Slowing Rates Of Return At REN - Redes Energéticas Nacionais SGPS (ELI:RENE) Leave Little Room For Excitement
Nov 17
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Portuguese (PSI) Market Analysis & Valuation
UpdatedNov 14, 2025
DataAggregated Company Financials
Companies44
- 7D0.04%
- 3M4.5%
- 1Y22.2%
- YTD24.1%
Over the last 7 days, the market has remained flat, although notably the Financials sector gained 6.0% in that time. Meanwhile, the market is actually up 22% over the past year. Looking forward, earnings are forecast to grow by 14% 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 |
|---|---|---|---|---|---|---|
| Tue, 18 Nov 2025 | €86.1b | €108.0b | €3.9b | 13.3x | 22x | 0.8x |
| Thu, 16 Oct 2025 | €86.2b | €107.8b | €3.9b | 13x | 21.8x | 0.8x |
| Sat, 13 Sep 2025 | €80.4b | €107.8b | €4.0b | 12.6x | 19.9x | 0.7x |
| Mon, 11 Aug 2025 | €80.5b | €107.8b | €4.1b | 12.8x | 19.5x | 0.7x |
| Wed, 09 Jul 2025 | €80.1b | €107.0b | €4.4b | 12x | 18.2x | 0.7x |
| Fri, 06 Jun 2025 | €76.1b | €107.2b | €4.4b | 11.6x | 17.1x | 0.7x |
| Sun, 04 May 2025 | €71.0b | €105.9b | €4.4b | 11.8x | 16.2x | 0.7x |
| Tue, 01 Apr 2025 | €70.2b | €105.7b | €4.5b | 11.4x | 15.7x | 0.7x |
| Thu, 27 Feb 2025 | €72.5b | €104.4b | €5.5b | 12.2x | 13.1x | 0.7x |
| Sat, 25 Jan 2025 | €68.1b | €104.7b | €5.9b | 11.4x | 11.5x | 0.7x |
| Mon, 23 Dec 2024 | €68.7b | €104.8b | €5.9b | 11.8x | 11.7x | 0.7x |
| Wed, 20 Nov 2024 | €71.8b | €105.0b | €5.9b | 13.2x | 12.3x | 0.7x |
| Fri, 18 Oct 2024 | €78.3b | €105.0b | €6.4b | 12.8x | 12.2x | 0.7x |
| Sun, 15 Sep 2024 | €80.7b | €104.9b | €6.5b | 12.8x | 12.5x | 0.8x |
| Tue, 13 Aug 2024 | €77.1b | €104.7b | €6.4b | 12.3x | 12x | 0.7x |
| Thu, 11 Jul 2024 | €79.3b | €103.3b | €5.8b | 12.6x | 13.7x | 0.8x |
| Sat, 08 Jun 2024 | €80.2b | €103.2b | €5.8b | 12.9x | 13.9x | 0.8x |
| Mon, 06 May 2024 | €78.9b | €103.6b | €5.7b | 14.3x | 13.8x | 0.8x |
| Wed, 03 Apr 2024 | €73.7b | €102.5b | €5.8b | 11.7x | 12.8x | 0.7x |
| Fri, 01 Mar 2024 | €74.5b | €101.9b | €5.7b | 12.1x | 13x | 0.7x |
| Sun, 28 Jan 2024 | €77.8b | €103.1b | €5.8b | 11.8x | 13.5x | 0.8x |
| Tue, 26 Dec 2023 | €84.0b | €103.3b | €5.8b | 11x | 14.5x | 0.8x |
| Thu, 23 Nov 2023 | €79.5b | €103.2b | €5.8b | 11.5x | 13.7x | 0.8x |
| Sat, 21 Oct 2023 | €74.3b | €105.8b | €5.5b | 9.7x | 13.5x | 0.7x |
| Mon, 18 Sep 2023 | €79.4b | €105.9b | €5.5b | 10x | 14.4x | 0.8x |
| Wed, 16 Aug 2023 | €78.3b | €104.8b | €5.6b | 10x | 14.1x | 0.7x |
| Fri, 14 Jul 2023 | €80.6b | €106.6b | €6.3b | 9.5x | 12.8x | 0.8x |
| Sun, 11 Jun 2023 | €81.7b | €106.5b | €6.3b | 9.9x | 13x | 0.8x |
| Tue, 09 May 2023 | €82.3b | €106.1b | €6.3b | 9.5x | 13.2x | 0.8x |
| Thu, 06 Apr 2023 | €83.0b | €105.6b | €5.6b | 9.5x | 14.8x | 0.8x |
| Sat, 04 Mar 2023 | €80.4b | €103.4b | €5.3b | 9.3x | 15x | 0.8x |
| Mon, 30 Jan 2023 | €79.8b | €101.3b | €5.1b | 9.3x | 15.6x | 0.8x |
| Wed, 28 Dec 2022 | €79.3b | €101.3b | €5.1b | 8.6x | 15.5x | 0.8x |
| Fri, 25 Nov 2022 | €80.7b | €100.9b | €5.1b | 9.2x | 15.8x | 0.8x |
Price to Earnings Ratio
15.8x
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 22.0x which is higher than its 3-year average PE of 14.7x.
Past Earnings Growth
- The earnings for Portuguese listed companies have declined 8.5% 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 | 0.039% | |
| Financials | 5.96% | |
| Energy | 4.01% | |
| Consumer Discretionary | 1.99% | |
| Real Estate | 0.23% | |
| Industrials | 0.23% | |
| Healthcare | 0% | 0 |
| Tech | 0% | 0 |
| Telecom | -0.27% | |
| Consumer Staples | -0.53% | |
| Materials | -0.65% | |
| Utilities | -3.31% | |
Sector PE
- Investors favour the Utilities sector the most for future growth, which is trading above its 3-year average PE ratio of 37.2x.
- The market's confidence is likely because analysts are expecting annual earnings growth of 24.7% which is higher than its past year's earnings decline of 6.3% per year.
- The Materials 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 8.2x.
Forecasted Growth
- Analysts are most optimistic on the Utilities sector, expecting annual earnings growth of 25% over the next 5 years.
- This is better than its past earnings decline of 6.3% per year.
- In contrast, the Telecom sector is expected to see its earnings decline by 7.3% 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 | €18.44 | 5.0% +€605.0m | 17.0% | PE13.1x | Energy | |
| BCP Banco Comercial Português | €0.81 | 1.1% +€134.1m | 80.1% | PB1.6x | Financials | |
| SNC Sonaecom SGPS | €3.02 | 2.0% +€18.3m | 21.8% | PS49.1x | Telecom | |
| IBS Ibersol S.G.P.S | €10.45 | 2.5% +€10.2m | 42.8% | PE39.4x | Consumer Discretionary | |
| NOS NOS S.G.P.S | €3.69 | 0.4% +€7.7m | 7.1% | PE7.5x | Telecom |
