Financials Petrobras

Equities

PETR4

BRPETRACNPR6

Integrated Oil & Gas

Market Closed - Bolsa de Valores de Sao Paulo Other stock markets 04:07:49 2023-12-08 pm EST			5-day change	1st Jan Change
34.49 ^BRL	+3.20%		-3.31%	+40.78%

Dec. 08	Mib above 30,400; Prymsian the best performer	AN
Dec. 08	Caution reigns on listings; German inflation brakes	AN

Valuation

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	316 093	407 219	373 468	387 853	345 928	465 053	-	-
Enterprise Value (EV) ¹	584 917	725 086	701 736	653 631	570 438	683 548	668 020	688 351
P/E ratio	11,5x	9,80x	52,5x	3,48x	1,70x	3,57x	3,90x	4,51x
Yield	4,07%	2,45%	2,78%	30,0%	61,6%	20,6%	13,9%	11,8%
Capitalization / Revenue	0,90x	1,35x	1,28x	0,86x	0,54x	0,94x	0,95x	1,01x
EV / Revenue	1,67x	2,40x	2,41x	1,44x	0,89x	1,37x	1,36x	1,49x
EV / EBITDA	5,09x	5,61x	5,13x	2,79x	1,68x	2,58x	2,60x	2,87x
EV / FCF	11,3x	10,7x	5,94x	3,87x	2,77x	4,54x	7,48x	9,78x
FCF Yield	8,87%	9,34%	16,8%	25,9%	36,1%	22,0%	13,4%	10,2%
Price to Book	1,07x	1,33x	1,20x	0,96x	0,88x	0,73x	0,72x	0,65x
Nbr of stocks (in thousands)	13 044 497	13 044 201	13 044 201	13 044 201	13 044 201	13 015 466	-	-
Reference price ²	22,7	30,2	28,3	28,5	24,5	34,5	34,5	34,5
Announcement Date	2/27/19	2/19/20	2/25/21	2/24/22	3/2/23	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Annual data)

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	349 836	302 245	290 704	452 668	641 256	497 262	491 048	462 627
EBITDA ¹	114 852	129 249	136 690	234 576	340 482	265 184	256 851	239 863
EBIT ¹	71 206	70 747	74 714	171 528	272 280	200 713	188 243	169 245
Operating Margin	20,4%	23,4%	25,7%	37,9%	42,5%	40,4%	38,3%	36,6%
Earnings before Tax (EBT) ¹	43 776	47 242	-1 224	151 575	274 998	175 547	160 962	148 641
Net income ¹	25 779	40 137	6 179	106 668	188 328	118 037	110 523	99 324
Net margin	7,37%	13,3%	2,13%	23,6%	29,4%	23,7%	22,5%	21,5%
EPS ²	1,98	3,08	0,54	8,18	14,4	9,65	8,84	7,64
Free Cash Flow ¹	51 859	67 756	118 132	168 992	205 754	150 495	89 317	70 389
FCF margin	14,8%	22,4%	40,6%	37,3%	32,1%	30,3%	18,2%	15,2%
FCF Conversion (EBITDA)	45,2%	52,4%	86,4%	72,0%	60,4%	56,8%	34,8%	29,3%
FCF Conversion (Net income)	201%	169%	1 912%	158%	109%	127%	80,8%	70,9%
Dividend per Share ²	0,92	0,74	0,79	8,53	15,1	7,10	4,79	4,06
Announcement Date	2/27/19	2/19/20	2/25/21	2/24/22	3/2/23	-	-	-

¹BRL in Million²BRL

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period : December	2021 Q2	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 Q3	2024 Q4
Net sales ¹	110 004	121 594	134 190	136 994	180 914	170 076	158 579	132 974	111 441	124 828	134 044	134 754	137 332	133 044	132 461
EBITDA ¹	61 603	60 744	62 945	77 710	98 260	91 421	73 091	72 497	56 690	66 188	71 777	75 401	77 016	75 491	72 009
EBIT ¹	46 635	44 482	46 717	61 106	81 264	74 278	55 632	57 311	40 608	49 233	50 579	50 710	52 375	45 257	-
Operating Margin	42,4%	36,6%	34,8%	44,6%	44,9%	43,7%	35,1%	43,1%	36,4%	39,4%	37,7%	37,6%	38,1%	34,0%	-
Earnings before Tax (EBT)	62 599	40 977	44 485	66 580	85 236	66 639	59 301	54 469	40 907	-	-	-	-	-	-
Net income ¹	42 577	31 142	31 504	43 357	57 397	46 096	43 341	36 463	28 264	26 625	31 049	33 002	34 050	31 772	29 645
Net margin	38,7%	25,6%	23,5%	31,6%	31,7%	27,1%	27,3%	27,4%	25,4%	21,3%	23,2%	24,5%	24,8%	23,9%	22,4%
EPS ²	3,20	2,39	2,42	3,33	4,37	3,38	3,32	2,78	2,18	2,04	2,47	2,32	2,37	2,18	2,28
Dividend per Share ²	0,78	-	2,86	-	6,72	-	2,75	-	1,89	-	1,83	1,33	1,32	1,30	2,73
Announcement Date	8/4/21	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	-	-	-	-	-

¹BRL in Million²BRL

Estimates

Balance Sheet Analysis

Fiscal Period : December	2018	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	268 824	317 867	328 268	265 778	224 510	218 495	202 967	223 298
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2,34x	2,46x	2,40x	1,13x	0,66x	0,82x	0,79x	0,93x
Free Cash Flow ¹	51 859	67 756	118 132	168 992	205 754	150 495	89 317	70 389
ROE (net income / shareholders' equity)	13,2%	14,0%	2,35%	30,7%	50,2%	31,6%	26,1%	21,4%
Shareholders' equity ¹	194 795	286 386	262 497	347 872	374 961	373 823	423 428	463 632
ROA (Net income/ Total Assets)	4,25%	4,49%	0,74%	10,9%	19,3%	12,9%	11,0%	9,74%
Assets ¹	606 239	893 323	831 639	980 224	974 830	916 759	1 001 250	1 020 282
Book Value Per Share ²	21,3	22,7	23,6	29,7	27,8	47,6	48,2	52,9
Cash Flow per Share ²	7,36	7,80	11,4	15,6	19,6	14,7	14,8	13,2
Capex ¹	43 987	34 010	29 974	34 134	49 656	68 010	87 035	95 382
Capex / Sales	12,6%	11,3%	10,3%	7,54%	7,74%	13,7%	17,7%	20,6%
Announcement Date	2/27/19	2/19/20	2/25/21	2/24/22	3/2/23	-	-	-

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

BUY

Number of Analysts

Last Close Price

34.49BRL

Average target price

40.26BRL

Spread / Average Target

+16.72%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
PETROBRAS	+40.78%	91 691 M $
SAUDI ARABIAN OIL COMPANY	+13.26%	2132 B $
SHELL PLC	+8.36%	204 B $
PETROCHINA COMPANY LIMITED	+36.13%	167 B $
TOTALENERGIES SE	+5.54%	155 B $
ENI S.P.A	+12.98%	51 538 M $
GAZPROM	-.--%	50 653 M $
SUNCOR ENERGY INC.	-2.75%	39 261 M $
ROSNEFT OIL COMPANY	-.--%	36 098 M $
PAO NOVATEK	-.--%	32 163 M $

Integrated Oil & Gas