Company Valuation: Petrobras

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 387,853 345,928 497,645 490,407 410,255 679,204 - -
Change - -10.81% 43.86% -1.45% -16.34% 65.56% - -
Enterprise Value (EV) 1 653,631 570,438 725,444 795,207 730,186 960,380 943,934 922,645
Change - -12.73% 27.17% 9.62% -8.18% 31.53% -1.71% -2.26%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.92x 4.94x 5.39x
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 -0.65x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.13x 1.2x 1.24x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.6x 1.66x 1.69x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.99x 3.14x 3.19x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 3.99x 4.45x 4.72x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 7.92x 7.56x 8.41x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 12.6% 13.2% 11.9%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 4.073 5.937 5.518
Rate of return 30% 61.6% 15% 15.8% 10.4% 8.18% 11.9% 11.1%
EPS 2 8.18 14.44 9.57 2.84 8.026 12.7 10.07 9.241
Distribution rate 104% 105% 58.2% 202% 39.9% 32.1% 58.9% 59.7%
Net sales 1 452,668 641,256 509,987 527,918 470,950 601,892 567,533 547,340
EBITDA 1 234,576 340,482 261,016 264,987 231,111 321,069 300,954 289,213
EBIT 1 171,528 272,280 194,883 192,922 151,135 240,666 212,327 195,354
Net income 1 106,668 188,328 123,920 43,473 103,668 155,358 126,499 116,281
Net Debt 1 265,778 224,510 227,799 304,800 319,931 281,175 264,730 243,441
Reference price 2 28.45 24.50 37.24 36.19 30.82 49.77 49.77 49.77
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.07x3.37x6.5x5.44% 1,629B
12.62x1.83x6.04x3.45% 406B
8.15x0.62x4.01x6.39% 296B
7.9x0.92x4.05x3.29% 272B
7.35x0.98x4.06x4.84% 186B
6.1x1.68x2.69x7.48% 151B
4.06x1.62x3.04x8.18% 130B
7.52x0.81x1.98x3.77% 99.23B
8.45x0.83x4.16x4.75% 78.85B
Average 8.36x 1.41x 4.06x 5.29% 360.96B
Weighted average by Cap. 10.84x 2.30x 5.36x 5.2%

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