Company Valuation: Petrobras

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 387,853 345,928 497,645 490,407 410,255 575,984 - -
Change - -10.81% 43.86% -1.45% -16.34% 40.4% - -
Enterprise Value (EV) 1 653,631 570,438 725,444 795,207 730,186 860,861 844,315 822,127
Change - -12.73% 27.17% 9.62% -8.18% 17.9% -1.92% -2.63%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.56x 4.57x 4.72x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.15x 0.96x 0.87x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.47x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1x 1.06x 1.09x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.5x 1.56x 1.55x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.82x 2.98x 2.95x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 3.94x 4.48x 4.56x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 7.28x 8.01x 8.19x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 13.7% 12.5% 12.2%
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% 8.51% 12.8% 13.2%
EPS 2 8.18 14.44 9.57 2.84 8.026 11.77 9.164 8.87
Distribution rate 104% 105% 58.2% 202% 39.9% 30.3% 58.6% 62.4%
Net sales 1 452,668 641,256 509,987 527,918 470,950 573,133 541,980 528,761
EBITDA 1 234,576 340,482 261,016 264,987 231,111 304,850 283,386 278,364
EBIT 1 171,528 272,280 194,883 192,922 151,135 218,364 188,594 180,427
Net income 1 106,668 188,328 123,920 43,473 103,668 141,106 114,423 109,992
Net Debt 1 265,778 224,510 227,799 304,800 319,931 284,877 268,332 246,144
Reference price 2 28.45 24.50 37.24 36.19 30.82 41.90 41.90 41.90
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.($)
13.78x3.54x6.59x5.27% 1,706B
12.9x1.81x5.82x3.61% 388B
7.91x0.6x3.72x6.61% 279B
7.85x0.87x3.83x3.51% 246B
8.09x1.04x4.32x4.7% 193B
5.92x1.76x2.82x7.62% 150B
3.56x1.5x2.82x8.51% 111B
7.48x0.81x1.99x3.97% 94.23B
8.77x0.81x4.05x4.71% 79.7B
Average 8.47x 1.42x 4.00x 5.39% 360.82B
Weighted average by Cap. 11.37x 2.43x 5.41x 5.18%

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