Financials Petrobras

Equities

PETR4

BRPETRACNPR6

Integrated Oil & Gas

Delayed Sao Paulo 07:17:18 17/07/2024 pm IST 5-day change 1st Jan Change
38.54 BRL +2.34% Intraday chart for Petrobras +1.37% +3.63%

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 5,16,927 - -
Enterprise Value (EV) 1 7,25,086 7,01,736 6,53,631 5,70,438 7,25,444 7,66,334 7,67,867 7,18,806
P/E ratio 9.8 x 52.5 x 3.48 x 1.7 x 3.89 x 4.49 x 4.61 x 4.4 x
Yield 2.45% 2.78% 30% 61.6% 15% 15.1% 9.68% 10.6%
Capitalization / Revenue 1.35 x 1.28 x 0.86 x 0.54 x 0.98 x 1.03 x 1.07 x 1.05 x
EV / Revenue 2.4 x 2.41 x 1.44 x 0.89 x 1.42 x 1.53 x 1.58 x 1.46 x
EV / EBITDA 5.61 x 5.13 x 2.79 x 1.68 x 2.78 x 2.83 x 3 x 2.78 x
EV / FCF 10.7 x 5.94 x 3.87 x 2.77 x 4.54 x 6.14 x 7.49 x 6.65 x
FCF Yield 9.34% 16.8% 25.9% 36.1% 22% 16.3% 13.4% 15%
Price to Book 1.33 x 1.2 x 0.96 x 0.88 x 1.27 x 1.19 x 0.76 x 0.66 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 1,29,09,288 - -
Reference price 2 30.18 28.34 28.45 24.50 37.24 38.40 38.40 38.40
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 5,00,732 4,84,522 4,93,048
EBITDA 1 1,29,249 1,36,690 2,34,576 3,40,482 2,61,016 2,71,014 2,56,143 2,58,370
EBIT 1 70,747 74,714 1,71,528 2,72,280 1,94,883 1,98,149 1,81,247 1,78,322
Operating Margin 23.41% 25.7% 37.89% 42.46% 38.21% 39.57% 37.41% 36.17%
Earnings before Tax (EBT) 1 47,242 -1,224 1,51,575 2,74,998 1,76,269 1,68,020 1,56,021 1,63,141
Net income 1 40,137 6,179 1,06,668 1,88,328 1,23,920 1,16,368 1,12,197 1,12,729
Net margin 13.28% 2.13% 23.56% 29.37% 24.3% 23.24% 23.16% 22.86%
EPS 2 3.080 0.5400 8.180 14.44 9.570 8.543 8.336 8.722
Free Cash Flow 1 67,756 1,18,132 1,68,992 2,05,754 1,59,925 1,24,834 1,02,552 1,08,037
FCF margin 22.42% 40.64% 37.33% 32.09% 31.36% 24.93% 21.17% 21.91%
FCF Conversion (EBITDA) 52.42% 86.42% 72.04% 60.43% 61.27% 46.06% 40.04% 41.81%
FCF Conversion (Net income) 168.81% 1,911.91% 158.43% 109.25% 129.05% 107.28% 91.4% 95.84%
Dividend per Share 2 0.7387 0.7874 8.534 15.09 5.569 5.799 3.717 4.076
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 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 2025 Q1 2025 Q2
Net sales 1 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 1,17,721 1,27,425 - 1,29,788 1,27,419 - -
EBITDA 1 62,945 77,710 98,260 91,421 73,091 72,497 56,690 66,188 67,079 60,044 66,289 - 69,565 66,675 68,903 64,950
EBIT 1 46,717 61,106 81,264 74,278 55,632 57,311 40,608 49,233 48,992 43,396 45,524 - 51,105 48,477 - -
Operating Margin 34.81% 44.6% 44.92% 43.67% 35.08% 43.1% 36.44% 39.44% 36.29% 36.86% 35.73% - 39.38% 38.05% - -
Earnings before Tax (EBT) 1 44,485 66,580 85,236 66,639 59,301 54,469 40,907 - 41,074 34,448 45,793 - 46,489 46,169 - -
Net income 1 31,504 43,357 57,397 46,096 43,341 36,463 28,264 26,625 31,169 23,700 24,230 - 33,834 32,206 - -
Net margin 23.48% 31.65% 31.73% 27.1% 27.33% 27.42% 25.36% 21.33% 23.09% 20.13% 19.01% - 26.07% 25.28% - -
EPS 2 2.420 3.325 4.375 3.379 3.320 2.782 2.182 2.040 2.400 1.830 1.968 - 2.471 2.369 - -
Dividend per Share 2 2.861 - 6.723 - 2.750 - 1.894 - - 1.042 1.344 1.580 1.306 1.283 - -
Announcement Date 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 14/05/24 - - - - - -
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 2,27,799 2,49,407 2,50,940 2,01,879
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.459 x 2.402 x 1.133 x 0.6594 x 0.8727 x 0.9203 x 0.9797 x 0.7814 x
Free Cash Flow 1 67,756 1,18,132 1,68,992 2,05,754 1,59,925 1,24,834 1,02,552 1,08,037
ROE (net income / shareholders' equity) 14% 2.35% 30.7% 50.2% 33.5% 27% 21.8% 20.2%
ROA (Net income/ Total Assets) 4.49% 0.74% 10.9% 19.3% 12.3% 11.6% 10% 9.36%
Assets 1 8,93,323 8,31,639 9,80,224 9,74,830 10,08,216 10,07,468 11,19,509 12,04,693
Book Value Per Share 2 22.70 23.60 29.70 27.80 29.40 32.30 50.70 57.70
Cash Flow per Share 2 7.800 11.40 15.60 19.60 16.60 14.10 14.50 14.00
Capex 1 34,010 29,974 34,134 49,656 62,297 80,645 99,222 94,597
Capex / Sales 11.25% 10.31% 7.54% 7.74% 12.22% 16.11% 20.48% 19.19%
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

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings
Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
38.4 BRL
Average target price
43.08 BRL
Spread / Average Target
+12.20%
Consensus
1st Jan change Capi.
+3.63% 95.32B
-14.09% 1,822B
+17.51% 457B
+44.57% 256B
+2.24% 157B
-9.44% 73.55B
-.--% 52.93B
+25.47% 49.15B
-7.38% 48.59B
+28.35% 37.89B
Integrated Oil & Gas