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Petróleo Brasileiro - Petrobras

DB:PJXC
Snowflake Description

Good value average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
PJXC
DB
R$215B
Market Cap
  1. Home
  2. DE
  3. Energy
Company description

Petróleo Brasileiro S.A. - Petrobras produce and sells oil and gas in Brazil and internationally. The last earnings update was 48 days ago. More info.


Add to Portfolio Compare Print
  • Petróleo Brasileiro - Petrobras has significant price volatility in the past 3 months.
PJXC Share Price and Events
7 Day Returns
25%
DB:PJXC
8.7%
DE Oil and Gas
4.3%
DE Market
1 Year Returns
-58%
DB:PJXC
34.4%
DE Oil and Gas
-14.2%
DE Market
PJXC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Petróleo Brasileiro - Petrobras (PJXC) 25% -14.4% -55.6% -58% -30.4% -23.3%
DE Oil and Gas 8.7% -2.8% -19.4% 34.4% -14.7% 157%
DE Market 4.3% -9% -21.6% -14.2% -19.6% -25.6%
1 Year Return vs Industry and Market
  • PJXC underperformed the Oil and Gas industry which returned 34.4% over the past year.
  • PJXC underperformed the Market in Germany which returned -14.2% over the past year.
Price Volatility
PJXC
Industry
5yr Volatility vs Market

Value

 Is Petróleo Brasileiro - Petrobras undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Petróleo Brasileiro - Petrobras to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Petróleo Brasileiro - Petrobras.

DB:PJXC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 15 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 15.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate -0.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:PJXC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate -0.4%
Equity Risk Premium S&P Global 9.3%
Oil and Gas Unlevered Beta Simply Wall St/ S&P Global 0.97
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.972 (1 + (1- 34%) (163.24%))
1.683
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.68
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= -0.39% + (1.683 * 9.25%)
15.18%

Discounted Cash Flow Calculation for DB:PJXC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Petróleo Brasileiro - Petrobras is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

DB:PJXC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (BRL, Millions) Source Present Value
Discounted (@ 15.18%)
2020 68,548.97 Analyst x3 59,515.69
2021 62,064.57 Analyst x3 46,784.82
2022 59,798.81 Analyst x2 39,136.71
2023 82,293.26 Analyst x1 46,761.31
2024 85,491.66 Est @ 3.89% 42,177.10
2025 87,717.54 Est @ 2.6% 37,572.49
2026 89,213.59 Est @ 1.71% 33,177.62
2027 90,174.30 Est @ 1.08% 29,115.72
2028 90,748.54 Est @ 0.64% 25,439.88
2029 91,046.89 Est @ 0.33% 22,160.07
Present value of next 10 years cash flows R$381,841.00
DB:PJXC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= R$91,046.89 × (1 + -0.39%) ÷ (15.18% – -0.39%)
R$582,554.03
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= R$582,554.03 ÷ (1 + 15.18%)10
R$141,788.88
DB:PJXC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= R$381,841.00 + R$141,788.88
R$523,629.88
Equity Value per Share
(BRL)
= Total value / Shares Outstanding
= R$523,629.88 / 13,044.20
R$40.14
DB:PJXC Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:PJXC represents 0.17898x of BOVESPA:PETR4
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.17898x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (BRL) x Listing Adjustment Factor
= R$ 40.14 x 0.17898
€7.18
Value per share (EUR) From above. €7.18
Current discount Discount to share price of €3.10
= -1 x (€3.10 - €7.18) / €7.18
56.9%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Petróleo Brasileiro - Petrobras is available for.
Intrinsic value
>50%
Share price is €3.1 vs Future cash flow value of €7.18
Current Discount Checks
For Petróleo Brasileiro - Petrobras to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Petróleo Brasileiro - Petrobras's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Petróleo Brasileiro - Petrobras's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Petróleo Brasileiro - Petrobras's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Petróleo Brasileiro - Petrobras's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:PJXC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in BRL R$2.30
BOVESPA:PETR4 Share Price ** BOVESPA (2020-04-08) in BRL R$17.32
Europe Oil and Gas Industry PE Ratio Median Figure of 104 Publicly-Listed Oil and Gas Companies 6.5x
Germany Market PE Ratio Median Figure of 402 Publicly-Listed Companies 17.07x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Petróleo Brasileiro - Petrobras.

