Financials Petróleo Brasileiro S.A. - Petrobras Mexican S.E.

Equities

PBR N

US71654V4086

Integrated Oil & Gas

End-of-day quote Mexican S.E. Other stock markets 18:00:00 2024-05-16 EDT			5-day change	1st Jan Change
250 ^MXN	-1.61%		-14.96%	-7.75%

01:17pm	News Highlights : Top Energy News of the Day - Monday at 7 AM ET	DJ
10:15am	News Highlights : Top Energy News of the Day - Monday at 4 AM ET	DJ

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	407,219	373,468	387,853	345,928	497,645	487,633	-	-
Enterprise Value (EV) ¹	725,086	701,736	653,631	570,438	497,645	702,045	702,856	669,104
P/E ratio	9.8 x	52.5 x	3.48 x	1.7 x	-	4.16 x	4.6 x	4.41 x
Yield	2.45%	2.78%	30%	61.6%	-	18.2%	10%	9.8%
Capitalization / Revenue	1.35 x	1.28 x	0.86 x	0.54 x	0.98 x	0.99 x	1.03 x	1.02 x
EV / Revenue	2.4 x	2.41 x	1.44 x	0.89 x	0.98 x	1.42 x	1.49 x	1.4 x
EV / EBITDA	5.61 x	5.13 x	2.79 x	1.68 x	1.91 x	2.59 x	2.83 x	2.67 x
EV / FCF	10.7 x	5.94 x	3.87 x	2.77 x	-	4.89 x	9.36 x	7.28 x
FCF Yield	9.34%	16.8%	25.9%	36.1%	-	20.4%	10.7%	13.7%
Price to Book	1.33 x	1.2 x	0.96 x	0.88 x	-	1.08 x	0.95 x	0.97 x
Nbr of stocks (in thousands)	13,044,201	13,044,201	13,044,201	13,044,201	13,015,466	12,909,288	-	-
Reference price ²	30.18	28.34	28.45	24.50	37.24	36.69	36.69	36.69
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	302,245	290,704	452,668	641,256	509,987	494,330	472,299	478,243
EBITDA ¹	129,249	136,690	234,576	340,482	261,016	270,926	248,062	250,785
EBIT ¹	70,747	74,714	171,528	272,280	194,883	194,938	173,834	170,607
Operating Margin	23.41%	25.7%	37.89%	42.46%	38.21%	39.43%	36.81%	35.67%
Earnings before Tax (EBT) ¹	47,242	-1,224	151,575	274,998	176,269	172,176	154,845	155,637
Net income ¹	40,137	6,179	106,668	188,328	123,920	118,061	105,341	108,280
Net margin	13.28%	2.13%	23.56%	29.37%	24.3%	23.88%	22.3%	22.64%
EPS ²	3.080	0.5400	8.180	14.44	-	8.830	7.970	8.327
Free Cash Flow ¹	67,756	118,132	168,992	205,754	-	143,528	75,105	91,942
FCF margin	22.42%	40.64%	37.33%	32.09%	-	29.03%	15.9%	19.22%
FCF Conversion (EBITDA)	52.42%	86.42%	72.04%	60.43%	-	52.98%	30.28%	36.66%
FCF Conversion (Net income)	168.81%	1,911.91%	158.43%	109.25%	-	121.57%	71.3%	84.91%
Dividend per Share ²	0.7387	0.7874	8.534	15.09	-	6.660	3.668	3.596
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	134,190	136,994	180,914	170,076	158,579	132,974	111,441	124,828	134,990	117,721	134,492	-	132,342	126,837
EBITDA ¹	62,945	77,710	98,260	91,421	73,091	72,497	56,690	66,188	67,079	60,044	75,389	-	74,729	69,823
EBIT ¹	46,717	61,106	81,264	74,278	55,632	57,311	40,608	49,233	48,992	43,396	55,056	-	53,105	49,693
Operating Margin	34.81%	44.6%	44.92%	43.67%	35.08%	43.1%	36.44%	39.44%	36.29%	36.86%	40.94%	-	40.13%	39.18%
Earnings before Tax (EBT)	44,485	66,580	85,236	66,639	59,301	54,469	40,907	-	41,074	-	-	-	-	-
Net income ¹	31,504	43,357	57,397	46,096	43,341	36,463	28,264	26,625	31,169	23,700	34,196	-	33,697	30,725
Net margin	23.48%	31.65%	31.73%	27.1%	27.33%	27.42%	25.36%	21.33%	23.09%	20.13%	25.43%	-	25.46%	24.22%
EPS ²	2.420	3.325	4.375	3.379	3.320	2.782	2.182	2.040	-	1.830	2.457	-	2.417	2.315
Dividend per Share ²	2.861	-	6.723	-	2.750	-	1.894	-	-	-	1.337	1.580	1.478	1.468
Announcement Date	2/24/22	5/5/22	7/28/22	11/3/22	3/2/23	5/11/23	8/3/23	11/9/23	3/8/24	5/14/24	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	317,867	328,268	265,778	224,510	-	214,412	215,223	181,471
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.459 x	2.402 x	1.133 x	0.6594 x	-	0.7914 x	0.8676 x	0.7236 x
Free Cash Flow ¹	67,756	118,132	168,992	205,754	-	143,528	75,105	91,942
ROE (net income / shareholders' equity)	14%	2.35%	30.7%	50.2%	-	27.2%	21.3%	20%
ROA (Net income/ Total Assets)	4.49%	0.74%	10.9%	19.3%	-	12.1%	9.63%	9.29%
Assets ¹	893,323	831,639	980,224	974,830	-	975,712	1,094,340	1,165,121
Book Value Per Share ²	22.70	23.60	29.70	27.80	-	34.00	38.50	37.70
Cash Flow per Share ²	7.800	11.40	15.60	19.60	-	17.60	13.60	13.90
Capex ¹	34,010	29,974	34,134	49,656	-	81,990	101,907	98,771
Capex / Sales	11.25%	10.31%	7.54%	7.74%	-	16.59%	21.58%	20.65%
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-

¹BRL in Million²BRL

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Petróleo Brasileiro S.A. - Petrobras

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

36.69 BRL

Average target price

42.34 BRL

Spread / Average Target

+15.39%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
ARAMCO	-9.39%	1,930B
EXXON MOBIL CORPORATION	+19.48%	472B
PETROCHINA COMPANY LIMITED	+49.61%	243B
SHELL PLC	+9.29%	228B
TOTALENERGIES SE	+9.07%	168B
EQUINOR ASA	-7.25%	81.89B
SUNCOR ENERGY INC.	+28.55%	51.57B
ENI S.P.A	-4.29%	51.49B
GAZPROM	-.--%	51.43B

Integrated Oil & Gas