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 5,62,634 - -
Change - -10.81% 43.86% -1.45% -16.34% 37.14% - -
Enterprise Value (EV) 1 6,53,631 5,70,438 7,25,444 7,95,207 7,30,186 8,48,726 8,31,207 8,10,135
Change - -12.73% 27.17% 9.62% -8.18% 16.23% -2.06% -2.54%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.25x 4.48x 4.64x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.05x 0.95x 0.87x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.32x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 0.97x 1.04x 1.07x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.46x 1.54x 1.54x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.79x 2.94x 2.92x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 3.87x 4.42x 4.51x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 7.18x 7.89x 8.07x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 13.9% 12.7% 12.4%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 3.57 5.878 6.151
Rate of return 30% 61.6% 15% 15.8% 10.4% 8.74% 14.4% 15%
EPS 2 8.18 14.44 9.57 2.84 8.026 12.59 9.126 8.806
Distribution rate 104% 105% 58.2% 202% 39.9% 28.4% 64.4% 69.8%
Net sales 1 4,52,668 6,41,256 5,09,987 5,27,918 4,70,950 5,80,546 5,41,081 5,27,682
EBITDA 1 2,34,576 3,40,482 2,61,016 2,64,987 2,31,111 3,04,174 2,82,835 2,77,668
EBIT 1 1,71,528 2,72,280 1,94,883 1,92,922 1,51,135 2,19,589 1,87,994 1,79,693
Net income 1 1,06,668 1,88,328 1,23,920 43,473 1,03,668 1,39,609 1,14,208 1,09,590
Net Debt 1 2,65,778 2,24,510 2,27,799 3,04,800 3,19,931 2,86,091 2,68,573 2,47,501
Reference price 2 28.45 24.50 37.24 36.19 30.82 40.87 40.87 40.87
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.($)
13.85x3.56x6.62x5.24% 1,71400Cr
12.23x1.7x5.54x3.82% 37TCr
8.01x0.61x3.79x6.53% 28TCr
7.83x0.86x3.82x3.52% 25TCr
7.96x1.02x4.27x4.77% 19TCr
5.77x1.7x2.73x7.81% 15TCr
3.25x1.46x2.79x8.74% 11TCr
7.12x0.81x1.96x4.02% 9.31TCr
8.61x0.8x3.99x4.8% 7.84TCr
Average 8.29x 1.39x 3.94x 5.47% 35.86TCr
Weighted average by Cap. 11.29x 2.43x 5.39x 5.23%

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