Brazilian water stocks end 2011 on a high

The valuation premia attached to quoted Brazilian water companies in 2011 ensured a healthy outperformance across the board. The sector beat the iBovespa index by more than 40%.

São Paolo water utility Sabesp continued its inexorable rise in 2011, helping the Brazilian segment of the GWI Water Index to rise by 23.7% last year – making it the best-performing sector by some margin.

Despite unconvincing quarterly earnings figures, Sabesp shares were supported by a stable dividend yield, ample liquidity and increased sell-side coverage, while benefiting...

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