Company Valuation: Petrobras

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 387,853 345,928 497,645 490,407 410,255 654,977 - -
Change - -10.81% 43.86% -1.45% -16.34% 59.65% - -
Enterprise Value (EV) 1 653,631 570,438 725,444 795,207 730,186 941,222 919,272 897,277
Change - -12.73% 27.17% 9.62% -8.18% 28.9% -2.33% -2.39%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 4.06x 5.23x 5.45x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.22x 1.1x 1x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.38x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.12x 1.19x 1.21x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.6x 1.66x 1.66x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 3.03x 3.19x 3.18x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.13x 4.66x 4.74x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 8.06x 7.67x 8.31x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 12.4% 13% 12%
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% 7.43% 11.2% 11.5%
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 1 452,668 641,256 509,987 527,918 470,950 586,432 552,667 540,090
EBITDA 1 234,576 340,482 261,016 264,987 231,111 310,525 287,738 282,041
EBIT 1 171,528 272,280 194,883 192,922 151,135 228,005 197,341 189,100
Net income 1 106,668 188,328 123,920 43,473 103,668 148,174 117,662 112,546
Net Debt 1 265,778 224,510 227,799 304,800 319,931 286,245 264,295 242,300
Reference price 2 28.45 24.50 37.24 36.19 30.82 48.00 48.00 48.00
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 2/24/22 3/2/23 3/8/24 2/26/25 3/6/26 - - -
1BRL in Million2BRL
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
13.17x3.4x6.38x5.41% 1,654B
13.14x1.82x5.95x3.5% 400B
8.01x0.59x3.83x6.51% 284B
8.36x0.95x4.18x3.34% 268B
8.15x1.06x4.37x4.5% 200B
6.08x1.68x2.69x7.51% 151B
4.06x1.61x3.05x7.43% 128B
8.01x0.86x2.11x3.67% 102B
8.5x0.8x3.97x4.78% 78.45B
Average 8.61x 1.42x 4.06x 5.18% 362.71B
Weighted average by Cap. 11.05x 2.33x 5.31x 5.15%

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

-40%: Exceptional extension
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