Financials Petrobras

Equities

PETR4

BRPETRACNPR6

Integrated Oil & Gas

Market Closed - Sao Paulo Other stock markets 04:20:33 2024-04-26 pm EDT			5-day change	1st Jan Change
41.65 ^BRL	+3.04%		+2.76%	+11.84%

Apr. 26	Sector Update: Energy Stocks Slump in Late Friday Afternoon Trading	MT
Apr. 26	Petrobras Sells Cherne, Bagre Fields to Perenco For $10 Million	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	407,219	373,468	387,853	345,928	497,645	554,585	-	-
Enterprise Value (EV) ¹	725,086	701,736	653,631	570,438	497,645	776,968	781,404	756,643
P/E ratio	9.8 x	52.5 x	3.48 x	1.7 x	-	4.53 x	5.1 x	5.1 x
Yield	2.45%	2.78%	30%	61.6%	-	12.6%	9.13%	8.8%
Capitalization / Revenue	1.35 x	1.28 x	0.86 x	0.54 x	0.98 x	1.12 x	1.17 x	1.15 x
EV / Revenue	2.4 x	2.41 x	1.44 x	0.89 x	0.98 x	1.56 x	1.65 x	1.57 x
EV / EBITDA	5.61 x	5.13 x	2.79 x	1.68 x	1.91 x	2.87 x	3.09 x	2.93 x
EV / FCF	10.7 x	5.94 x	3.87 x	2.77 x	-	7.49 x	9.43 x	7.92 x
FCF Yield	9.34%	16.8%	25.9%	36.1%	-	13.4%	10.6%	12.6%
Price to Book	1.33 x	1.2 x	0.96 x	0.88 x	-	1.22 x	1.08 x	1.1 x
Nbr of stocks (in thousands)	13,044,201	13,044,201	13,044,201	13,044,201	13,015,466	12,940,137	-	-
Reference price ²	30.18	28.34	28.45	24.50	37.24	41.65	41.65	41.65
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	302,245	290,704	452,668	641,256	509,987	496,990	473,898	481,332
EBITDA ¹	129,249	136,690	234,576	340,482	261,016	270,729	252,490	257,875
EBIT ¹	70,747	74,714	171,528	272,280	194,883	196,452	177,193	178,292
Operating Margin	23.41%	25.7%	37.89%	42.46%	38.21%	39.53%	37.39%	37.04%
Earnings before Tax (EBT) ¹	47,242	-1,224	151,575	274,998	176,269	174,203	151,934	149,888
Net income ¹	40,137	6,179	106,668	188,328	123,920	115,704	103,253	106,290
Net margin	13.28%	2.13%	23.56%	29.37%	24.3%	23.28%	21.79%	22.08%
EPS ²	3.080	0.5400	8.180	14.44	-	9.186	8.169	8.169
Free Cash Flow ¹	67,756	118,132	168,992	205,754	-	103,767	82,867	95,518
FCF margin	22.42%	40.64%	37.33%	32.09%	-	20.88%	17.49%	19.84%
FCF Conversion (EBITDA)	52.42%	86.42%	72.04%	60.43%	-	38.33%	32.82%	37.04%
FCF Conversion (Net income)	168.81%	1,911.91%	158.43%	109.25%	-	89.68%	80.26%	89.87%
Dividend per Share ²	0.7387	0.7874	8.534	15.09	-	5.239	3.804	3.665
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 S1	2024 Q3	2024 Q4
Net sales ¹	121,594	134,190	136,994	180,914	170,076	158,579	132,974	111,441	124,828	134,990	128,494	130,661	-	130,048	131,668
EBITDA ¹	60,744	62,945	77,710	98,260	91,421	73,091	72,497	56,690	66,188	67,079	67,981	67,589	-	68,071	67,824
EBIT ¹	44,482	46,717	61,106	81,264	74,278	55,632	57,311	40,608	49,233	48,992	48,173	53,297	-	51,408	48,680
Operating Margin	36.58%	34.81%	44.6%	44.92%	43.67%	35.08%	43.1%	36.44%	39.44%	36.29%	37.49%	40.79%	-	39.53%	36.97%
Earnings before Tax (EBT) ¹	40,977	44,485	66,580	85,236	66,639	59,301	54,469	40,907	-	41,074	42,343	41,156	-	41,491	42,354
Net income ¹	31,142	31,504	43,357	57,397	46,096	43,341	36,463	28,264	26,625	31,169	29,012	30,786	-	31,201	31,520
Net margin	25.61%	23.48%	31.65%	31.73%	27.1%	27.33%	27.42%	25.36%	21.33%	23.09%	22.58%	23.56%	-	23.99%	23.94%
EPS ²	2.390	2.420	3.325	4.375	3.379	3.320	2.782	2.182	2.040	-	2.278	2.546	-	2.462	2.334
Dividend per Share ²	-	2.861	-	6.723	-	2.750	-	1.894	-	-	1.070	1.337	1.580	1.478	1.468
Announcement Date	10/28/21	2/24/22	5/5/22	7/28/22	11/3/22	3/2/23	5/11/23	8/3/23	11/9/23	3/8/24	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	317,867	328,268	265,778	224,510	-	222,382	226,819	202,058
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.459 x	2.402 x	1.133 x	0.6594 x	-	0.8214 x	0.8983 x	0.7835 x
Free Cash Flow ¹	67,756	118,132	168,992	205,754	-	103,767	82,867	95,518
ROE (net income / shareholders' equity)	14%	2.35%	30.7%	50.2%	-	26.9%	21.6%	20.7%
ROA (Net income/ Total Assets)	4.49%	0.74%	10.9%	19.3%	-	11.7%	9.51%	9.04%
Assets ¹	893,323	831,639	980,224	974,830	-	990,745	1,085,219	1,175,323
Book Value Per Share ²	22.70	23.60	29.70	27.80	-	34.00	38.50	37.70
Cash Flow per Share ²	7.800	11.40	15.60	19.60	-	14.60	13.20	13.90
Capex ¹	34,010	29,974	34,134	49,656	-	88,445	101,876	98,426
Capex / Sales	11.25%	10.31%	7.54%	7.74%	-	17.8%	21.5%	20.45%
Announcement Date	2/19/20	2/25/21	2/24/22	3/2/23	3/8/24	-	-	-

¹BRL in Million²BRL

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Petrobras

Trading Rating

Investor Rating

ESG Refinitiv

C+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

41.65 BRL

Average target price

42.14 BRL

Spread / Average Target

+1.16%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
PETROBRAS	+11.84%	108B
SAUDI ARABIAN OIL COMPANY	-8.79%	1,942B
EXXON MOBIL CORPORATION	+17.98%	465B
PETROCHINA COMPANY LIMITED	+46.12%	259B
SHELL PLC	+12.91%	232B
EQUINOR ASA	-5.74%	80.36B
ENI S.P.A	-0.57%	52.04B
GAZPROM	-.--%	50.84B
SUNCOR ENERGY INC.	+26.90%	50.66B
CENOVUS ENERGY INC.	+32.79%	39.95B

Integrated Oil & Gas