DB:PJXC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= BOVESPA:PETR4 Share Price ÷ EPS (both in BRL)

= 17.32 ÷ 2.30

7.53x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Petróleo Brasileiro - Petrobras is overvalued based on earnings compared to the Europe Oil and Gas industry average.
  • Petróleo Brasileiro - Petrobras is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does Petróleo Brasileiro - Petrobras's expected growth come at a high price?
Raw Data
DB:PJXC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
7.4%per year
Europe Oil and Gas Industry PEG Ratio Median Figure of 66 Publicly-Listed Oil and Gas Companies 0.32x
Germany Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.24x

*Line of best fit is calculated by linear regression .

DB:PJXC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 7.53x ÷ 7.4%

1.02x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Petróleo Brasileiro - Petrobras is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Petróleo Brasileiro - Petrobras's assets?
Raw Data
DB:PJXC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in BRL R$22.66
BOVESPA:PETR4 Share Price * BOVESPA (2020-04-08) in BRL R$17.32
Germany Oil and Gas Industry PB Ratio Median Figure of 6 Publicly-Listed Oil and Gas Companies 1.01x
Germany Market PB Ratio Median Figure of 573 Publicly-Listed Companies 1.47x
DB:PJXC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= BOVESPA:PETR4 Share Price ÷ Book Value per Share (both in BRL)

= 17.32 ÷ 22.66

0.76x

* Primary Listing of Petróleo Brasileiro - Petrobras.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Petróleo Brasileiro - Petrobras is good value based on assets compared to the DE Oil and Gas industry average.
X
Value checks
We assess Petróleo Brasileiro - Petrobras's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Oil and Gas industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Oil and Gas industry average (and greater than 0)? (1 check)
  5. Petróleo Brasileiro - Petrobras has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Petróleo Brasileiro - Petrobras expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
7.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Petróleo Brasileiro - Petrobras expected to grow at an attractive rate?
  • Petróleo Brasileiro - Petrobras's earnings growth is expected to exceed the low risk savings rate of -0.4%.
Growth vs Market Checks
  • Petróleo Brasileiro - Petrobras's earnings growth is positive but not above the Germany market average.
  • Petróleo Brasileiro - Petrobras's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:PJXC Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:PJXC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 7.4%
DB:PJXC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 5%
Europe Oil and Gas Industry Earnings Growth Rate Market Cap Weighted Average 13.8%
Europe Oil and Gas Industry Revenue Growth Rate Market Cap Weighted Average 1.8%
Germany Market Earnings Growth Rate Market Cap Weighted Average 14.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:PJXC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in BRL Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:PJXC Future Estimates Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2024-12-31 446,208 40,245 1
2023-12-31 405,331 155,083 31,972 1
2022-12-31 325,358 112,984 29,603 9
2021-12-31 296,750 95,124 19,394 15
2020-12-31 256,439 86,037 1,513 15
2020-04-08
DB:PJXC Past Financials Data
Date (Data in BRL Millions) Revenue Cash Flow Net Income *
2019-12-31 302,245 101,766 30,009
2019-09-30 302,970 97,181 25,547
2019-06-30 314,991 86,282 31,452
2019-03-31 317,252 91,377 22,685
2018-12-31 310,255 95,846 22,586
2018-09-30 296,409 89,305 16,611
2018-06-30 273,379 91,402 11,458
2018-03-31 253,663 85,460 1,890
2017-12-31 258,454 86,467 -446
2017-09-30 260,008 90,479 7,541
2017-06-30 264,409 93,172 -9,183
2017-03-31 283,050 95,627 -9,129

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Petróleo Brasileiro - Petrobras's earnings are expected to grow by 7.4% yearly, however this is not considered high growth (20% yearly).
  • Petróleo Brasileiro - Petrobras's revenue is expected to grow by 5% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:PJXC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from Petróleo Brasileiro - Petrobras Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PJXC Future Estimates Data
Date (Data in BRL Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2024-12-31 6.16 6.16 6.16 1.00
2023-12-31 4.90 4.90 4.90 1.00
2022-12-31 2.70 4.01 1.42 6.00
2021-12-31 2.12 3.83 0.50 7.00
2020-12-31 0.31 2.67 -0.88 8.00
2020-04-08
DB:PJXC Past Financials Data
Date (Data in BRL Millions) EPS *
2019-12-31 2.30
2019-09-30 1.96
2019-06-30 2.41
2019-03-31 1.74
2018-12-31 1.73
2018-09-30 1.27
2018-06-30 0.88
2018-03-31 0.14
2017-12-31 -0.03
2017-09-30 0.58
2017-06-30 -0.70
2017-03-31 -0.70

