Eneva S.A (ENEV3) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Eneva S.A stock BRL 10.85, price BRL 26.32, that is 58.8% below the price, quality 40 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
Keep an eye on it?Free in your watchlist: 5 stocks without an account, 10 with oneYes, for free
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 1, 2026.
How to read this chart
60‑month range R$9.55 – R$32.17 · fair‑value band R$8.14 – R$13.56 · the R$26.32 price screens above the R$10.85 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 1, 2026.
Follow Eneva in your weekly email
Every Wednesday you see whether Eneva is on track or worth a review, plus price against fair value. Free, up to 3 stocks.
We send you a confirmation link. Unsubscribe with one click.
Eneva S.A., an integrated energy company, engages in the exploration, production, and commercialization of natural gas and liquids in Brazil. The company generates electricity through natural gas, steam, coal, and solar energy.
Show moreShow less
It also supplies natural gas solutions to the on-grid and off-grid market for thermal power plants, pipeline operators, and industrial clients; including transportation, LNG regasification, and floating storage.
The company was formerly known as MPX Energia S.A. and changed its name to Eneva S.A. in October 2013. Eneva S.A. was incorporated in 2001 and is headquartered in Rio De Janeiro, Brazil.
Stock analysis
Eneva S.A (ENEV3) currently trades at R$26.32, while our model-based Fair Value estimate is R$10.85, 59% below the price, so the stock looks overvalued today.
Show more
Valuation
Bull case: the Growth Earnings group reads highest at a median of R$18.65 per share, and 1 of the 16 models we run sit above the R$26.32 price.
Bear case: the Dividend Discount group reads lowest at R$1.09, and 15 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: R$8.14 (bear) to R$13.56 (bull), the price of R$26.32 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 40/100 (below-average quality), in the Utilities sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Eneva S.A reported revenue of R$18.4B in FY2025 versus R$5.1B in FY2021, a compound +37.7%/yr. Reported net income was R$1.2B in FY2025, compounding −0.3%/yr from FY2021.
Key figures
Market cap R$50.5B (≈ $9.2B) Mid · P/E ratio 26.1 · P/S ratio 1.64 · EPS (TTM) R$1.01 · Dividend yield 0.4% · Net margin 6.3% · Return on equity 7.2% · Return on assets (EBIT) 5.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 45 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Utilities peers we cover trades at −46% fair-value upside, at −59%, ENEV3 screens richer than that median.
Fair Value models
BearR$8.14Fair Value R$10.85BullR$13.56
Price R$26.32 · Downside -58.8%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (R$0.8578 per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.44/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+61.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+44.3%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+41.5%
Start year 2020 (pandemic). Over 10 years: +28.3% a year
Revenue growth 17 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+57.6%
’14
’15
’16
’17
’18
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in BRL ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Basis: EBIT basis. Measured in BRL: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
≈ +16.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.3%
Dividend (yield on the price)0.4%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−5.3% vs 10.6%, slowing
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.33% → 19%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 13.5%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
⚠ Rate on operating basis: 2025 sits 339% above its own trend.
Price, fair value, quality and upside side by side.
Free, no sign-up
Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Utilities - Diversified · 49 stocks
Beats the industry median on 5/14 measures
Overall it trails its industry peers.
Valuation
Quality Score40 · Below median
Fair Value upside−58.8% · Bottom 25%
Profitability
Return on equity (12 months)7.2% · Below median
Return on assets3.0% · Above median
Net margin (12 months)7.4% · Above median
Operating margin (12 months)18.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)13.1% · Above median
Dividend yield (12 months)0.4% · Bottom 25%
Balance sheet
Debt / equity0.94× · Below median
Valuation Multiplesvs Utilities - Diversified median · lower = cheaper
P/E (12 months)26.1× · Pricier than median
P/B2.55× · Priciest 25%
P/S (12 months)3.86× · Priciest 25%
EV/EBITDA16.1× · Priciest 25%
PEG24.36× · Priciest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 0
FUTURE (revenue growth)66· sector 32
PAST (return on equity)29· sector 35
HEALTH (low debt)53· sector 48
DIVIDEND (yield)8· sector 82
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Eneva S.A Fair Value". https://www.fairvalue-calculator.com/stock/ENEV3
Frequently asked questions
Is Eneva S.A (ENEV3) overvalued or undervalued?
As of Nov 1, 2026, our model estimates a fair value of R$10.85 versus a price of R$26.32, about 59% lower (overvalued).
What is the fair value of ENEV3?
Our model-based fair value for Eneva S.A is R$10.85 (as of Nov 1, 2026), built from audited fundamentals. The current price: R$26.32.
What is the quality score of ENEV3?
Eneva S.A has a Quality Score of 40/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Eneva S.A (ENEV3)?
Our model-based price target is the fair value of R$10.85 (as of Nov 1, 2026) from 16 valuation models. Cautious scenario R$8.14, optimistic scenario R$13.56. It is a calculation from audited fundamentals, not an analyst target.
