Company Valuation: Petrobras

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 387,853 345,928 497,645 490,407 410,255 584,521 - -
Change - -10.81% 43.86% -1.45% -16.34% 42.48% - -
Enterprise Value (EV) 1 653,631 570,438 725,444 795,207 730,186 869,398 852,853 830,665
Change - -12.73% 27.17% 9.62% -8.18% 19.07% -1.9% -2.6%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.61x 4.63x 4.79x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.16x 0.97x 0.88x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.49x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.02x 1.08x 1.11x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.52x 1.57x 1.57x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.85x 3.01x 2.99x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 3.97x 4.44x 4.49x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 7.36x 8.09x 8.28x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 13.6% 12.4% 12.1%
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% 8.39% 12.7% 13%
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 1 452,668 641,256 509,987 527,918 470,950 573,858 541,555 527,506
EBITDA 1 234,576 340,482 261,016 264,987 231,111 305,046 283,342 278,071
EBIT 1 171,528 272,280 194,883 192,922 151,135 218,903 191,876 184,997
Net income 1 106,668 188,328 123,920 43,473 103,668 142,973 114,335 110,005
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 42.47 42.47 42.47
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.($)
13.8x3.55x6.6x5.26% 1,709B
13.22x1.85x5.96x3.52% 398B
8.05x0.61x3.76x6.5% 282B
7.99x0.88x3.89x3.45% 251B
8.18x1.05x4.37x4.65% 195B
5.93x1.76x2.83x7.6% 150B
3.61x1.52x2.85x8.39% 113B
7.77x0.84x2.06x3.82% 97.87B
8.79x0.82x4.06x4.7% 80.26B
Average 8.59x 1.43x 4.04x 5.32% 363.98B
Weighted average by Cap. 11.44x 2.44x 5.44x 5.14%

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