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 6,45,027 - -
Change - -10.81% 43.86% -1.45% -16.34% 57.23% - -
Enterprise Value (EV) 1 6,53,631 5,70,438 7,25,444 7,95,207 7,30,186 9,31,908 9,13,942 8,91,419
Change - -12.73% 27.17% 9.62% -8.18% 27.63% -1.93% -2.46%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.96x 5.11x 5.32x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.19x 1.07x 0.98x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.34x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.12x 1.19x 1.22x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.61x 1.68x 1.68x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 3.04x 3.21x 3.2x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.2x 4.78x 4.83x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 7.76x 8.51x 8.84x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 12.9% 11.8% 11.3%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 3.565 5.375 5.533
Rate of return 30% 61.6% 15% 15.8% 10.4% 7.61% 11.5% 11.8%
EPS 2 8.18 14.44 9.57 2.84 8.026 11.83 9.177 8.814
Distribution rate 104% 105% 58.2% 202% 39.9% 30.1% 58.6% 62.8%
Net sales 1 4,52,668 6,41,256 5,09,987 5,27,918 4,70,950 5,78,069 5,43,537 5,29,418
EBITDA 1 2,34,576 3,40,482 2,61,016 2,64,987 2,31,111 3,06,728 2,84,316 2,78,655
EBIT 1 1,71,528 2,72,280 1,94,883 1,92,922 1,51,135 2,22,071 1,91,358 1,84,478
Net income 1 1,06,668 1,88,328 1,23,920 43,473 1,03,668 1,45,284 1,15,285 1,09,902
Net Debt 1 2,65,778 2,24,510 2,27,799 3,04,800 3,19,931 2,86,881 2,68,915 2,46,392
Reference price 2 28.45 24.50 37.24 36.19 30.82 46.87 46.87 46.87
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.($)
13.78x3.52x6.63x5.31% 1,68700Cr
13.73x1.9x6.22x3.38% 41TCr
8.22x0.9x3.92x3.36% 26TCr
8.36x1.07x4.45x4.55% 20TCr
3.96x1.61x3.04x7.61% 13TCr
8.21x0.88x2.16x3.62% 10TCr
8.57x0.82x4.06x4.72% 8TCr
Average 9.26x 1.53x 4.35x 4.65% 40.95TCr
Weighted average by Cap. 12.12x 2.63x 5.78x 4.83%

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