Company Valuation: Petrobras

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 387,853 345,928 497,645 490,407 410,255 530,608 - -
Change - -10.81% 43.86% -1.45% -16.34% 29.34% - -
Enterprise Value (EV) 1 653,631 570,438 725,444 795,207 730,186 817,988 800,961 791,871
Change - -12.73% 27.17% 9.62% -8.18% 12.02% -2.08% -1.13%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.03x 4.12x 4.53x
PBR 0.96x 0.88x 1.27x 1.27x 1x 0.98x 0.89x 0.82x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -0.5x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 0.94x 0.97x 1.02x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.45x 1.47x 1.52x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.79x 2.81x 2.91x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 3.86x 4.13x 4.47x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 6.61x 7.83x 8.29x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 15.1% 12.8% 12.1%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 5.19 5.68 5.574
Rate of return 30% 61.6% 15% 15.8% 10.4% 13.5% 14.7% 14.5%
EPS 2 8.18 14.44 9.57 2.84 8.026 12.74 9.364 8.512
Distribution rate 104% 105% 58.2% 202% 39.9% 40.7% 60.7% 65.5%
Net sales 1 452,668 641,256 509,987 527,918 470,950 564,526 546,157 522,277
EBITDA 1 234,576 340,482 261,016 264,987 231,111 292,957 284,772 272,246
EBIT 1 171,528 272,280 194,883 192,922 151,135 211,676 194,016 177,101
Net income 1 106,668 188,328 123,920 43,473 103,668 129,202 117,308 107,201
Net Debt 1 265,778 224,510 227,799 304,800 319,931 287,380 270,353 261,263
Reference price 2 28.45 24.50 37.24 36.19 30.82 38.57 38.57 38.57
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
13.17x3.27x6.32x5.24% 1,714B
11.71x1.61x5.46x4.02% 351B
7.9x0.55x3.65x6.65% 260B
7.62x0.81x3.72x3.83% 227B
7.11x1.02x3.93x4.89% 186B
5.51x1.55x2.49x8.24% 144B
6.88x0.74x1.74x4.65% 84.62B
8.59x0.72x3.67x5.02% 74.4B
Average 8.56x 1.28x 3.87x 5.31% 380.18B
Weighted average by Cap. 11.12x 2.31x 5.28x 5.21%

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

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