What is the Eneva S.A stock forecast for 2026?
Our models put fair value at R$10.85, about 59% lower versus a price of R$26.32 (overvalued). Cautious scenario R$8.14, optimistic scenario R$13.56. The calculation is refreshed regularly with new filings.
What is the revenue of Eneva S.A (ENEV3)?
Eneva S.A reported trailing-twelve-month revenue of about R$19.1B (latest available figure, as of Nov 1, 2026).
Does Eneva S.A pay a dividend?
Eneva S.A currently shows a dividend yield of 0.38% relative to its recent price (as of Nov 1, 2026).
What is the intrinsic value of Eneva S.A (ENEV3)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Eneva S.A it is R$10.85 per share (as of Nov 1, 2026), against a price of R$26.32. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Eneva S.A stock overvalued or undervalued in 2026?
As of Nov 1, 2026, ENEV3 trades above its calculated fair value: price R$26.32, fair value R$10.85, a gap of about −59% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of ENEV3?
No. The price is what the market pays today (R$26.32); the fair value is what the company's own numbers justify (R$10.85). For Eneva S.A the two are R$15.47 per share apart. That gap is exactly why we show both numbers side by side.
How much is Eneva S.A worth?
The market values Eneva S.A at about R$50.5B (market capitalisation, as of Nov 1, 2026). Per share that is R$26.32; our models calculate a fair value of R$10.85 per share.
What do the bullish and bearish scenarios say about ENEV3?
Our models span a range for Eneva S.A: cautious scenario R$8.14, base R$10.85, optimistic R$13.56 per share (as of Nov 1, 2026, price R$26.32). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ENEV3?
Eneva S.A trades at a price-to-earnings ratio of 26.1 (as of Nov 1, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R$10.85 is built from several models across several years. Median P/E at fiscal year-end, 5 fiscal years (2021 to 2025), reported earnings, FY2025 ex one-offs: 44.3. Other multiples: PEG 24.4, P/B 2.6, P/S 3.9, EV/EBITDA 16.1.
What is the PEG ratio of ENEV3?
The PEG ratio of Eneva S.A is 24.36 (P/E divided by earnings growth, as of Nov 1, 2026). That is above 1, so the growth is already paid for in the price.
How solid is the balance sheet of Eneva S.A (ENEV3)?
Balance-sheet figures for Eneva S.A (as of Nov 1, 2026): return on equity 7.2%, debt of 0.94 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is ENEV3 from its 52-week high?
Eneva S.A trades at R$26.32, about 18% below its 52-week high of R$32.17 and 39% above the low of R$18.90 (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of R$10.85 is for.
Which stocks are comparable to Eneva S.A?
From the same area (Utilities) we also value Iberdrola, S.A, Enel SpA, Engie SA, Sempra, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Eneva S.A stock attractive at the current price?
The data as of Nov 1, 2026: price R$26.32, calculated fair value R$10.85 (−59%), Quality Score 40/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of ENEV3 calculated?
We run Eneva S.A through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R$10.85, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.5% above its aggregate fair value. Eneva S.A itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Eneva S.A (ENEV3)?
The closing price on Nov 5, 2026 was R$26.32. Our model-based fair value is R$10.85, about 59% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Eneva S.A right now?
The price sits above even our optimistic bull case (R$13.56). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts.
Key figures of Eneva S.A
How large is the market capitalisation of Eneva S.A (ENEV3)?
The market capitalisation of Eneva S.A is R$50.5B (≈ $9.2B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Eneva S.A (ENEV3)?
The price-to-sales ratio of Eneva S.A is 1.64 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Eneva S.A (ENEV3)?
Earnings per share at Eneva S.A are R$1.01 (price ÷ EPS = P/E 26.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Eneva S.A (ENEV3)?
The dividend yield of Eneva S.A is 0.4% (payout 9.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Eneva S.A (ENEV3)?
The net margin of Eneva S.A is 6.3% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Eneva S.A (ENEV3)?
The return on equity (ROE) of Eneva S.A is 7.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Eneva S.A (ENEV3)?
On an EBIT basis the return on assets of Eneva S.A is 5.6% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Eneva S.A (ENEV3)?
The operating margin of Eneva S.A is 18.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Eneva S.A (ENEV3)?
Revenue at Eneva S.A is growing +13.1% versus a year earlier (3y avg +44.3%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Eneva S.A (ENEV3)?
Earnings per share at Eneva S.A are growing −91.5% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Eneva S.A (ENEV3) generate?
The free cash flow of Eneva S.A is −R$2.0B (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Eneva S.A (ENEV3) carry?
The net debt of Eneva S.A is R$21.2B (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
Free · no account needed
Watch Eneva S.A in the live analysis
One click puts Eneva S.A on your watchlist: fair value and trend at a glance, plus comparison, the diversification check and the 27,000+ stock screener.
Some data
Nov 1, 2026