DDM Analysis: PBR-A

Valuation Snapshot

Stable Growth	$34.14 - $65.77	$46.78
Multi-Stage	$51.15 - $56.02	$53.54
Blended Fair Value	$50.16
Current Price	$11.82
Upside	324.37%
Decision	Buy

Dividend History & Growth Metrics (10Y)

Metric	5Y CAGR	10Y CAGR	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DPS	57.73%	16.68%	2.84	3.05	5.85	2.03	0.21	0.29	0.10	0.00	0.00	0.00
YoY Growth	-	-	-6.83%	-47.83%	188.28%	856.69%	-27.17%	200.32%	0.00%	0.00%	0.00%	-100.00%
Dividend Yield	-	-	21.81%	20.50%	63.04%	14.52%	2.48%	5.40%	0.67%	0.00%	0.00%	0.00%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)

Net Income To Common (M)	13,955.00
(-) Cash Dividends Paid (M)	12,074.00
(=) Cash Retained (M)	1,881.00

Metric	LOW	BASE	HIGH
Required Retention Ratio	20.0%	12.5%	7.5%
(=) Cash Required (M)	2,791.00	1,744.38	1,046.63
Cash Retained (M)	1,881.00	1,881.00	1,881.00
(-) Cash Required (M)	-2,791.00	-1,744.38	-1,046.63
(=) Excess Retained (M)	-910.00	136.63	834.38
(/) Shares Outstanding (M)	6,444.37	6,444.37	6,444.37
(=) Excess Retained per Share	-0.14	0.02	0.13
LTM Dividend per Share	1.87	1.87	1.87
(+) Excess Retained per Share	-0.14	0.02	0.13
(=) Adjusted Dividend	1.73	1.89	2.00
WACC / Discount Rate	6.76%	6.76%	6.76%
Growth Rate	1.60%	2.60%	3.60%
Fair Value	$34.14	$46.78	$65.77
Upside / Downside	188.84%	295.80%	456.39%

Multi-Stage Model: Projections

(USD in Millions)

Metric	TTM	Dec-27	Dec-28	Dec-29	Dec-30	Dec-31	Terminal
Net Income (M)	13,955.00	14,318.21	14,690.87	15,073.24	15,465.55	15,868.07	16,344.12
Payout Ratio	86.52%	87.22%	87.91%	88.61%	89.30%	90.00%	92.50%
Projected Dividends (M)	12,074.00	12,487.88	12,915.12	13,356.15	13,811.38	14,281.27	15,118.31

Multi-Stage Valuation

Metric	LOW	BASE	HIGH
WACC / Discount Rate	6.76%	6.76%	6.76%
Growth Rate	1.60%	2.60%	3.60%
Year 1 PV (M)	11,583.34	11,697.35	11,811.36
Year 2 PV (M)	11,111.92	11,331.73	11,553.69
Year 3 PV (M)	10,659.01	10,976.85	11,300.94
Year 4 PV (M)	10,223.94	10,632.42	11,053.03
Year 5 PV (M)	9,806.02	10,298.18	10,809.91
PV of Terminal Value (M)	276,216.57	290,079.76	304,494.07
Equity Value (M)	329,600.80	345,016.29	361,022.99
Shares Outstanding (M)	6,444.37	6,444.37	6,444.37
Fair Value	$51.15	$53.54	$56.02
Upside / Downside	332.70%	352.94%	373.96%

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Petróleo Brasileiro S.A. - Petrobras (PBR-A)

Valuation Snapshot

Dividend History & Growth Metrics (10Y)

Stable Growth Model (Adjusted)

Multi-Stage Model: Projections

Multi-Stage Valuation

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