XP cut Sanepar stock rating to Neutral for 2027

Published on 10/14/2026 at 03:40 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

XP set a BRL 45.80 target for Sanepar through 2027. Sanepar stock posted a BRL 505.16 million loss in the second quarter of 2026.

Sanepar events and dates

XP cut its Sanepar rating to Neutral and set a BRL 45.80 target for 2027 on September 16, 2026.
Sanepar reported BRL 1.90 billion in revenue and a BRL 505.16 million net loss for the second quarter of 2026.
Sanepar's third-quarter earnings release is scheduled for November 12, 2026, followed by its conference on November 13, 2026.

Sanepar, BRSAPRACNOR9, Illustration mit AI erstellt.

XP cut Sanepar's rating from Buy to Neutral and set a BRL 45.80 target for the end of 2027 on September 16, 2026, according to Estadao. The target was paired with a real internal rate of return estimate of 14.20 percent.

Three dated company events

Investing.com reported Sanepar's second-quarter 2026 revenue at BRL 1.90 billion and its net loss at BRL 505.16 million on August 13, 2026. On September 15, 2026, Sanepar announced a 25.00 percent reduction in the minimum water and sewage tariff from BRL 99.16 to BRL 74.37, according to Sanepar on September 29, 2026. XP's Neutral rating and BRL 45.80 target followed on September 16, 2026.

What does the rating cut change?

The rating change reflects a more cautious view of privatization prospects and the retention of 25.00 percent of BRL 4.00 billion in tax credits. Estadao reported that XP estimated Sanepar's real internal rate of return at 14.20 percent, compared with 11.40 percent for Sabesp and 14.40 percent for Copasa. The same assessment put enterprise value against the regulatory asset base at 0.60 times, below a 0.70 times target.

Next reporting dates

Sanepar's investor-relations calendar lists the third-quarter 2026 earnings release for November 12, 2026, and the earnings conference for November 13, 2026, according to Sanepar. These dates follow the second-quarter release of August 13, 2026, and provide the next scheduled checkpoints for revenue, profit and tariff effects.

Company and listing details

Mais Retorno identifies Sanepar's ordinary shares with ISIN BRSAPRACNOR9 and ticker SAPR3, and classifies the company in the water and sanitation segment, according to Mais Retorno. The company provides water distribution, sewage collection and treatment, and related sanitation services in Brazil.

Brazil market context

Sanepar is listed on B3 under SAPR3, while its investor-relations calendar identifies November 12, 2026, as the next earnings-release date. The company therefore enters its next reporting cycle with a BRL 45.80 analyst target, a 14.20 percent real-return estimate and a tariff reduction scheduled across the first 5 cubic meters of consumption.

Market context: Market report Bovespa.