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Petróleo Brasileiro - Petrobras is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Petróleo Brasileiro - Petrobras's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Europe market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Europe market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Petróleo Brasileiro - Petrobras has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Petróleo Brasileiro - Petrobras performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Petróleo Brasileiro - Petrobras's growth in the last year to its industry (Oil and Gas).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Petróleo Brasileiro - Petrobras has delivered over 20% year on year earnings growth in the past 5 years.
  • Petróleo Brasileiro - Petrobras's 1-year earnings growth is less than its 5-year average (32.9% vs 64.9%)
  • Petróleo Brasileiro - Petrobras's earnings growth has exceeded the Europe Oil and Gas industry average in the past year (32.9% vs 1.9%).
Earnings and Revenue History
Petróleo Brasileiro - Petrobras's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Petróleo Brasileiro - Petrobras Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:PJXC Past Revenue, Cash Flow and Net Income Data
Date (Data in BRL Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 302,245.00 30,009.00 28,061.00 2,268.00
2019-09-30 302,970.00 25,547.00 27,134.00 2,306.00
2019-06-30 314,991.00 31,452.00 27,411.00 2,354.00
2019-03-31 317,252.00 22,685.00 27,584.00 2,374.00
2018-12-31 310,255.00 22,586.00 23,671.00 2,345.00
2018-09-30 296,409.00 16,611.00 22,249.00 2,232.00
2018-06-30 273,379.00 11,458.00 23,218.00 2,031.00
2018-03-31 253,663.00 1,890.00 26,314.00 1,988.00
2017-12-31 258,454.00 -446.00 25,494.00 1,831.00
2017-09-30 260,008.00 7,541.00 29,303.00 1,636.00
2017-06-30 264,409.00 -9,183.00 29,039.00 1,702.00
2017-03-31 283,050.00 -9,129.00 24,997.00 1,660.00
2016-12-31 282,589.00 -14,824.00 26,999.00 1,826.00
2016-09-30 293,202.00 -54,272.00 30,191.00 1,795.00
2016-06-30 304,998.00 -41,573.00 30,801.00 1,860.00
2016-03-31 305,892.00 -41,412.00 31,687.00 1,963.00
2015-12-31 301,826.00 -34,836.00 28,470.00 2,024.00
2015-09-30 299,002.00 -24,498.00 27,009.00 2,461.00
2015-06-30 305,140.00 -26,078.00 30,047.00 2,570.00
2015-03-31 287,964.00 -21,650.00 27,994.00 2,561.00
2014-12-31 305,671.00 -21,587.00 30,329.00 2,589.00
2014-09-30 299,847.00 11,294.00 28,726.00 2,428.00
2014-06-30 289,170.00 20,028.00 24,953.00 2,353.00
2014-03-31 297,105.00 21,270.00 25,591.00 2,346.00
2013-12-31 273,589.00 23,570.00 24,730.00 2,428.00
2013-09-30 266,465.77 25,036.15 25,055.01 2,561.46
2013-06-30 262,558.70 27,207.51 23,311.46 2,557.28

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Petróleo Brasileiro - Petrobras has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Petróleo Brasileiro - Petrobras used its assets less efficiently than the Europe Oil and Gas industry average last year based on Return on Assets.
  • Petróleo Brasileiro - Petrobras has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Petróleo Brasileiro - Petrobras's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Oil and Gas industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Petróleo Brasileiro - Petrobras has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Petróleo Brasileiro - Petrobras's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Petróleo Brasileiro - Petrobras's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Petróleo Brasileiro - Petrobras's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Petróleo Brasileiro - Petrobras's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Petróleo Brasileiro - Petrobras's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Petróleo Brasileiro - Petrobras Company Filings, last reported 3 months ago.

