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Portuguese (PSI) Market Analysis & Valuation

UpdatedJul 12, 2026
DataAggregated Company Financials
Companies44
  • 7D-2.3%
  • 3M-2.8%
  • 1Y16.6%
  • YTD8.6%

Over the last 7 days, the market has dropped 2.3%, driven by a pullback of 4.4% in the Utilities sector. On the other hand, the Energy has risen by 3.2%. As for the longer term, the market has actually risen by 17% in the last year. Earnings are forecast to grow by 12% annually.

Market Valuation and Performance

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

DateMarket CapRevenueEarningsPEAbsolute PEPS
Sun, 12 Jul 2026€94.3b€109.0b€4.9b17.9x19.1x0.9x
Tue, 09 Jun 2026€93.2b€109.0b€4.9b17.3x18.9x0.9x
Thu, 07 May 2026€96.0b€108.3b€5.0b17.5x19.4x0.9x
Sat, 04 Apr 2026€97.8b€107.8b€5.4b15.9x18.1x0.9x
Mon, 02 Mar 2026€94.7b€108.6b€4.5b14.5x20.9x0.9x
Wed, 28 Jan 2026€89.1b€108.5b€4.0b13.4x22.3x0.8x
Fri, 26 Dec 2025€83.8b€108.5b€4.0b13.2x21x0.8x
Sun, 23 Nov 2025€83.5b€108.3b€3.9b13.1x21.3x0.8x
Tue, 21 Oct 2025€87.0b€107.8b€3.9b13.2x22.1x0.8x
Thu, 18 Sep 2025€80.1b€107.8b€4.0b12.3x19.8x0.7x
Sat, 16 Aug 2025€80.1b€107.8b€4.1b13.3x19.5x0.7x
Mon, 14 Jul 2025€80.0b€107.0b€4.4b11.9x18.1x0.7x
Wed, 11 Jun 2025€77.2b€107.2b€4.4b11.4x17.4x0.7x
Fri, 09 May 2025€72.0b€106.0b€4.4b12x16.5x0.7x
Sun, 06 Apr 2025€67.9b€105.6b€4.5b11.3x15.2x0.6x
Tue, 04 Mar 2025€70.6b€105.3b€4.7b12.1x15.2x0.7x
Thu, 30 Jan 2025€68.4b€104.7b€5.9b11.4x11.6x0.7x
Sat, 28 Dec 2024€69.7b€104.8b€5.9b12x11.9x0.7x
Mon, 25 Nov 2024€72.6b€105.1b€5.9b12.5x12.3x0.7x
Wed, 23 Oct 2024€75.8b€105.0b€6.4b12.2x11.8x0.7x
Fri, 20 Sep 2024€78.9b€104.9b€6.5b12.8x12.2x0.8x
Sun, 18 Aug 2024€78.0b€104.7b€6.4b12.2x12.1x0.7x
Tue, 16 Jul 2024€78.6b€103.3b€5.8b12.6x13.6x0.8x
Thu, 13 Jun 2024€79.0b€103.2b€5.8b12.7x13.6x0.8x
Sat, 11 May 2024€82.2b€103.7b€5.7b14.8x14.5x0.8x
Mon, 08 Apr 2024€72.4b€102.5b€5.8b10.4x12.5x0.7x
Wed, 06 Mar 2024€75.3b€101.8b€5.6b12.1x13.4x0.7x
Fri, 02 Feb 2024€78.3b€103.1b€5.8b11.7x13.6x0.8x
Sun, 31 Dec 2023€83.9b€103.1b€5.8b11.3x14.5x0.8x
Tue, 28 Nov 2023€80.2b€103.2b€5.8b11.5x13.8x0.8x
Thu, 26 Oct 2023€75.0b€105.8b€5.5b9.8x13.6x0.7x
Sat, 23 Sep 2023€78.6b€105.8b€5.5b9.9x14.2x0.7x
Mon, 21 Aug 2023€77.9b€104.8b€5.6b9.8x14x0.7x
Wed, 19 Jul 2023€80.0b€106.6b€6.3b9.5x12.6x0.8x
Price to Earnings Ratio

12.6x


Total Market Cap: €80.0bTotal Earnings: €6.3bTotal Revenue: €106.6bTotal Market Cap vs Earnings and Revenue0%0%0%
Portuguese Market Price to Earnings3Y Average 15.9x202420252026
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 19.1x which is higher than its 3-year average PE of 15.9x.
Past Earnings Growth
  • The earnings for Portuguese listed companies have declined 8.0% 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-2.31%
Energy3.19%
Real Estate-0.18%
Consumer Staples-0.95%
Materials-1.48%
Telecom-1.53%
Tech-2.47%
Financials-3.39%
Utilities-4.40%
Consumer Discretionary-5.71%
Industrials-5.71%
Healthcare-12.90%
Sector PE
  • Investors favour the Real Estate sector the most for future growth, which is trading above its 3-year average PE ratio of 10.4x.
    • It looks like investors are confident that earnings will grow faster in the future than they have historically.
Forecasted Growth
  • Analysts are most optimistic on the Materials sector, expecting annual earnings growth of 33% over the next 5 years.
  • This is better than its past earnings decline of 69% 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?

