Stock PETR4 PETROBRAS
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Financials Petrobras

Equities

PETR4

BRPETRACNPR6

Integrated Oil & Gas

Market Closed - Sao Paulo
Other stock markets
 01:37:58 01/06/2024 am IST 		5-day change 1st Jan Change
38.79 BRL +0.14% Intraday chart for Petrobras +5.95% +4.16%
30/05 Subsea 7 Bags Contract with Petrobras for Oil Field Development in Brazil MT
30/05 BRAZIL'S PETROBRAS SELLS ITS 30% STAKE IN BRENTECH TO ENEGEN FOR… RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,07,219 3,73,468 3,87,853 3,45,928 4,97,645 5,14,966 - -
Enterprise Value (EV) 1 7,25,086 7,01,736 6,53,631 5,70,438 7,25,444 7,39,429 7,40,626 6,90,276
P/E ratio 9.8 x 52.5 x 3.48 x 1.7 x - 4.2 x 4.79 x 4.41 x
Yield 2.45% 2.78% 30% 61.6% - 16.5% 9.41% 10.4%
Capitalization / Revenue 1.35 x 1.28 x 0.86 x 0.54 x 0.98 x 1.04 x 1.09 x 1.07 x
EV / Revenue 2.4 x 2.41 x 1.44 x 0.89 x 1.42 x 1.49 x 1.57 x 1.43 x
EV / EBITDA 5.61 x 5.13 x 2.79 x 1.68 x 2.78 x 2.72 x 2.98 x 2.72 x
EV / FCF 10.7 x 5.94 x 3.87 x 2.77 x - 6.09 x 9.54 x 7.42 x
FCF Yield 9.34% 16.8% 25.9% 36.1% - 16.4% 10.5% 13.5%
Price to Book 1.33 x 1.2 x 0.96 x 0.88 x - 1.08 x 0.74 x 0.65 x
Nbr of stocks (in thousands) 1,30,44,201 1,30,44,201 1,30,44,201 1,30,44,201 1,30,15,466 1,29,09,288 - -
Reference price 2 30.18 28.34 28.45 24.50 37.24 38.79 38.79 38.79
Announcement Date 19/02/20 25/02/21 24/02/22 02/03/23 08/03/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 3,02,245 2,90,704 4,52,668 6,41,256 5,09,987 4,95,528 4,72,023 4,82,605
EBITDA 1 1,29,249 1,36,690 2,34,576 3,40,482 2,61,016 2,71,660 2,48,745 2,53,723
EBIT 1 70,747 74,714 1,71,528 2,72,280 1,94,883 1,96,212 1,74,786 1,74,787
Operating Margin 23.41% 25.7% 37.89% 42.46% 38.21% 39.6% 37.03% 36.22%
Earnings before Tax (EBT) 1 47,242 -1,224 1,51,575 2,74,998 1,76,269 1,73,443 1,57,787 1,63,304
Net income 1 40,137 6,179 1,06,668 1,88,328 1,23,920 1,18,907 1,06,631 1,11,036
Net margin 13.28% 2.13% 23.56% 29.37% 24.3% 24% 22.59% 23.01%
EPS 2 3.080 0.5400 8.180 14.44 - 9.243 8.096 8.796
Free Cash Flow 1 67,756 1,18,132 1,68,992 2,05,754 - 1,21,380 77,616 93,085
FCF margin 22.42% 40.64% 37.33% 32.09% - 24.5% 16.44% 19.29%
FCF Conversion (EBITDA) 52.42% 86.42% 72.04% 60.43% - 44.68% 31.2% 36.69%
FCF Conversion (Net income) 168.81% 1,911.91% 158.43% 109.25% - 102.08% 72.79% 83.83%
Dividend per Share 2 0.7387 0.7874 8.534 15.09 - 6.415 3.649 4.035
Announcement Date 19/02/20 25/02/21 24/02/22 02/03/23 08/03/24 - - -
1BRL in Million2BRL
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 S1 2024 Q3 2024 Q4
Net sales 1 1,34,190 1,36,994 1,80,914 1,70,076 1,58,579 1,32,974 1,11,441 1,24,828 1,34,990 1,17,721 1,34,492 - 1,32,342 1,26,837