DB:PJXC Past Debt and Equity Data
Date (Data in BRL Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 299,137.00 254,982.00 33,294.00
2019-09-30 309,753.00 275,142.00 60,350.00
2019-06-30 309,418.00 289,432.00 66,508.00
2019-03-31 289,031.00 307,099.00 40,846.00
2018-12-31 283,543.00 326,161.00 58,052.00
2018-09-30 296,175.00 352,048.00 60,967.00
2018-06-30 287,448.00 352,870.00 69,596.00
2018-03-31 277,753.00 340,224.00 70,267.00
2017-12-31 269,609.00 360,724.00 80,731.00
2017-09-30 264,519.00 358,624.00 80,175.00
2017-06-30 261,144.00 375,796.00 81,287.00
2017-03-31 260,516.00 363,963.00 63,783.00
2016-12-31 252,743.00 384,989.00 71,664.00
2016-09-30 262,016.00 397,794.00 72,602.00
2016-06-30 275,292.00 397,367.00 65,370.00
2016-03-31 266,383.00 449,816.00 80,507.00
2015-12-31 257,930.00 492,647.00 100,892.00
2015-09-30 290,982.00 506,382.00 104,249.00
2015-06-30 309,403.00 415,336.00 91,644.00
2015-03-31 305,712.00 400,433.00 68,278.00
2014-12-31 310,722.00 350,845.00 69,002.00
2014-09-30 342,396.00 331,501.00 70,298.00
2014-06-30 362,240.00 307,496.00 66,376.00
2014-03-31 355,769.65 307,938.07 78,492.49
2013-12-31 349,334.00 267,611.00 46,273.00
2013-09-30 343,102.19 250,642.64 57,895.76
2013-06-30 340,025.55 248,808.96 73,031.58
  • Petróleo Brasileiro - Petrobras's level of debt (85.2%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (113.1% vs 85.2% today).
  • Debt is well covered by operating cash flow (39.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 4.4x coverage).
X
Financial health checks
We assess Petróleo Brasileiro - Petrobras's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Petróleo Brasileiro - Petrobras has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Petróleo Brasileiro - Petrobras's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
5.31%
Current annual income from Petróleo Brasileiro - Petrobras dividends. Estimated to be 3.95% next year.
If you bought €2,000 of Petróleo Brasileiro - Petrobras shares you are expected to receive €106 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Petróleo Brasileiro - Petrobras's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.63%).
  • Petróleo Brasileiro - Petrobras's dividend is above the markets top 25% of dividend payers in Germany (4.61%).
Upcoming dividend payment

Purchase Petróleo Brasileiro - Petrobras before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:PJXC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
Europe Oil and Gas Industry Average Dividend Yield Market Cap Weighted Average of 68 Stocks 8.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 314 Stocks 3.6%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.6%
Germany Top 25% Dividend Yield 75th Percentile 4.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:PJXC Future Dividends Estimate Data
Date (Data in R$) Dividend per Share (annual) Avg. No. Analysts
2024-12-31
2023-12-31
2022-12-31 0.59 4.00
2021-12-31 0.79 4.00
2020-12-31 0.67 5.00
2020-04-08
DB:PJXC Past Annualized Dividends Data
Date (Data in R$) Dividend per share (annual) Avg. Yield (%)
2020-02-20 0.920 5.632
2020-02-19 0.920 3.043
2019-02-27 0.923 3.326
2018-11-07 0.400 1.605
2018-11-06 0.400 1.496
2018-08-03 0.200 0.934
2018-05-09 0.200 1.084
2015-11-12 0.000 0.000
2015-08-06 0.000 0.000
2015-05-15 0.000 0.000
2015-04-23 0.000 0.000
2015-04-22 0.000 0.000
2014-02-26 0.967 7.033
2014-02-25 0.967 6.945
2013-08-13 0.000 0.000
2013-08-09 0.000 0.000
2013-02-04 0.960 5.384
2012-04-05 0.920 4.553
2012-02-09 0.920 3.852
2012-01-09 1.030 4.239
2011-12-22 1.030 4.654
2011-11-28 1.030 4.643
2011-05-26 1.057 5.401
2011-02-25 1.030 3.889
2010-04-26 0.950 3.485
2009-12-23 0.800 2.279
2009-09-09 0.800 2.207
2009-08-17 0.800 2.452
2009-05-11 1.200 3.735

