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 5,44,826 - -
Change - -10.81% 43.86% -1.45% -16.34% 32.8% - -
Enterprise Value (EV) 1 6,53,631 5,70,438 7,25,444 7,95,207 7,30,186 8,31,780 8,11,630 7,97,997
Change - -12.73% 27.17% 9.62% -8.18% 13.91% -2.42% -1.68%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.25x 4.4x 4.54x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.02x 0.92x 0.84x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.46x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 0.96x 1.01x 1.04x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.47x 1.5x 1.52x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.83x 2.89x 2.92x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 3.93x 4.29x 4.48x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 6.72x 7.94x 8.35x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 14.9% 12.6% 12%
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% 13.1% 14.6% 15.4%
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 5,67,014 5,41,333 5,24,808
EBITDA 1 2,34,576 3,40,482 2,61,016 2,64,987 2,31,111 2,93,580 2,81,012 2,73,359
EBIT 1 1,71,528 2,72,280 1,94,883 1,92,922 1,51,135 2,11,509 1,89,156 1,78,198
Net income 1 1,06,668 1,88,328 1,23,920 43,473 1,03,668 1,31,012 1,13,794 1,07,439
Net Debt 1 2,65,778 2,24,510 2,27,799 3,04,800 3,19,931 2,86,954 2,66,804 2,53,171
Reference price 2 28.45 24.50 37.24 36.19 30.82 39.21 39.21 39.21
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.($)
13.68x3.36x6.48x5.21% 1,72200Cr
11.2x1.63x5.34x4.1% 34TCr
7.87x0.84x3.81x3.82% 23TCr
6.94x0.97x3.85x5.23% 17TCr
7.22x0.78x1.84x4.6% 8.54TCr
8.5x0.76x3.69x5.22% 7.06TCr
Average 9.24x 1.39x 4.17x 4.69% 43.73TCr
Weighted average by Cap. 12.05x 2.60x 5.70x 4.92%

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