Narrative Update • Apr 29
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Portuguese (PSI) Market Analysis & Valuation
UpdatedMay 09, 2026
DataAggregated Company Financials
Companies44
- 7D-3.5%
- 3M1.9%
- 1Y28.8%
- YTD8.0%
Over the last 7 days, the market has dropped 3.5%, driven by a decline of 4.7% in the Utilities sector. In the last year, the market is actually up 29%. As for the next few years, earnings are expected to grow by 11% per annum.
Market Valuation and Performance
Has the Portuguese Market valuation changed over the past few years?
| Date | Market Cap | Revenue | Earnings | PE | Absolute PE | PS |
|---|---|---|---|---|---|---|
| Sat, 09 May 2026 | €93.8b | €108.9b | €5.0b | 17.2x | 18.7x | 0.9x |
| Mon, 06 Apr 2026 | €97.8b | €107.9b | €5.4b | 16.5x | 18.2x | 0.9x |
| Wed, 04 Mar 2026 | €91.0b | €108.8b | €4.7b | 13.8x | 19.5x | 0.8x |
| Fri, 30 Jan 2026 | €89.1b | €108.5b | €4.0b | 13.3x | 22.3x | 0.8x |
| Sun, 28 Dec 2025 | €83.8b | €108.5b | €4.0b | 13.2x | 21x | 0.8x |
| Tue, 25 Nov 2025 | €83.4b | €108.3b | €3.9b | 12.9x | 21.4x | 0.8x |
| Thu, 23 Oct 2025 | €86.9b | €107.8b | €3.9b | 13x | 22x | 0.8x |
| Sat, 20 Sep 2025 | €79.9b | €107.8b | €4.0b | 12.7x | 19.8x | 0.7x |
| Mon, 18 Aug 2025 | €80.1b | €107.8b | €4.1b | 13.3x | 19.5x | 0.7x |
| Wed, 16 Jul 2025 | €79.9b | €107.0b | €4.4b | 11.9x | 18.1x | 0.7x |
| Fri, 13 Jun 2025 | €77.6b | €107.2b | €4.4b | 11.5x | 17.5x | 0.7x |
| Sun, 11 May 2025 | €72.1b | €106.4b | €4.4b | 11.3x | 16.3x | 0.7x |
| Tue, 08 Apr 2025 | €63.8b | €105.8b | €4.5b | 11.2x | 14.2x | 0.6x |
| Thu, 06 Mar 2025 | €69.3b | €104.5b | €4.6b | 14x | 15x | 0.7x |
| Sat, 01 Feb 2025 | €68.7b | €104.7b | €5.9b | 11.5x | 11.6x | 0.7x |
| Mon, 30 Dec 2024 | €69.7b | €104.6b | €5.9b | 11.4x | 11.9x | 0.7x |
| Wed, 27 Nov 2024 | €72.7b | €105.1b | €5.9b | 12.5x | 12.3x | 0.7x |
| Fri, 25 Oct 2024 | €75.3b | €105.0b | €6.4b | 12.2x | 11.7x | 0.7x |
| Sun, 22 Sep 2024 | €78.7b | €104.9b | €6.4b | 12.8x | 12.2x | 0.8x |
| Tue, 20 Aug 2024 | €78.9b | €104.7b | €6.4b | 12.1x | 12.3x | 0.8x |
| Thu, 18 Jul 2024 | €79.3b | €103.3b | €5.8b | 12.6x | 13.7x | 0.8x |
| Sat, 15 Jun 2024 | €78.2b | €103.2b | €5.8b | 12.7x | 13.5x | 0.8x |
| Mon, 13 May 2024 | €82.2b | €103.7b | €5.7b | 15.9x | 14.5x | 0.8x |
| Wed, 10 Apr 2024 | €73.4b | €102.5b | €5.8b | 10.2x | 12.7x | 0.7x |
| Fri, 08 Mar 2024 | €75.7b | €102.9b | €5.6b | 12.1x | 13.5x | 0.7x |
| Sun, 04 Feb 2024 | €77.9b | €103.1b | €5.8b | 11.7x | 13.5x | 0.8x |
| Tue, 02 Jan 2024 | €83.9b | €103.1b | €5.8b | 11.3x | 14.5x | 0.8x |
| Thu, 30 Nov 2023 | €81.5b | €103.3b | €5.8b | 11.5x | 14.1x | 0.8x |
| Sat, 28 Oct 2023 | €77.1b | €107.0b | €5.5b | 9.9x | 14x | 0.7x |
| Mon, 25 Sep 2023 | €78.6b | €105.8b | €5.5b | 9.9x | 14.2x | 0.7x |
| Wed, 23 Aug 2023 | €78.4b | €104.8b | €5.6b | 9.3x | 14.1x | 0.7x |
| Fri, 21 Jul 2023 | €81.1b | €106.6b | €6.3b | 9.4x | 12.8x | 0.8x |
| Sun, 18 Jun 2023 | €82.8b | €106.5b | €6.3b | 10.2x | 13.2x | 0.8x |
| Tue, 16 May 2023 | €83.5b | €105.9b | €6.2b | 9.6x | 13.5x | 0.8x |
Price to Earnings Ratio
13.5x
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 18.7x which is higher than its 3-year average PE of 15.5x.
Past Earnings Growth
- The earnings for Portuguese listed companies have declined 6.8% per year over the last three years.
- Meanwhile revenues have been flat.
- This means that either the cost of doing business or the level of investment back into businesses is increasing since sales have remained steady while profits have fallen.
Sector Trends
Which sectors have driven the changes within the Portuguese Market?
| PT Market | -3.53% | |
| Financials | 1.89% | |
| Materials | 0.90% | |
| Healthcare | 0% | 0 |
| Real Estate | -0.48% | |
| Consumer Discretionary | -0.80% | |
| Industrials | -1.03% | |
| Tech | -2.52% | |
| Telecom | -4.09% | |
| Energy | -4.56% | |
| Utilities | -4.69% | |
| Consumer Staples | -6.69% | |
Sector PE
- Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 6.6x.
- Analysts are expecting annual earnings growth of 6.8%, which is lower than the prior year's growth of 19.4% per year.
- The Industrials sector is the least preferred by investors for future growth, which is trading below its 3-year average of 14.6x.
Forecasted Growth
- Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 26% over the next 5 years.
- This is better than its past earnings decline of 56% per year.
- In contrast, the Telecom 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?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| BCP Banco Comercial Português | €0.93 | 1.9% +€254.6m | 57.1% | PB1.7x | Financials | |
| COR Corticeira Amorim S.G.P.S | €7.00 | 9.0% +€77.1m | -11.1% | PE16.7x | Materials | |
| SEM Semapa - Sociedade de Investimento e Gestão SGPS | €23.65 | 1.9% +€35.9m | 37.2% | PE27.8x | Materials | |
| SCB Sporting Clube de Braga - Futebol SAD | €28.80 | 87.0% +€16.1m | 111.8% | PS1.9x | Telecom | |
| IPR Impresa - Sociedade Gestora de Participações Sociais | €0.18 | 0.2% +€67.2k | 65.8% | PE25.7x | Telecom |