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Petróleo Brasileiro - Petrobras's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.5x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.5x coverage).
X
Income/ dividend checks
We assess Petróleo Brasileiro - Petrobras's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Petróleo Brasileiro - Petrobras afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Petróleo Brasileiro - Petrobras has a total score of 4/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Petróleo Brasileiro - Petrobras's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Roberto da Cunha Castello Branco
AGE 75
TENURE AS CEO 1.3 years
CEO Bio

Mr. Roberto da Cunha Castello Branco has been the Chief Executive Officer, President and Director of Petroleo Brasileiro SA since January 3, 2019. Mr. da Cunha Castello Branco served as a Director at Petróleo Brasileiro S.A. - Petrobras since April 30, 2015. He is affiliated professor at EPGE (FGV), also acting as director at Centro de Estudos em Crescimento e Desenvolvimento Econômico in this institution. He was a director at Vale S.A., Banco Central do Brasil, Banco Boavista, Banco Boavista Investimentos and Banco InterAtlântico. He was a member of Petrobras´ Board of Directors between May 2015 and April 2016, GRU Airport and Invepar, as well as a member of the Board of Directors of ABRASCA, He serves as Director of the American Chamber of Commerce (RJ) and a member of the Board of Directors of IBEF and Board of Curators of FGV. He was president of the Instituto Brasileiro de Relações com Investidores, executive president of IBMEC and vice president of the Brazil-Canada Chamber of Commerce. He has published articles in academic journals and widely circulated newspapers and has lectured at conferences held in Brazil and abroad (USA, UK, Canada, Hong Kong, Shanghai, Singapore and Sydney). Author of the book “ Crescimento acelerado e o mercado de trabalho: a experiência Brasileira” (Accelerated growth and the labor market: the Brazilian experience). He holds a bachelor’s degree in economics, with a doctorate from Fundação Getulio Vargas (FGV EPGE) and a postdoctoral degree from University of Chicago. He participated in executive training programs at Sloan School of Management (MIT) and International Institute for Management Development (IMD).

CEO Compensation
  • Insufficient data for Roberto to compare compensation growth.
  • Insufficient data for Roberto to establish whether their remuneration is reasonable compared to companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the Petróleo Brasileiro - Petrobras management team in years:

1.1
Average Tenure
60.5
Average Age
  • The average tenure for the Petróleo Brasileiro - Petrobras management team is less than 2 years, this suggests a new team.
Management Team

Roberto da Cunha Castello Branco

TITLE
CEO, President & Director
AGE
75
TENURE
1.3 yrs

Andrea Marques Almeida

TITLE
CFO & Chief Investor Relations Officer
AGE
48
TENURE
0.9 yrs

Eberaldo de Almeida Neto

TITLE
Corporate Affairs Officer & Member of Exec. board
AGE
57

Rodrigo Alves

TITLE
Chief Accounting & Tax Officer

Hélio Júnior

TITLE
Acting General Counsel

Marcelo de Castro Zenkner

TITLE
Chief Governance and Compliance Executive Officer
TENURE
0.7 yrs

Bruno Motta

TITLE
Executive Manager of Communication & Brands

Sérvio Tinoco

TITLE
Chief Financial Officer of Pifco
AGE
64
TENURE
14.6 yrs

Marcus Antonio Guimaraes

TITLE
Executive Manager of Internal Auditing

Mario Vinicius Spinelli

TITLE
Head of Ombudsman's Office
Board of Directors Tenure

Average tenure and age of the Petróleo Brasileiro - Petrobras board of directors in years:

1.3
Average Tenure
64
Average Age
  • The average tenure for the Petróleo Brasileiro - Petrobras board of directors is less than 3 years, this suggests a new board.
Board of Directors

