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Portuguese (PSI) Market Analysis & Valuation

UpdatedMar 19, 2025

DataAggregated Company Financials

Companies43

7D1.3%
3M3.7%
1Y0.3%
YTD2.5%

The market is up 1.3% over the last week, with the Financials sector leading the way, up 11%. In the last 12 months, the market has been flat. Looking forward, earnings are forecast to grow by 9.7% annually.

Market Valuation and Performance

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

Date	Market Cap	Revenue	Earnings	PE	Absolute PE	PS
Wed, 19 Mar 2025	€70.7b	€104.7b	€4.7b	11.6x	15x	0.7x
Fri, 14 Feb 2025	€68.5b	€104.7b	€5.9b	11.8x	11.6x	0.7x
Sun, 12 Jan 2025	€67.0b	€103.7b	€5.9b	11.2x	11.4x	0.6x
Tue, 10 Dec 2024	€70.4b	€104.8b	€5.9b	11.7x	12x	0.7x
Thu, 07 Nov 2024	€72.1b	€104.8b	€6.4b	11.2x	11.3x	0.7x
Sat, 05 Oct 2024	€78.1b	€105.0b	€6.4b	12.3x	12.1x	0.7x
Mon, 02 Sep 2024	€79.0b	€104.9b	€6.5b	12.4x	12.2x	0.8x
Wed, 31 Jul 2024	€78.0b	€104.7b	€6.1b	12.7x	12.8x	0.7x
Fri, 28 Jun 2024	€77.4b	€103.2b	€5.8b	13.1x	13.4x	0.7x
Sun, 26 May 2024	€81.5b	€103.9b	€5.7b	13.6x	14.2x	0.8x
Tue, 23 Apr 2024	€73.8b	€102.6b	€5.8b	11x	12.7x	0.7x
Thu, 21 Mar 2024	€72.8b	€102.5b	€5.7b	12.7x	12.7x	0.7x
Sat, 17 Feb 2024	€76.0b	€101.9b	€5.6b	11.9x	13.5x	0.7x
Mon, 15 Jan 2024	€82.9b	€103.1b	€5.8b	11.8x	14.4x	0.8x
Wed, 13 Dec 2023	€81.8b	€103.3b	€5.8b	11x	14.1x	0.8x
Fri, 10 Nov 2023	€79.0b	€104.7b	€5.6b	10.9x	14.2x	0.8x
Sun, 08 Oct 2023	€72.7b	€105.8b	€5.5b	9.8x	13.2x	0.7x
Tue, 05 Sep 2023	€79.4b	€106.0b	€5.6b	9.3x	14.3x	0.7x
Thu, 03 Aug 2023	€78.1b	€104.9b	€5.3b	9.9x	14.8x	0.7x
Sat, 01 Jul 2023	€80.3b	€106.6b	€6.3b	9.6x	12.7x	0.8x
Mon, 29 May 2023	€79.4b	€106.5b	€6.3b	9.8x	12.6x	0.7x
Wed, 26 Apr 2023	€83.0b	€105.9b	€5.5b	9.5x	15.1x	0.8x
Fri, 24 Mar 2023	€78.8b	€104.2b	€5.6b	9.3x	14.2x	0.8x
Sun, 19 Feb 2023	€79.3b	€103.0b	€5.5b	9.3x	14.3x	0.8x
Tue, 17 Jan 2023	€81.5b	€101.3b	€5.1b	9.3x	15.9x	0.8x
Thu, 15 Dec 2022	€80.3b	€101.3b	€5.1b	8.8x	15.7x	0.8x
Sat, 12 Nov 2022	€78.3b	€100.9b	€5.0b	9.2x	15.6x	0.8x
Mon, 10 Oct 2022	€74.3b	€93.5b	€4.1b	9.4x	18.2x	0.8x
Wed, 07 Sep 2022	€82.7b	€93.1b	€4.0b	11.4x	20.5x	0.9x
Fri, 05 Aug 2022	€84.3b	€92.7b	€4.0b	11.6x	21.2x	0.9x
Sun, 03 Jul 2022	€81.9b	€85.0b	€2.7b	12.9x	29.8x	1x
Tue, 31 May 2022	€82.9b	€84.9b	€2.7b	16.1x	30.5x	1x
Thu, 28 Apr 2022	€79.9b	€78.5b	€2.9b	16.7x	27.2x	1x
Sat, 26 Mar 2022	€78.9b	€78.3b	€3.0b	17.8x	26.2x	1x

Price to Earnings Ratio

26.2x

Sat, 26 Mar 2022

Current Market PE

Investors are relatively neutral on the Portuguese market at the moment, indicating that they expect earnings will grow in line with historical growth rates.

The market is trading close to its 3-year average PE ratio of 16.0x.

Past Earnings Growth

The earnings for Portuguese listed companies have grown 16% per year over the last three years.
Revenues for these companies have grown 10% per year.
This means that more sales are being generated by these companies overall, and subsequently their profits are increasing too.

