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 6,72,629 - -
Change - -10.81% 43.86% -1.45% -16.34% 63.95% - -
Enterprise Value (EV) 1 6,53,631 5,70,438 7,25,444 7,95,207 7,30,186 9,59,315 9,40,937 9,19,394
Change - -12.73% 27.17% 9.62% -8.18% 31.38% -1.92% -2.29%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 4.14x 5.34x 5.56x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.25x 1.12x 1.02x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.4x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.15x 1.22x 1.25x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.64x 1.71x 1.7x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 3.1x 3.28x 3.24x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.27x 4.85x 4.91x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 8.53x 8.86x 9.12x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 11.7% 11.3% 11%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 3.565 5.375 5.533
Rate of return 30% 61.6% 15% 15.8% 10.4% 7.27% 11% 11.3%
EPS 2 8.18 14.44 9.57 2.84 8.026 11.83 9.177 8.814
Distribution rate 104% 105% 58.2% 202% 39.9% 30.1% 58.6% 62.8%
Net sales 1 4,52,668 6,41,256 5,09,987 5,27,918 4,70,950 5,83,673 5,49,596 5,39,357
EBITDA 1 2,34,576 3,40,482 2,61,016 2,64,987 2,31,111 3,09,147 2,86,695 2,83,457
EBIT 1 1,71,528 2,72,280 1,94,883 1,92,922 1,51,135 2,24,850 1,93,877 1,87,171
Net income 1 1,06,668 1,88,328 1,23,920 43,473 1,03,668 1,47,109 1,16,649 1,12,994
Net Debt 1 2,65,778 2,24,510 2,27,799 3,04,800 3,19,931 2,86,685 2,68,308 2,46,765
Reference price 2 28.45 24.50 37.24 36.19 30.82 49.00 49.00 49.00
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.($)
13.69x3.46x6.6x5.32% 1,68400Cr
13.93x1.93x6.27x3.33% 42TCr
8.48x0.6x3.9x6.14% 30TCr
8.67x0.98x4.31x3.25% 28TCr
8.42x1.07x4.44x4.48% 20TCr
6.15x1.72x2.74x7.18% 15TCr
4.14x1.64x3.1x7.27% 13TCr
8.36x0.9x2.19x3.52% 11TCr
8.69x0.81x4.05x4.68% 8.12TCr
Average 8.95x 1.46x 4.18x 5.02% 37.27TCr
Weighted average by Cap. 11.52x 2.37x 5.48x 5.01%

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

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