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 7,84,299 - -
Change - -10.81% 43.86% -1.45% -16.34% 91.17% - -
Enterprise Value (EV) 1 6,53,631 5,70,438 7,25,444 7,95,207 7,30,186 10,68,863 10,39,409 10,25,106
Change - -12.73% 27.17% 9.62% -8.18% 46.38% -2.76% -1.38%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 4.24x 5.19x 6.12x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.41x 1.26x 1.15x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.3x -0.4x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.29x 1.35x 1.43x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.75x 1.79x 1.87x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 3.29x 3.37x 3.53x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.34x 4.67x 5.2x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 8.81x 8.32x 9.34x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 11.3% 12% 10.7%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 4.577 6.604 5.521
Rate of return 30% 61.6% 15% 15.8% 10.4% 8.05% 11.6% 9.71%
EPS 2 8.18 14.44 9.57 2.84 8.026 13.41 10.95 9.292
Distribution rate 104% 105% 58.2% 202% 39.9% 34.1% 60.3% 59.4%
Net sales 1 4,52,668 6,41,256 5,09,987 5,27,918 4,70,950 6,10,331 5,80,663 5,48,180
EBITDA 1 2,34,576 3,40,482 2,61,016 2,64,987 2,31,111 3,24,842 3,08,663 2,90,478
EBIT 1 1,71,528 2,72,280 1,94,883 1,92,922 1,51,135 2,46,024 2,22,510 1,96,986
Net income 1 1,06,668 1,88,328 1,23,920 43,473 1,03,668 1,58,668 1,32,392 1,17,645
Net Debt 1 2,65,778 2,24,510 2,27,799 3,04,800 3,19,931 2,84,564 2,55,110 2,40,807
Reference price 2 28.45 24.50 37.24 36.19 30.82 56.85 56.85 56.85
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.($)
13.33x3.44x6.62x5.33% 1,66100Cr
12.98x1.86x6.01x3.28% 43TCr
8.13x0.95x4.18x3.04% 29TCr
7.41x1.02x4.21x4.55% 20TCr
4.47x1.78x3.34x7.89% 16TCr
7.79x0.86x2.02x3.52% 11TCr
8.54x0.87x4.29x4.66% 8.37TCr
Average 8.95x 1.54x 4.38x 4.61% 41.81TCr
Weighted average by Cap. 11.54x 2.54x 5.71x 4.8%

Y-o-Y evolution of P/E

Valuation ratios - P/E - Petrobras

Historical PBR trend

Valuation ratios - PBR - Petrobras

Evolution Enterprise Value / Sales

Valuation ratios - VE_REV - Petrobras

Change in Enterprise Value/EBITDA

Valuation ratios - VE_EBITDA - Petrobras


Year-on-year evolution of the Yield

Valuation ratios - Yield - Petrobras