CompanyLast Price7D1YValuationSector
GALP Galp Energia SGPS€19.573.2%
+€455.9m		19.0%PE22.8xEnergy
PHR Pharol€0.0915.4%
+€9.9m		43.3%PE35.2xTelecom
FCP Futebol Clube do Porto - FutebolD€2.882.1%
+€1.3m		157.1%PE1.7xTelecom
SCP Sporting Clube de Portugal - Futebol SAD€0.960.5%
+€1.0m		-0.5%PE9.7xTelecom
MLRZE Raize - Instituição de Pagamentos€1.5613.0%
+€900.0k		116.7%PE347.7xFinancials
See more

Market Insights

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Latest News

EGL
€4.51
Mota-Engil SGPS
7D
-6.3%
1Y
7.5%
Narrative Update • Jul 10

EGL: Higher Revenue Outlook And Dividend Will Support Upside Potential

The updated analyst price target for Mota-Engil SGPS has increased from €5.63 to €6.70. Analysts attribute this change to revised assumptions that include higher revenue growth, a slightly lower discount rate, firmer profit margin expectations, and a lower future P/E multiple.
BCP
€1.04
Banco Comercial Português
7D
-3.4%
1Y
57.4%
Narrative Update • Jul 10

BCP: Dividend And Buyback Plans Will Shape Fairly Valued Return Profile

Banco Comercial Português sees its fair value estimate edge up from €1.04 to €1.08, with analysts pointing to revised assumptions for revenue growth, profit margins and the price-to-earnings ratio, as well as recent price target adjustments and valuation views in the broader research coverage. Analyst Commentary Recent research on Banco Comercial Português shows a mix of optimism and caution, with price targets clustered around the €1.00 level and differing views on how current valuation lines up with execution risks and growth expectations.
NOS
€4.92
NOS S.G.P.S
7D
-2.7%
1Y
28.7%
Narrative Update • Jul 10

NOS: Future Returns Will Likely Lag Despite Lower Perceived Market Disruption

Analysts have lifted their fair value estimate for NOS S.G.P.S. from €3.30 to €3.50, citing updated assumptions that include a lower discount rate, a different revenue growth outlook, a higher profit margin, and a reduced future P/E multiple informed by recent Street research on the stock. What's in the News for NOS S.G.P.S. No recent company specific news items for NOS S.G.P.S. were identified in the primary news feed.
GALP
€19.57
Galp Energia SGPS
7D
3.2%
1Y
19.0%
Narrative Update • Jul 10

GALP: Overweight Upgrade And Defensive Positioning Will Support Future Upside

Analysts have lifted their fair value estimate for Galp Energia SGPS from about €21.62 to roughly €25.74. They point to updated views on revenue growth, profit margins, and a recent price target change to €22, which they see as reflecting attractive valuation and a preference for more defensive energy stocks.
CTT
€5.80
CTT - Correios De Portugal
7D
-4.5%
1Y
-27.0%
PHR
€0.09
Pharol
7D
15.4%
1Y
43.3%
EDPR
€13.75
EDP Renewables
7D
-4.3%
1Y
34.7%
Narrative Update • Jul 06

EDPR: U.S. Project Execution Risks Will Challenge Optimistic Repricing

Analysts have lifted their price target for EDP Renewables to €17.50 from €15, citing stronger expectations for returns in its U.S. renewable operations and improved margin and growth assumptions. These changes are reflected in updated fair value, discount rate, revenue growth, profit margin, and future P/E inputs.
JMT
€16.38
Jerónimo Martins SGPS
7D
-1.3%
1Y
-26.9%
Narrative Update • Jul 06

JMT: Polish Execution And Dividend Support Will Drive Future Upside Potential

The analyst fair value estimate for Jerónimo Martins SGPS has been adjusted from €24.75 to €23.75 as analysts recalibrate their price targets and underlying assumptions in light of recent research that trims growth and margin expectations, while still highlighting longer term opportunities, particularly in Poland. Analyst Commentary Recent Street research on Jerónimo Martins SGPS shows a cluster of price target revisions around the low to mid €20s, with most analysts maintaining positive stock ratings while trimming their fair value assumptions.
EDP
€4.47
EDP
7D
-4.7%
1Y
17.7%
RENE
€3.68
REN - Redes Energéticas Nacionais SGPS
7D
-3.0%
1Y
19.5%
Narrative Update • Jun 17

RENE: Underperform Downgrade And Lower Future P/E Will Sustain Overvaluation

Analysts have kept their fair value estimate for REN, Redes Energéticas Nacionais SGPS, steady at €2.70 while trimming longer term P/E expectations and modestly adjusting revenue growth and discount rate assumptions, with a recent downgrade to Underperform cited as part of the rationale for the updated price target view. What's in the News for REN: Redes Energéticas Nacionais SGPS No recent company specific news items for REN, Redes Energéticas Nacionais SGPS, are available from the provided primary sources.
SCP
€0.96
Sporting Clube de Portugal - Futebol SAD
7D
0.5%
1Y
-0.5%
IPR
€0.18
Impresa - Sociedade Gestora de Participações Sociais
7D
0.8%
1Y
32.0%
FCP
€2.88
Futebol Clube do Porto - FutebolD
7D
2.1%
1Y
157.1%
MLRZE
€1.56
Raize - Instituição de Pagamentos
7D
13.0%
1Y
116.7%