Returns On Capital Are Showing Encouraging Signs At NOS S.G.P.S (ELI:NOS)
Jan 29
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Portuguese (PSI) Market Analysis & Valuation
UpdatedFeb 04, 2026
DataAggregated Company Financials
Companies44
- 7D1.7%
- 3M1.9%
- 1Y32.0%
- YTD5.3%
The market is up 1.7% over the last week, with the Energy sector leading the way, up 6.5%. As for the past 12 months, the market is up 32%. As for the next few years, earnings are expected to grow by 14% 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 |
|---|---|---|---|---|---|---|
| Wed, 04 Feb 2026 | €90.6b | €108.5b | €4.0b | 13.5x | 22.7x | 0.8x |
| Fri, 02 Jan 2026 | €84.6b | €108.5b | €4.0b | 13.2x | 21.2x | 0.8x |
| Sun, 30 Nov 2025 | €83.8b | €108.3b | €3.9b | 13.2x | 21.5x | 0.8x |
| Tue, 28 Oct 2025 | €87.1b | €107.7b | €3.9b | 13.5x | 22.4x | 0.8x |
| Thu, 25 Sep 2025 | €82.5b | €107.8b | €4.0b | 12.4x | 20.8x | 0.8x |
| Sat, 23 Aug 2025 | €82.3b | €107.8b | €4.1b | 12.8x | 20.1x | 0.8x |
| Mon, 21 Jul 2025 | €79.2b | €107.0b | €4.4b | 12.2x | 18x | 0.7x |
| Wed, 18 Jun 2025 | €77.0b | €107.2b | €4.4b | 11.5x | 17.3x | 0.7x |
| Fri, 16 May 2025 | €74.0b | €106.7b | €4.5b | 11.5x | 16.5x | 0.7x |
| Sun, 13 Apr 2025 | €66.6b | €106.0b | €4.4b | 11.6x | 15x | 0.6x |
| Tue, 11 Mar 2025 | €69.5b | €104.6b | €4.6b | 13.8x | 14.9x | 0.7x |
| Thu, 06 Feb 2025 | €68.6b | €104.7b | €5.9b | 11.8x | 11.6x | 0.7x |
| Sat, 04 Jan 2025 | €69.4b | €103.7b | €5.9b | 11.7x | 11.8x | 0.7x |
| Mon, 02 Dec 2024 | €71.3b | €104.7b | €5.9b | 11.9x | 12.1x | 0.7x |
| Wed, 30 Oct 2024 | €74.2b | €104.2b | €6.4b | 11.9x | 11.6x | 0.7x |
| Fri, 27 Sep 2024 | €79.8b | €104.9b | €6.4b | 13x | 12.4x | 0.8x |
| Sun, 25 Aug 2024 | €78.3b | €104.7b | €6.4b | 12.1x | 12.2x | 0.7x |
| Tue, 23 Jul 2024 | €80.3b | €103.3b | €5.8b | 12.8x | 13.8x | 0.8x |
| Thu, 20 Jun 2024 | €77.8b | €103.2b | €5.8b | 12.7x | 13.4x | 0.8x |
| Sat, 18 May 2024 | €81.8b | €103.6b | €5.7b | 15.8x | 14.4x | 0.8x |
| Mon, 15 Apr 2024 | €74.6b | €102.5b | €5.8b | 10.3x | 12.9x | 0.7x |
| Wed, 13 Mar 2024 | €74.1b | €102.7b | €5.6b | 12.1x | 13.3x | 0.7x |
| Fri, 09 Feb 2024 | €75.4b | €103.0b | €5.8b | 12x | 13.1x | 0.7x |
| Sun, 07 Jan 2024 | €84.0b | €103.1b | €5.8b | 11.6x | 14.5x | 0.8x |
| Tue, 05 Dec 2023 | €82.9b | €103.3b | €5.8b | 11.5x | 14.3x | 0.8x |
| Thu, 02 Nov 2023 | €77.8b | €105.2b | €5.5b | 10x | 14.2x | 0.7x |
| Sat, 30 Sep 2023 | €76.8b | €105.9b | €5.5b | 10.3x | 13.9x | 0.7x |
| Mon, 28 Aug 2023 | €80.4b | €104.8b | €5.6b | 9.3x | 14.5x | 0.8x |
| Wed, 26 Jul 2023 | €81.3b | €106.5b | €6.3b | 9.5x | 13x | 0.8x |
| Fri, 23 Jun 2023 | €81.3b | €106.5b | €6.3b | 10.2x | 12.9x | 0.8x |
| Sun, 21 May 2023 | €82.0b | €106.2b | €6.2b | 10x | 13.3x | 0.8x |
| Tue, 18 Apr 2023 | €83.3b | €105.8b | €5.4b | 9.4x | 15.3x | 0.8x |
| Thu, 16 Mar 2023 | €78.9b | €104.2b | €5.5b | 9.3x | 14.4x | 0.8x |
| Sat, 11 Feb 2023 | €78.6b | €101.3b | €5.1b | 9.3x | 15.3x | 0.8x |
Price to Earnings Ratio
15.3x
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 22.7x which is higher than its 3-year average PE of 15.1x.
Past Earnings Growth
- The earnings for Portuguese listed companies have declined 8.0% 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 Market | 1.70% | |
| Energy | 6.51% | |
| Telecom | 2.44% | |
| Financials | 2.19% | |
| Industrials | 1.50% | |
| Utilities | 1.16% | |
| Materials | 0.98% | |
| Real Estate | 0.17% | |
| Healthcare | 0% | 0 |
| Consumer Staples | -0.49% | |
| Consumer Discretionary | -0.50% | |
| Tech | -2.13% | |
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 6.1x.
Forecasted Growth
- Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 22% 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?
| Company | Last Price | 7D | 1Y | Valuation | Sector | |
|---|---|---|---|---|---|---|
| GALP Galp Energia SGPS | €16.95 | 6.5% +€719.8m | 6.1% | PE12.1x | Energy | |
| BCP Banco Comercial Português | €0.94 | 2.2% +€299.1m | 90.3% | PB1.9x | Financials | |
| EDPR EDP Renováveis | €13.20 | 1.9% +€262.8m | 46.5% | PS6.3x | Utilities | |
| SON Sonae SGPS | €1.81 | 2.8% +€96.9m | 99.8% | PE12.7x | Consumer Staples | |
| NOS NOS S.G.P.S | €4.52 | 4.3% +€94.7m | 31.3% | PE9.1x | Telecom |
