Financials Petrobras Sao Paulo

Equities

PETR3

BRPETRACNOR9

Integrated Oil & Gas

Market Closed - Sao Paulo Other stock markets 01:37:40 10/05/2024 am IST			5-day change	1st Jan Change
44.47 ^BRL	+1.76%		+0.09%	+14.08%

08/05	Brazil's Petrobras to begin drilling at Colombia's Uchuva-2 well this month	RE
08/05	BRAZIL'S PETROBRAS TO BEGIN DRILLING OFF COLOMBIA'S COAST, AT UC…	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	4,07,219	3,73,468	3,87,853	3,45,928	4,97,645	5,60,054	-	-
Enterprise Value (EV) ¹	7,25,086	7,01,736	6,53,631	5,70,438	4,97,645	7,82,796	7,90,068	7,67,184
P/E ratio	9.8 x	52.5 x	3.48 x	1.7 x	-	4.57 x	5.15 x	4.93 x
Yield	2.45%	2.78%	30%	61.6%	-	13.5%	8.98%	8.81%
Capitalization / Revenue	1.35 x	1.28 x	0.86 x	0.54 x	0.98 x	1.13 x	1.18 x	1.16 x
EV / Revenue	2.4 x	2.41 x	1.44 x	0.89 x	0.98 x	1.58 x	1.66 x	1.59 x
EV / EBITDA	5.61 x	5.13 x	2.79 x	1.68 x	1.91 x	2.92 x	3.17 x	3.05 x
EV / FCF	10.7 x	5.94 x	3.87 x	2.77 x	-	7.65 x	9.75 x	7.68 x
FCF Yield	9.34%	16.8%	25.9%	36.1%	-	13.1%	10.3%	13%
Price to Book	1.33 x	1.2 x	0.96 x	0.88 x	-	1.23 x	1.08 x	1.1 x
Nbr of stocks (in thousands)	1,30,44,201	1,30,44,201	1,30,44,201	1,30,44,201	1,30,15,466	1,29,40,137	-	-
Reference price ²	30.18	28.34	28.45	24.50	37.24	41.67	41.67	41.67
Announcement Date	19/02/20	25/02/21	24/02/22	02/03/23	08/03/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,02,245	2,90,704	4,52,668	6,41,256	5,09,987	4,96,611	4,75,793	4,81,206
EBITDA ¹	1,29,249	1,36,690	2,34,576	3,40,482	2,61,016	2,67,625	2,49,595	2,51,780
EBIT ¹	70,747	74,714	1,71,528	2,72,280	1,94,883	1,93,386	1,75,067	1,71,261
Operating Margin	23.41%	25.7%	37.89%	42.46%	38.21%	38.94%	36.79%	35.59%
Earnings before Tax (EBT) ¹	47,242	-1,224	1,51,575	2,74,998	1,76,269	1,69,392	1,56,817	1,57,542
Net income ¹	40,137	6,179	1,06,668	1,88,328	1,23,920	1,16,957	1,06,251	1,09,022
Net margin	13.28%	2.13%	23.56%	29.37%	24.3%	23.55%	22.33%	22.66%
EPS ²	3.080	0.5400	8.180	14.44	-	9.126	8.090	8.452
Free Cash Flow ¹	67,756	1,18,132	1,68,992	2,05,754	-	1,02,367	81,004	99,921
FCF margin	22.42%	40.64%	37.33%	32.09%	-	20.61%	17.03%	20.76%
FCF Conversion (EBITDA)	52.42%	86.42%	72.04%	60.43%	-	38.25%	32.45%	39.69%
FCF Conversion (Net income)	168.81%	1,911.91%	158.43%	109.25%	-	87.53%	76.24%	91.65%
Dividend per Share ²	0.7387	0.7874	8.534	15.09	-	5.621	3.740	3.670
Announcement Date	19/02/20	25/02/21	24/02/22	02/03/23	08/03/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	1,21,594	1,34,190	1,36,994	1,80,914	1,70,076	1,58,579	1,32,974	1,11,441	1,24,828	1,34,990	1,23,748	1,34,913	-	1,30,142	1,24,335
EBITDA ¹	60,744	62,945	77,710	98,260	91,421	73,091	72,497	56,690	66,188	67,079	68,688	72,080	-	69,479	65,114
EBIT ¹	44,482	46,717	61,106	81,264	74,278	55,632	57,311	40,608	49,233	48,992	50,392	55,641	-	51,302	47,370
Operating Margin	36.58%	34.81%	44.6%	44.92%	43.67%	35.08%	43.1%	36.44%	39.44%	36.29%	40.72%	41.24%	-	39.42%	38.1%
Earnings before Tax (EBT)	40,977	44,485	66,580	85,236	66,639	59,301	54,469	40,907	-	41,074	-	-	-	-	-
Net income ¹	31,142	31,504	43,357	57,397	46,096	43,341	36,463	28,264	26,625	31,169	29,875	32,938	-	33,107	31,463
Net margin	25.61%	23.48%	31.65%	31.73%	27.1%	27.33%	27.42%	25.36%	21.33%	23.09%	24.14%	24.41%	-	25.44%	25.31%
EPS ²	2.390	2.420	3.325	4.375	3.379	3.320	2.782	2.182	2.040	-	2.226	2.552	-	2.484	2.357
Dividend per Share ²	-	2.861	-	6.723	-	2.750	-	1.894	-	-	1.070	1.337	1.580	1.478	1.468
Announcement Date	28/10/21	24/02/22	05/05/22	28/07/22	03/11/22	02/03/23	11/05/23	03/08/23	09/11/23	08/03/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	3,17,867	3,28,268	2,65,778	2,24,510	-	2,22,743	2,30,014	2,07,130
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.459 x	2.402 x	1.133 x	0.6594 x	-	0.8318 x	0.921 x	0.822 x
Free Cash Flow ¹	67,756	1,18,132	1,68,992	2,05,754	-	1,02,367	81,004	99,921
ROE (net income / shareholders' equity)	14%	2.35%	30.7%	50.2%	-	27.5%	21.7%	20.4%
ROA (Net income/ Total Assets)	4.49%	0.74%	10.9%	19.3%	-	11.7%	9.63%	9.29%
Assets ¹	8,93,323	8,31,639	9,80,224	9,74,830	-	9,99,192	11,04,635	11,74,227
Book Value Per Share ²	22.70	23.60	29.70	27.80	-	34.00	38.50	37.70
Cash Flow per Share ²	7.800	11.40	15.60	19.60	-	15.20	13.60	13.90
Capex ¹	34,010	29,974	34,134	49,656	-	88,833	1,02,089	98,863
Capex / Sales	11.25%	10.31%	7.54%	7.74%	-	17.88%	21.44%	20.53%
Announcement Date	19/02/20	25/02/21	24/02/22	02/03/23	08/03/24	-	-	-

¹BRL in Million²BRL

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Petrobras

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

41.67 BRL

Average target price

42.54 BRL

Spread / Average Target

+2.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
ARAMCO	-9.55%	1,926B
EXXON MOBIL CORPORATION	+18.46%	467B
PETROCHINA COMPANY LIMITED	+48.84%	246B
SHELL PLC	+14.52%	233B
EQUINOR ASA	-2.79%	81.86B
ENI S.P.A	-0.53%	51.74B
GAZPROM	-.--%	50.49B
SUNCOR ENERGY INC.	+29.40%	51.58B
CENOVUS ENERGY INC.	+28.71%	38.63B

Integrated Oil & Gas