Company Valuation: Petrobras

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 387,853 345,928 497,645 490,407 410,255 575,049 - -
Change - -10.81% 43.86% -1.45% -16.34% 40.17% - -
Enterprise Value (EV) 1 653,631 570,438 725,444 795,207 730,186 860,136 839,591 825,776
Change - -12.73% 27.17% 9.62% -8.18% 17.8% -2.39% -1.65%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 3.41x 4.62x 4.77x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.07x 0.96x 0.88x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -1.54x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.02x 1.07x 1.1x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.53x 1.56x 1.58x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 2.92x 2.98x 3.02x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.07x 4.44x 4.63x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 7.19x 7.85x 8.11x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 13.9% 12.7% 12.3%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 5.146 5.708 6.051
Rate of return 30% 61.6% 15% 15.8% 10.4% 12.5% 13.9% 14.7%
EPS 2 8.18 14.44 9.57 2.84 8.026 12.07 8.909 8.632
Distribution rate 104% 105% 58.2% 202% 39.9% 42.6% 64.1% 70.1%
Net sales 1 452,668 641,256 509,987 527,918 470,950 562,672 538,752 521,505
EBITDA 1 234,576 340,482 261,016 264,987 231,111 294,333 281,875 273,794
EBIT 1 171,528 272,280 194,883 192,922 151,135 211,509 189,156 178,198
Net income 1 106,668 188,328 123,920 43,473 103,668 132,291 113,841 106,299
Net Debt 1 265,778 224,510 227,799 304,800 319,931 285,087 264,543 250,727
Reference price 2 28.45 24.50 37.24 36.19 30.82 41.15 41.15 41.15
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.($)
13.72x3.37x6.5x5.19% 1,727B
12.61x1.75x5.77x3.76% 375B
8.23x0.62x3.89x6.35% 290B
8.29x0.91x4.09x3.61% 240B
7.61x1.02x4.08x5.06% 180B
5.87x1.74x2.81x7.82% 150B
7.96x0.84x1.98x4.28% 91.78B
8.96x0.77x3.82x5.06% 72.49B
Average 9.15x 1.38x 4.12x 5.14% 390.85B
Weighted average by Cap. 11.65x 2.39x 5.47x 5.1%

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