Eduardo Bacellar Ferreira

TITLE
Chairman of the Board
AGE
67
TENURE
1.3 yrs

Roberto da Cunha Castello Branco

TITLE
CEO, President & Director
AGE
75
TENURE
1.3 yrs

Daniel de Oliveira

TITLE
Chairman & CEO of Pifco
AGE
68
TENURE
14.6 yrs

Eduardo Pasa

TITLE
Chairman of Fiscal Council

Walter de Oliveira Filho

TITLE
Director
AGE
64
TENURE
0.7 yrs

Marcelo Mesquita de Siqueira Filho

TITLE
Director
AGE
50
TENURE
3.7 yrs

Sônia Júlia Villalobos

TITLE
Director
AGE
56
TENURE
2 yrs

Danilo da Silva

TITLE
Director
AGE
37
TENURE
1.3 yrs

João Neto

TITLE
Director
AGE
56
TENURE
1.3 yrs

Nivio Ziviani

TITLE
Director
AGE
73
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess Petróleo Brasileiro - Petrobras's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Petróleo Brasileiro - Petrobras has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Company Info

Description

Petróleo Brasileiro S.A. - Petrobras produce and sells oil and gas in Brazil and internationally. It engages in prospecting, drilling, refining, processing, trading, and transporting crude oil from producing onshore and offshore oil fields, and shale or other rocks, as well as oil products, natural gas, and other liquid hydrocarbons. The company operates through Exploration and Production; Refining, Transportation and Marketing; Gas and Power; and Corporate and Other Businesses segments. The Exploration and Production segment explores for, develops, and produces crude oil, natural gas liquids, and natural gas primarily for supplies to the its domestic refineries. The Refining, Transportation and Marketing segment is involved in the refining, logistics, transport, and trading of crude oil and oil products; exportation of ethanol; and extraction and processing of shale, as well as holding interests in petrochemical companies. The Gas and Power segment engages in the logistic and trading of natural gas and liquid natural gas; generation of electricity through thermoelectric power plants; holding interests in transportation and distribution of natural gas; and fertilizer business operations. The Corporate and Other Businesses segment produces biodiesel and its co-products, and ethanol; and distributes oil products. Petróleo Brasileiro S.A. - Petrobras was founded in 1953 and is headquartered in Rio de Janeiro, Brazil.

Details
Name: Petróleo Brasileiro S.A. - Petrobras
PJXC
Exchange: DB
Founded: 1953
R$37,724,020,111
13,044,201,261
Website: http://petrobras.com.br/pt
Address: Petróleo Brasileiro S.A. - Petrobras
Avenida República do Chile, 65,
Centro,
Rio De Janeiro,
Rio de Janeiro, 20031-912,
Brazil
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
BOVESPA PETR4 Preferred Shares Bolsa de Valores de Sao Paulo BR BRL 26. Aug 1991
DB PJXB Preferred Shares Deutsche Boerse AG DE EUR 26. Aug 1991
BME XPBRA Preferred Shares Bolsas y Mercados Espanoles ES EUR 26. Aug 1991
NYSE PBR.A SPONS ADR-EACH REPR 2 PREF SHS NPV New York Stock Exchange US USD 15. Sep 1997
NYSE PBR SPONSORED ADR New York Stock Exchange US USD 10. Aug 2000
BOVESPA PETR3 Common Shares Bolsa de Valores de Sao Paulo BR BRL 13. Nov 1992
DB PJX SPONS ADR-EACH REPR 2 PREF SHS NPV Deutsche Boerse AG DE EUR 15. Sep 1997
DB PJXC Common Shares Deutsche Boerse AG DE EUR 13. Nov 1992
DB PJXA SPONSORED ADR Deutsche Boerse AG DE EUR 10. Aug 2000
LSE 0KHP SPONSORED ADR London Stock Exchange GB USD 10. Aug 2000
BMV PBR N SPONSORED ADR Bolsa Mexicana de Valores MX MXN 10. Aug 2000
BMV PBRA N SPONS ADR-EACH REPR 2 PREF SHS NPV Bolsa Mexicana de Valores MX MXN 15. Sep 1997
BME XPBR Common Shares Bolsas y Mercados Espanoles ES EUR 13. Nov 1992
Number of employees
Current staff
Staff numbers
57,983
Petróleo Brasileiro - Petrobras employees.
Industry
Integrated Oil and Gas
Energy
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/08 22:17
End of day share price update: 2020/04/08 00:00
Last estimates confirmation: 2020/04/08
Last earnings filing: 2020/02/20
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.