Financials Petrobras Börse Stuttgart

Equities

PJXA

US71654V4086

Integrated Oil & Gas

Market Closed - Börse Stuttgart Other stock markets 09:29:54 2024-07-02 am EDT			5-day change	1st Jan Change
13.5 ^EUR	+1.12%		+0.38%	-8.25%

Jul. 02	Exxon, Shell Among Oil Firms Interested in Galp Energia's Namibia Oil Prospect	MT
Jul. 02	Over a dozen oil firms show interest in Galp's Namibia oil prospect, sources say	RE

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	407,219	373,468	387,853	345,928	497,645	515,519	-	-
Enterprise Value (EV) ¹	725,086	701,736	653,631	570,438	725,444	756,537	758,287	707,143
P/E ratio	9.8 x	52.5 x	3.48 x	1.7 x	3.89 x	4.52 x	4.63 x	4.43 x
Yield	2.45%	2.78%	30%	61.6%	15%	15%	9.62%	10.6%
Capitalization / Revenue	1.35 x	1.28 x	0.86 x	0.54 x	0.98 x	1.03 x	1.07 x	1.05 x
EV / Revenue	2.4 x	2.41 x	1.44 x	0.89 x	1.42 x	1.52 x	1.58 x	1.44 x
EV / EBITDA	5.61 x	5.13 x	2.79 x	1.68 x	2.78 x	2.81 x	2.99 x	2.75 x
EV / FCF	10.7 x	5.94 x	3.87 x	2.77 x	4.54 x	6.17 x	9.68 x	7.5 x
FCF Yield	9.34%	16.8%	25.9%	36.1%	22%	16.2%	10.3%	13.3%
Price to Book	1.33 x	1.2 x	0.96 x	0.88 x	1.27 x	1.2 x	0.76 x	0.67 x
Nbr of stocks (in thousands)	13,044,201	13,044,201	13,044,201	13,044,201	13,015,466	12,909,288	-	-
Reference price ²	30.18	28.34	28.45	24.50	37.24	38.63	38.63	38.63
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	498,969	480,860	489,711
EBITDA ¹	129,249	136,690	234,576	340,482	261,016	268,878	253,582	257,184
EBIT ¹	70,747	74,714	171,528	272,280	194,883	197,248	179,253	177,311
Operating Margin	23.41%	25.7%	37.89%	42.46%	38.21%	39.53%	37.28%	36.21%
Earnings before Tax (EBT) ¹	47,242	-1,224	151,575	274,998	176,269	168,222	155,892	164,055
Net income ¹	40,137	6,179	106,668	188,328	123,920	116,519	110,636	113,273
Net margin	13.28%	2.13%	23.56%	29.37%	24.3%	23.35%	23.01%	23.13%
EPS ²	3.080	0.5400	8.180	14.44	9.570	8.543	8.336	8.722
Free Cash Flow ¹	67,756	118,132	168,992	205,754	159,925	122,667	78,337	94,232
FCF margin	22.42%	40.64%	37.33%	32.09%	31.36%	24.58%	16.29%	19.24%
FCF Conversion (EBITDA)	52.42%	86.42%	72.04%	60.43%	61.27%	45.62%	30.89%	36.64%
FCF Conversion (Net income)	168.81%	1,911.91%	158.43%	109.25%	129.05%	105.28%	70.81%	83.19%
Dividend per Share ²	0.7387	0.7874	8.534	15.09	5.569	5.799	3.717	4.076
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 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	134,190	136,994	180,914	170,076	158,579	132,974	111,441	124,828	134,990	117,721	127,425	-	129,788	127,419
EBITDA ¹	62,945	77,710	98,260	91,421	73,091	72,497	56,690	66,188	67,079	60,044	58,500	-	73,622	70,069
EBIT ¹	46,717	61,106	81,264	74,278	55,632	57,311	40,608	49,233	48,992	43,396	44,421	-	51,115	47,790
Operating Margin	34.81%	44.6%	44.92%	43.67%	35.08%	43.1%	36.44%	39.44%	36.29%	36.86%	34.86%	-	39.38%	37.51%
Earnings before Tax (EBT) ¹	44,485	66,580	85,236	66,639	59,301	54,469	40,907	-	41,074	34,448	45,793	-	46,489	46,169
Net income ¹	31,504	43,357	57,397	46,096	43,341	36,463	28,264	26,625	31,169	23,700	24,230	-	33,834	32,206
Net margin	23.48%	31.65%	31.73%	27.1%	27.33%	27.42%	25.36%	21.33%	23.09%	20.13%	19.01%	-	26.07%	25.28%
EPS ²	2.420	3.325	4.375	3.379	3.320	2.782	2.182	2.040	2.400	1.830	1.968	-	2.471	2.369
Dividend per Share ²	2.861	-	6.723	-	2.750	-	1.894	-	-	1.042	1.344	1.580	1.306	1.283
Announcement Date	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	5/14/24	-	-	-	-

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	227,799	241,018	242,768	191,624
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	2.459 x	2.402 x	1.133 x	0.6594 x	0.8727 x	0.8964 x	0.9574 x	0.7451 x
Free Cash Flow ¹	67,756	118,132	168,992	205,754	159,925	122,667	78,337	94,232
ROE (net income / shareholders' equity)	14%	2.35%	30.7%	50.2%	33.5%	27%	21.8%	20.2%
ROA (Net income/ Total Assets)	4.49%	0.74%	10.9%	19.3%	12.3%	11.6%	10%	9.36%
Assets ¹	893,323	831,639	980,224	974,830	1,008,216	1,008,776	1,103,930	1,210,500
Book Value Per Share ²	22.70	23.60	29.70	27.80	29.40	32.30	50.70	57.70
Cash Flow per Share ²	7.800	11.40	15.60	19.60	16.60	14.10	14.50	14.00
Capex ¹	34,010	29,974	34,134	49,656	62,297	81,420	102,357	96,465
Capex / Sales	11.25%	10.31%	7.54%	7.74%	12.22%	16.32%	21.29%	19.7%
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

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

38.63 BRL

Average target price

43.08 BRL

Spread / Average Target

+11.53%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Integrated Oil & Gas

	1st Jan change	Capi.
ARAMCO	-15.00%	1,806B
EXXON MOBIL CORPORATION	+14.20%	453B
PETROCHINA COMPANY LIMITED	+62.60%	254B
SHELL PLC	+11.59%	230B
TOTALENERGIES SE	+3.91%	158B
EQUINOR ASA	-4.94%	83.33B
ENI S.P.A	-5.34%	49.66B
SUNCOR ENERGY INC.	+24.83%	48.61B
ROSNEFT OIL	-.--%	38.45B

Integrated Oil & Gas