Company Valuation: Petrobras

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 387,853 345,928 497,645 490,407 410,255 619,471 - -
Change - -10.81% 43.86% -1.45% -16.34% 51% - -
Enterprise Value (EV) 1 653,631 570,438 725,444 795,207 730,186 906,352 888,387 865,863
Change - -12.73% 27.17% 9.62% -8.18% 24.13% -1.98% -2.54%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.8x 4.91x 5.11x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.15x 1.03x 0.94x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.29x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.07x 1.14x 1.17x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.57x 1.63x 1.64x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.95x 3.12x 3.11x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.08x 4.64x 4.69x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 7.55x 8.27x 8.59x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 13.3% 12.1% 11.6%
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% 7.92% 11.9% 12.3%
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 1 452,668 641,256 509,987 527,918 470,950 578,069 543,537 529,418
EBITDA 1 234,576 340,482 261,016 264,987 231,111 306,728 284,316 278,655
EBIT 1 171,528 272,280 194,883 192,922 151,135 222,071 191,358 184,478
Net income 1 106,668 188,328 123,920 43,473 103,668 145,284 115,285 109,902
Net Debt 1 265,778 224,510 227,799 304,800 319,931 286,881 268,915 246,392
Reference price 2 28.45 24.50 37.24 36.19 30.82 45.02 45.02 45.02
Nbr of stocks (in thousands) 13,044,201 13,044,201 13,015,466 12,888,733 12,888,733 12,888,733 - -
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.71x3.51x6.6x5.33% 1,679B
13.41x1.86x6.08x3.46% 404B
8.6x0.68x4.05x5.8% 302B
8.02x0.88x3.84x3.44% 251B
8.16x1.04x4.35x4.66% 195B
6.4x1.8x2.87x6.9% 159B
3.8x1.57x2.95x7.92% 120B
8.07x0.87x2.13x3.68% 102B
8.44x0.81x4x4.79% 78.89B
Average 8.74x 1.45x 4.10x 5.11% 365.64B
Weighted average by Cap. 11.43x 2.40x 5.44x 5.07%

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