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 5,23,805 - -
Change - -10.81% 43.86% -1.45% -16.34% 27.68% - -
Enterprise Value (EV) 1 6,53,631 5,70,438 7,25,444 7,95,207 7,30,186 8,08,574 7,88,023 7,74,004
Change - -12.73% 27.17% 9.62% -8.18% 10.74% -2.54% -1.78%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.17x 4.29x 4.43x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1x 0.9x 0.82x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.43x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 0.92x 0.97x 1x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.43x 1.45x 1.48x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.76x 2.8x 2.83x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 3.82x 4.14x 4.33x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 6.53x 7.71x 8.1x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 15.3% 13% 12.3%
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% 13.5% 14.9% 15.8%
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 5,66,630 5,41,731 5,24,516
EBITDA 1 2,34,576 3,40,482 2,61,016 2,64,987 2,31,111 2,93,309 2,81,595 2,73,604
EBIT 1 1,71,528 2,72,280 1,94,883 1,92,922 1,51,135 2,11,706 1,90,170 1,78,866
Net income 1 1,06,668 1,88,328 1,23,920 43,473 1,03,668 1,31,166 1,14,566 1,07,920
Net Debt 1 2,65,778 2,24,510 2,27,799 3,04,800 3,19,931 2,84,769 2,64,218 2,50,199
Reference price 2 28.45 24.50 37.24 36.19 30.82 38.25 38.25 38.25
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.($)
13.19x3.29x6.28x5.33% 1,68200Cr
11.11x1.55x5.24x4.21% 33TCr
7.53x0.79x3.62x4.03% 22TCr
6.75x0.94x3.72x5.37% 17TCr
6.67x0.72x1.7x4.88% 8.06TCr
8.11x0.73x3.55x5.36% 6.88TCr
Average 8.89x 1.34x 4.02x 4.86% 42.52TCr
Weighted average by Cap. 11.66x 2.54x 5.53x 5.07%

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