EBITDA 1 62,945 77,710 98,260 91,421 73,091 72,497 56,690 66,188 67,079 60,044 75,389 - 74,729 69,823
EBIT 1 46,717 61,106 81,264 74,278 55,632 57,311 40,608 49,233 48,992 43,396 55,056 - 53,105 49,693
Operating Margin 34.81% 44.6% 44.92% 43.67% 35.08% 43.1% 36.44% 39.44% 36.29% 36.86% 40.94% - 40.13% 39.18%
Earnings before Tax (EBT) 44,485 66,580 85,236 66,639 59,301 54,469 40,907 - 41,074 - - - - -
Net income 1 31,504 43,357 57,397 46,096 43,341 36,463 28,264 26,625 31,169 23,700 33,410 - 33,238 31,184
Net margin 23.48% 31.65% 31.73% 27.1% 27.33% 27.42% 25.36% 21.33% 23.09% 20.13% 24.84% - 25.12% 24.59%
EPS 2 2.420 3.325 4.375 3.379 3.320 2.782 2.182 2.040 - 1.830 2.496 - 2.436 2.310
Dividend per Share 2 2.861 - 6.723 - 2.750 - 1.894 - - - 1.337 1.580 1.478 1.468
Announcement Date 24/02/22 05/05/22 28/07/22 03/11/22 02/03/23 11/05/23 03/08/23 09/11/23 08/03/24 14/05/24 - - - -
1BRL in Million2BRL
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,17,867 3,28,268 2,65,778 2,24,510 2,27,799 2,24,463 2,25,660 1,75,310
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.459 x 2.402 x 1.133 x 0.6594 x 0.8727 x 0.8263 x 0.9072 x 0.691 x
Free Cash Flow 1 67,756 1,18,132 1,68,992 2,05,754 - 1,21,380 77,616 93,085
ROE (net income / shareholders' equity) 14% 2.35% 30.7% 50.2% 33.5% 27.4% 21.6% 20%
ROA (Net income/ Total Assets) 4.49% 0.74% 10.9% 19.3% 12.3% 11.6% 10% 9.36%
Assets 1 8,93,323 8,31,639 9,80,224 9,74,830 10,08,216 10,29,457 10,63,967 11,86,604
Book Value Per Share 2 22.70 23.60 29.70 27.80 - 35.90 52.30 59.60
Cash Flow per Share 2 7.800 11.40 15.60 19.60 - 17.60 13.60 13.90
Capex 1 34,010 29,974 34,134 49,656 - 81,791 1,02,005 96,219
Capex / Sales 11.25% 10.31% 7.54% 7.74% - 16.51% 21.61% 19.94%
Announcement Date 19/02/20 25/02/21 24/02/22 02/03/23 08/03/24 - - -
1BRL in Million2BRL
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Petrobras

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
38.79 BRL
Average target price
42.08 BRL
Spread / Average Target
+8.49%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

1st Jan change Capi.
PETROBRAS Stock Petrobras
+4.16% 98.25B
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PETROCHINA COMPANY LIMITED Stock PetroChina Company Limited
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SHELL PLC Stock Shell plc
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TOTALENERGIES SE Stock TotalEnergies SE
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EQUINOR ASA Stock Equinor ASA
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SUNCOR ENERGY INC. Stock Suncor Energy Inc.
+30.98% 52.4B
GAZPROM Stock Gazprom
-.--% 51.8B
CENOVUS ENERGY INC. Stock Cenovus Energy Inc.
+28.67% 38.68B
Integrated Oil & Gas
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