Company Valuation: Petrobras

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 3,87,853 3,45,928 4,97,645 4,90,407 4,10,255 5,67,359 - -
Change - -10.81% 43.86% -1.45% -16.34% 38.29% - -
Enterprise Value (EV) 1 6,53,631 5,70,438 7,25,444 7,95,207 7,30,186 8,52,446 8,31,902 8,18,086
Change - -12.73% 27.17% 9.62% -8.18% 16.74% -2.41% -1.66%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.41x 4.62x 4.77x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.07x 0.96x 0.88x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.54x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.01x 1.05x 1.09x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.51x 1.54x 1.57x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.9x 2.95x 2.99x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.03x 4.4x 4.59x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 7.13x 7.78x 8.04x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 14% 12.9% 12.4%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 5.146 5.708 6.051
Rate of return 30% 61.6% 15% 15.8% 10.4% 12.5% 13.9% 14.7%
EPS 2 8.18 14.44 9.57 2.84 8.026 12.07 8.909 8.632
Distribution rate 104% 105% 58.2% 202% 39.9% 42.6% 64.1% 70.1%
Net sales 1 4,52,668 6,41,256 5,09,987 5,27,918 4,70,950 5,62,672 5,38,752 5,21,505
EBITDA 1 2,34,576 3,40,482 2,61,016 2,64,987 2,31,111 2,94,333 2,81,875 2,73,794
EBIT 1 1,71,528 2,72,280 1,94,883 1,92,922 1,51,135 2,11,509 1,89,156 1,78,198
Net income 1 1,06,668 1,88,328 1,23,920 43,473 1,03,668 1,32,291 1,13,841 1,06,299
Net Debt 1 2,65,778 2,24,510 2,27,799 3,04,800 3,19,931 2,85,087 2,64,543 2,50,727
Reference price 2 28.45 24.50 37.24 36.19 30.82 41.15 41.15 41.15
Nbr of stocks (in thousands) 1,30,44,201 1,30,44,201 1,30,15,466 1,28,88,733 1,28,88,733 1,28,88,733 - -
Announcement Date 24/02/22 02/03/23 08/03/24 26/02/25 06/03/26 - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.72x3.37x6.5x5.19% 1,72700Cr
12.61x1.75x5.77x3.76% 38TCr
8.23x0.62x3.89x6.35% 29TCr
8.29x0.91x4.09x3.61% 24TCr
7.61x1.02x4.08x5.06% 18TCr
5.87x1.74x2.81x7.82% 15TCr
7.96x0.84x1.98x4.28% 9.18TCr
8.96x0.77x3.82x5.06% 7.25TCr
Average 9.15x 1.38x 4.12x 5.14% 39.08TCr
Weighted average by Cap. 11.65x 2.39x 5.47x 5.1%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield