Company Valuation: Petrobras

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 387,853 345,928 497,645 490,407 410,255 700,077 - -
Change - -10.81% 43.86% -1.45% -16.34% 70.64% - -
Enterprise Value (EV) 1 653,631 570,438 725,444 795,207 730,186 989,240 964,806 943,517
Change - -12.73% 27.17% 9.62% -8.18% 35.48% -2.47% -2.21%
P/E 3.48x 1.7x 3.89x 12.7x 3.84x 4.03x 5.08x 5.54x
PBR 0.96x 0.88x 1.27x 1.27x 1x 1.28x 1.15x 1.05x
PEG - 0x -0.1x -0.2x 0x 0.1x -0.2x -0.67x
Capitalization / Revenue 0.86x 0.54x 0.98x 0.93x 0.87x 1.16x 1.23x 1.28x
EV / Revenue 1.44x 0.89x 1.42x 1.51x 1.55x 1.64x 1.7x 1.72x
EV / EBITDA 2.79x 1.68x 2.78x 3x 3.16x 3.08x 3.21x 3.26x
EV / EBIT 3.81x 2.1x 3.72x 4.12x 4.83x 4.11x 4.54x 4.83x
EV / FCF 3.87x 2.77x 4.54x 5.84x 8.37x 8.16x 7.73x 8.6x
FCF Yield 25.9% 36.1% 22% 17.1% 12% 12.3% 12.9% 11.6%
Dividend per Share 2 8.534 15.09 5.569 5.734 3.199 4.073 5.937 5.518
Rate of return 30% 61.6% 15% 15.8% 10.4% 7.96% 11.6% 10.8%
EPS 2 8.18 14.44 9.57 2.84 8.026 12.7 10.07 9.241
Distribution rate 104% 105% 58.2% 202% 39.9% 32.1% 58.9% 59.7%
Net sales 1 452,668 641,256 509,987 527,918 470,950 601,892 567,533 547,340
EBITDA 1 234,576 340,482 261,016 264,987 231,111 321,069 300,954 289,213
EBIT 1 171,528 272,280 194,883 192,922 151,135 240,666 212,327 195,354
Net income 1 106,668 188,328 123,920 43,473 103,668 155,358 126,499 116,281
Net Debt 1 265,778 224,510 227,799 304,800 319,931 289,163 264,730 243,441
Reference price 2 28.45 24.50 37.24 36.19 30.82 51.17 51.17 51.17
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.($)
13.07x3.37x6.5x5.44% 1,629B
12.12x1.82x5.91x3.45% 405B
8.02x0.6x3.95x6.5% 296B
7.79x0.92x4.04x3.28% 273B
7.28x0.98x4.04x4.84% 186B
5.98x1.65x2.64x7.63% 148B
4.03x1.64x3.08x7.96% 134B
7.54x0.81x1.96x3.76% 99.44B
8.51x0.84x4.14x4.72% 79.35B
Average 8.26x 1.40x 4.03x 5.29% 361.15B
Weighted average by Cap. 10.74x 2.29x 5.33x 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