Sector Trends

Which sectors have driven the changes within the Portuguese Market?


PT Market	1.34%
Financials	10.70%
Industrials	7.53%
Tech	6.00%
Energy	5.14%
Consumer Discretionary	0.51%
Real Estate	0.021%
Telecom	0.0085%
Healthcare	0%	0
Materials	-0.082%
Consumer Staples	-1.06%
Utilities	-1.83%

Sector PE

Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 25.1x.

The market's confidence is likely because analysts are expecting annual earnings growth of 20.4% which is higher than its past year's earnings decline of 6.8% per year.

Forecasted Growth

Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 20% over the next 5 years.
This is better than its past earnings decline of 6.8% per year.

In contrast, the Telecom sector is expected to see its earnings decline by 24% per year 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	€0.58	10.7% +€846.4m	96.6%	PB1.2x	Financials
GALP Galp Energia SGPS	€15.35	5.1% +€521.6m	-0.2%	PE10.3x	Energy
EGL Mota-Engil SGPS	€3.40	11.0% +€101.0m	-27.5%	PE8.3x	Industrials
PHR Pharol SGPS	€0.12	97.3% +€47.0m	137.7%	PE3.9x	Telecom
CTT CTT - Correios De Portugal	€7.23	4.2% +€39.5m	102.2%	PE18.7x	Industrials

Market Insights

🫧 Bubble Concerns, Sector Rotation, and Tariff Tactics

Richard Bowman

March 2025

5 comments

The market’s latest pullback is getting pinned on the escalating trade war. Tariffs are dominating the headlines, right alongside sinking GDP forecasts. But beneath the surface, there’s a growing unease about valuations and earnings. So this week, we’re diving into that side of the story, how valuations and earnings fit into the bigger picture of tariffs, growth, inflation, and interest rates. Sure, we’re mostly talking about the U.S. market here, but trust us, this matters everywhere.

Last Week

🚗 Automakers Caught In The Tariff Crossfire

Latest News

GALP

€15.35

Galp Energia SGPS

5.1%

-0.2%

EGL

€3.40

Mota-Engil SGPS

11.0%

-27.5%

MAR

€1.92

Martifer SGPS

7.3%

13.6%

NVG

€3.18

Navigator Company

-1.1%

-16.4%

Investors Aren't Buying The Navigator Company, S.A.'s (ELI:NVG) Earnings

Mar 05

EDPR

€8.41

EDP Renováveis

-2.9%

-33.6%

EDP

€3.13

EDP

-1.4%

-10.0%

NOS

€4.40

NOS S.G.P.S

-1.7%

28.1%

SNC

€2.42

Sonaecom SGPS

-1.6%

-3.6%

FCP

€1.06

Futebol Clube do Porto - FutebolD

-3.6%

-7.0%

BCP

€0.58

Banco Comercial Português

10.7%

96.6%

ESON

€3.92

Estoril Sol SGPS

-18.3%

-45.6%

Estoril Sol SGPS' (ELI:ESON) Returns On Capital Not Reflecting Well On The Business

Feb 21

SON

€1.02

Sonae SGPS

1.4%

16.7%

CTT

€7.23

CTT - Correios De Portugal

4.2%

102.2%

CTT - Correios De Portugal, S.A.'s (ELI:CTT) Shares Climb 25% But Its Business Is Yet to Catch Up

Feb 15

PHR

€0.12

Pharol SGPS

97.3%

137.7%

JMT

€19.97

Jerónimo Martins SGPS

-1.4%

4.9%

Market Participants Recognise Jerónimo Martins, SGPS, S.A.'s (ELI:JMT) Earnings

Feb 03

ALTR

€6.09

Altri SGPS

1.1%

26.8%

Portuguese (PSI) Market Analysis & Valuation

Market Valuation and Performance

Sector Trends

Top Stock Gainers and Losers

Market Insights

Latest News

New major risk - Revenue and earnings growth

Mota-Engil, SGPS, S.A. to Report Q3, 2025 Results on Nov 18, 2025

New minor risk - Financial data availability

Investors Aren't Buying The Navigator Company, S.A.'s (ELI:NVG) Earnings

EDP Renováveis, S.A., Annual General Meeting, Apr 03, 2025

New major risk - Dividend sustainability

New minor risk - Financial position

Sonaecom, SGPS, S.A. to Report First Half, 2025 Results on Jul 25, 2025

New major risk - Financial data availability

Full year 2024 earnings: EPS misses analyst expectations

Estoril Sol SGPS' (ELI:ESON) Returns On Capital Not Reflecting Well On The Business

CTT - Correios De Portugal, S.A.'s (ELI:CTT) Shares Climb 25% But Its Business Is Yet to Catch Up

New minor risk - Financial data availability

Market Participants Recognise Jerónimo Martins, SGPS, S.A.'s (ELI:JMT) Earnings

Altri, SGPS, S.A. (ENXTLS:ALTR) signed an agreement to acquire Greenalia Forest, S.L. and Greenalia Logistics, S.L. from Smarttia Spain, S.L.U.