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 7,00,077 - -
Change - -10.81% 43.86% -1.45% -16.34% 70.64% - -
Enterprise Value (EV) 1 6,53,631 5,70,438 7,25,444 7,95,207 7,30,186 9,89,240 9,64,806 9,43,517
Change - -12.73% 27.17% 9.62% -8.18% 35.48% -2.47% -2.21%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 4.03x 5.08x 5.54x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.28x 1.15x 1.05x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -0.67x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.16x 1.23x 1.28x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.64x 1.7x 1.72x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 3.08x 3.21x 3.26x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.11x 4.54x 4.83x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 8.16x 7.73x 8.6x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 12.3% 12.9% 11.6%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 4.073 5.937 5.518
Rate of return 30% 61.6% 15% 15.8% 10.4% 7.96% 11.6% 10.8%
EPS 2 8.18 14.44 9.57 2.84 8.026 12.7 10.07 9.241
Distribution rate 104% 105% 58.2% 202% 39.9% 32.1% 58.9% 59.7%
Net sales 1 4,52,668 6,41,256 5,09,987 5,27,918 4,70,950 6,01,892 5,67,533 5,47,340
EBITDA 1 2,34,576 3,40,482 2,61,016 2,64,987 2,31,111 3,21,069 3,00,954 2,89,213
EBIT 1 1,71,528 2,72,280 1,94,883 1,92,922 1,51,135 2,40,666 2,12,327 1,95,354
Net income 1 1,06,668 1,88,328 1,23,920 43,473 1,03,668 1,55,358 1,26,499 1,16,281
Net Debt 1 2,65,778 2,24,510 2,27,799 3,04,800 3,19,931 2,89,163 2,64,730 2,43,441
Reference price 2 28.45 24.50 37.24 36.19 30.82 51.17 51.17 51.17
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.14x3.39x6.53x5.41% 1,63800Cr
12.12x1.82x5.91x3.45% 41TCr
8.02x0.6x3.95x6.5% 30TCr
7.79x0.92x4.04x3.28% 27TCr
7.28x0.98x4.04x4.84% 19TCr
5.98x1.65x2.64x7.63% 15TCr
4.03x1.64x3.08x7.96% 13TCr
7.54x0.81x1.96x3.76% 9.94TCr
8.51x0.84x4.17x4.72% 7.93TCr
Average 8.27x 1.41x 4.04x 5.28% 36.22TCr
Weighted average by Cap. 10.78x 2.31x 5.35x 5.19%

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