In this article, we will take a look at the 20 most valuable Brazilian companies heading into 2024. If you want to skip our detailed analysis, you can go directly to 5 Most Valuable Brazilian Companies Heading into 2024.
Brazil's Economic Outlook: At a Glance
According to a report by Deloitte, the Brazilian economy has been very resilient this year. Private consumption grew at 3.8% in the second quarter, and data for the third quarter suggests that household consumption has strengthened. Moreover, the report also highlights that the services sector has been doing particularly well. Inflation-adjusted revenues for the accommodation and food services industry grew by 5.8% in July compared to the previous year. Additionally, the volume of retail sales also grew by 2.4% in July despite a slight decline in fuel sales during the quarter. Regarding the labor market, the inflation-adjusted wages grew by 4.6% compared to the previous year in August. The unemployment rate fell to 7.8% in August from 8.8% in March, the lowest reported value since 2015.
Vale S.A. (NYSE:VALE) is a leading mining and metals group based in Brazil. On October 17, Vale S.A. (NYSE:VALE) launched a company to develop and enhance its sustainable sand business. The new company, Agera, will scale up the sale of sand using iron ore from Vale's iron ore operations. The company expects to sell 1 million tons by the end of 2023 and 2.1 million tons by 2024. Agera has a projected annual sales revenue of almost $3.6 million for 2023. The company has over 80 manufacturing units in seven segments: concrete, precast, mortar, artifacts, cement, textured paints, and pavement.
Ambev S.A. (NYSE:ABEV) is a leading beverage company in Brazil. The company operates through a range of beer brands, including Skol, Brahma, Antarctica, Quilmes, Labatt, and Presidente, to name a few. The company also sells soft drinks, nonalcoholic drinks, and noncarbonated drinks. The diverse portfolio explains the strong financial results of the company. On October 31, Ambev S.A. (NYSE:ABEV) reported earnings for the fiscal third quarter of 2023. The company reported earnings per share of $0.05, beating estimates by $0.01. The company also reported revenue worth $4.03 billion, with a year-on-year revenue growth of 3.81%. You can also check out some of the most valuable beverage brands in the world.
Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) is a leading Brazilian company in the oil and gas industry. Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) engages in the exploration, production, and sale of oil and gas in Brazil. On September 4, the company shared its plan to install 11 new pre-salt platforms by 2027. Since December 2022, the company has successfully established two new pre-salt systems, P-71 in the Itapu field and FPSO Almirante Barroso in the Búzios field. By the end of 2023, the company aims to establish its third unit, FPSO Sepetiba, in the Mero field. Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) designated $64 billion for exploration and production activities to be carried out between 2023 and 2027. The company plans to allocate 67% of the total amount to the pre-salt layer.
Let's now take a look at the 20 most valuable Brazilian companies heading into 2024.
20 Most Valuable Brazilian Companies Heading into 2024
20 Most Valuable Brazilian Companies Heading into 2024
Our Methodology
To rank the 20 most valuable Brazilian companies heading into 2024, we identified the major companies in the market by reviewing industry reports and screening for companies in Brazil using Finviz and Yahoo Finance's stock screener. We collated a list of 30 companies and sourced their market cap from Yahoo Finance. Then, we narrowed our list to the top 20 companies and ranked them in ascending order of their market cap as of November 11.
20 Most Valuable Brazilian Companies Heading into 2024
Market Capitalization as of November 11, 2023: $4.1 Billion
BRF S.A. (NYSE:BRFS) is one of the most valuable Brazilian companies heading into 2024. The company raises, produces, and slaughters poultry animals for the processing, production, and sale of meat and meat products. The company sells a range of products including cut chicken, frozen pork, frozen turkey, processed food, roosters, sausages, and bologna to name a few. BRF S.A. (NYSE:BRFS) was founded in 1934 and has a market cap of $4.1 billion as of November 11, 2023.
Vale S.A. (NYSE:VALE), Ambev S.A. (NYSE:ABEV), and Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR) are some of the most valuable Brazilian companies.
Market Capitalization as of November 11, 2023: $5.2 Billion
Ultrapar Participações S.A. (NYSE:UGP) is one of the leading Brazilian companies in the energy and infrastructure industry. The company engages in the distribution of liquified petroleum gas to residential, commercial, and industrial areas. Ultrapar Participações S.A. (NYSE:UGP) was founded in 1937 and has a market cap of $5.2 billion as of November 11, 2023, making it one of the most valuable Brazilian companies heading into 2024.
18. Companhia Energética de Minas Gerais - CEMIG (NYSE:CIG)
Market Capitalization as of November 11, 2023: $6.4 Billion
Companhia Energética de Minas Gerais - CEMIG (NYSE:CIG) engages in the generation, distribution, and sale of energy across Brazil. As of December 31, 2022, the company owned and operated 69 hydroelectric, wind, and solar plants with a total installed capacity of 5,519 MW. With a market cap of $6.4 billion, Companhia Energética de Minas Gerais - CEMIG (NYSE:CIG) is among the most valuable Brazilian companies heading into 2024.
Market Capitalization as of November 11, 2023: $6.8 Billion
Cosan S.A. (NYSE:CSAN) is one of the most valuable Brazilian companies heading into 2024. The company engages in the distribution of fuel in Brazil, Europe, Latin America, North America, and Asia. The company operates in a range of segments such as raízen, lubricants, and logistics to name a few. Cosan S.A. (NYSE:CSAN) was founded in 1936 and has a market cap of $6.8 billion as of November 11, 2023.
