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 6,01,454 - -
Change - -10.81% 43.86% -1.45% -16.34% 46.61% - -
Enterprise Value (EV) 1 6,53,631 5,70,438 7,25,444 7,95,207 7,30,186 8,86,250 8,64,047 8,50,341
Change - -12.73% 27.17% 9.62% -8.18% 21.37% -2.51% -1.59%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.5x 4.78x 4.96x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.11x 1x 0.92x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.41x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.06x 1.11x 1.14x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.57x 1.6x 1.62x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.97x 3.07x 3.09x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.09x 4.61x 4.76x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 7.18x 8.1x 8.34x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 13.9% 12.3% 12%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 4.773 5.888 6.191
Rate of return 30% 61.6% 15% 15.8% 10.4% 11% 13.6% 14.3%
EPS 2 8.18 14.44 9.57 2.84 8.026 12.42 9.077 8.757
Distribution rate 104% 105% 58.2% 202% 39.9% 38.4% 64.9% 70.7%
Net sales 1 4,52,668 6,41,256 5,09,987 5,27,918 4,70,950 5,66,293 5,39,963 5,26,090
EBITDA 1 2,34,576 3,40,482 2,61,016 2,64,987 2,31,111 2,98,479 2,81,267 2,74,804
EBIT 1 1,71,528 2,72,280 1,94,883 1,92,922 1,51,135 2,16,548 1,87,351 1,78,620
Net income 1 1,06,668 1,88,328 1,23,920 43,473 1,03,668 1,35,668 1,13,072 1,06,839
Net Debt 1 2,65,778 2,24,510 2,27,799 3,04,800 3,19,931 2,84,796 2,62,593 2,48,887
Reference price 2 28.45 24.50 37.24 36.19 30.82 43.42 43.42 43.42
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.($)
13.66x3.39x6.46x5.25% 1,70600Cr
12.39x1.81x5.74x3.62% 39TCr
8.25x0.64x3.91x6.38% 29TCr
8.13x0.92x3.94x3.42% 25TCr
8.17x1.04x4.35x4.65% 20TCr
5.91x1.75x2.81x7.62% 15TCr
7.4x0.84x2.05x3.86% 9.68TCr
8.77x0.82x4.09x4.66% 8.04TCr
Average 9.09x 1.40x 4.17x 4.93% 39.5TCr
Weighted average by Cap. 11.54x 2.37x 5.44x 5.02%

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