
IPR
€0.19
Impresa - Sociedade Gestora de Participações Sociais
7D
-6.5%
1Y
68.6%
GALP
€14.63
Galp Energia SGPS
7D
2.3%
1Y
-8.3%
SON
€1.61
Sonae SGPS
7D
0.7%
1Y
76.4%

SON: Improved Profitability And Lower Risk Will Support Stable Long-Term Prospects

Analysts have modestly raised their price target on Sonae SGPS from €1.47 to €1.54, citing slightly lower discount rates, improved expectations for revenue growth and profit margins, and a leaner future price to earnings multiple. Valuation Changes The fair value estimate has risen slightly from €1.47 to approximately €1.54 per share.
TDSA
€0.64
Teixeira Duarte
7D
-0.9%
1Y
705.1%

Teixeira Duarte (ELI:TDSA) Has A Somewhat Strained Balance Sheet

Dec 11
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RAM
€7.40
Ramada Investimentos e Industria
7D
-2.6%
1Y
6.9%

Ramada Investimentos e Industria's (ELI:RAM) Profits May Not Reveal Underlying Issues

Dec 06
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SNC
€2.80
Sonaecom SGPS
7D
-2.1%
1Y
23.9%

Some Investors May Be Willing To Look Past Sonaecom SGPS' (ELI:SNC) Soft Earnings

Dec 03
Some Investors May Be Willing To Look Past Sonaecom SGPS' (ELI:SNC) Soft Earnings
BCP
€0.90
Banco Comercial Português
7D
0.7%
1Y
92.9%
PHR
€0.063
Pharol SGPS
7D
-3.4%
1Y
35.8%