Market Capitalization as of November 11, 2023: $8.4 Billion
Gerdau S.A. (NYSE:GGB) is a leading steel producer in Brazil. The company engages in the production and sale of semi finished products such as billets, blooms, and slabs to name a few. The company also operates three mines that produce iron ore. With a market cap of $8.4 billion, Gerdau S.A. (NYSE:GGB) is one of the most valuable Brazilian companies heading into 2024.
15. Companhia de Saneamento Básico do Estado de São Paulo - SABESP (NYSE:SBS)
Market Capitalization as of November 11, 2023: $8.5 Billion
Companhia de Saneamento Básico do Estado de São Paulo - SABESP (NYSE:SBS) provides a range of environmental sanitation services in Brazil. The company engages in the supply of treated water and provides sewerage services to residential, commercial, and industrial areas. Companhia de Saneamento Básico do Estado de São Paulo - SABESP (NYSE:SBS) was founded in 1954 and has a market cap of $8.5 billion as of November 11, 2023.
14. TIM S.A. (NYSE:TIMB)
Market Capitalization as of November 11, 2023: $8.6 Billion
TIM S.A. (NYSE:TIMB) is one of the most prominent telecommunications companies in Brazil. The company provides a range of telecom services including mobile voice, data, and broadband services across the country. With a market capitalization of $8.6 billion, TIM S.A. (NYSE:TIMB) is one of the most valuable Brazilian companies heading into 2024.
13. Raia Drogasil S.A. (OTC:RADLY)
Market Capitalization as of November 11, 2023: $9.3 Billion
Raia Drogasil S.A. (OTC:RADLY) is one of the most valuable Brazilian companies heading into 2024. The company engages in the sale of medicines, perfumes, personal care products, beauty products, cosmetics, and specialty medicine to name a few. Raia Drogasil S.A. (OTC:RADLY) was founded in 1905 and has a market cap of $9.3 billion as of November 11, 2023.
12. Rede D'Or São Luiz S.A. (RDOR3.SA)
Market Capitalization as of November 11, 2023: $11.3 Billion
Rede D'Or São Luiz S.A. (RDOR3.SA) is a leading company in the healthcare sector in Brazil. The company provides medical care facilities such as the diagnosis and treatment of cancer. The hospital network currently owns 3 administered hospitals and a range of oncology clinics. Rede D'Or São Luiz S.A. (RDOR3.SA) was founded in 1977 and has a market cap of $11.32 billion as of November 11, 2023.
11. Localiza Rent a Car S.A. (OTC:LZRFY)
Market Capitalization as of November 11, 2023: $12.1 Billion
Localiza Rent a Car S.A. (OTC:LZRFY) is a leading car and fleet rental company in Brazil. The company engages in granting franchises, selling decommissioned and used cars, and provides sundry automotive and travel and tourism services. Localiza Rent a Car S.A. (OTC:LZRFY) was founded in 1973 and has a market cap of $12.1 billion as of November 11, 2023.
Market Capitalization as of November 11, 2023: $14.4 Billion
Suzano S.A. (NYSE:SUZ) engages in the sale of eucalyptus pulp and paper products in Brazil. The company offers a range of products including coated and uncoated printing, writing papers, paperboard, tissue papers, and fluff pulps to name a few. With a market cap of $14.4 billion as of November 11, Suzano S.A. (NYSE:SUZ) is among the most valuable Brazilian companies heading into 2024.
9. Telefônica Brasil S.A. (NYSE:VIV)
Market Capitalization as of November 11, 2023: $16.9 Billion
Telefônica Brasil S.A. (NYSE:VIV) is one of the most valuable telecommunications companies in Brazil. The company offers local, domestic, long distance, and international long distance calls, along with broadband internet access through 3G, 4G, 4.5G, and 5G, roaming services. Telefônica Brasil S.A. (NYSE:VIV) was founded in 1998 and has a market cap of $16.9 billion as of November 11, 2023.
Market Capitalization as of November 11, 2023: $17.3 Billion
Centrais Elétricas Brasileiras S.A. - Eletrobrás (NYSE:EBR) is a leading electric utilities company in Brazil. The company engages in the generation, transmission, and distribution of electricity across the country. The company offers hydroelectric, thermal, nuclear, wind, and solar electricity. Centrais Elétricas Brasileiras S.A. - Eletrobrás (NYSE:EBR) was founded in 1962 and has a market cap of $17.3 billion as of November 11, 2023.
7. Banco BTG Pactual S.A. (BPAC11.SA)
Market Capitalization as of November 11, 2023: $23.3 Billion
Banco BTG Pactual S.A. (BPAC11.SA) is a leading financial services provider in Brazil. The company provides a range of financial services including investment banking services, advisory services, divestitures, and corporate transactions to name a few. With a market cap of $23.3 billion, Banco BTG Pactual S.A. (BPAC11.SA) is one of the most valuable Brazilian companies heading into 2024.
6. WEG S.A. (OTC:WEGZY)
Market Capitalization as of November 11, 2023: $27.9 Billion
WEG S.A. (OTC:WEGZY) is one of the most valuable Brazilian companies heading into 2024. The company is a leading company in the specialty industrial machinery sector. The company sells a range of products including electric motors, generators, transformers, hydraulic turbines, steam turbines, and frequency converters to name a few. WEG S.A. (OTC:WEGZY) was founded in 1961 and has a market cap of $27.9 billion as of November 11, 2023.
Some of the top Brazilian stocks to buy according to hedge funds include Vale S.A. (NYSE:VALE), Ambev S.A. (NYSE:ABEV), and Petróleo Brasileiro S.A. - Petrobras (NYSE:PBR).
