Petrobras: Valuation, Growth and Cash: A Pairing the Majors Lack

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Petrobras: Valuation, Growth and Cash: A Pairing the Majors Lack

J P M O R G A N Latin America Equity Research

17 June 2026

Petrobras

Valuation, Growth and Cash: A Pairing the Majors Lack

As investor sentiment oscillates around oil exposure, we remain constructive on Latam Oil, Gas & Petrochemicals

ACthe segment in Latam, with a clear preference for low-cost producers able to Milene Clifford Carvalho

compound volumes while sustaining disciplined cash generation. Petrobras (55-11) 4950-3475

embodies this profile, pairing a solid growth trajectory with attractive cash returns milene.carvalho@jpmorgan.com

and a clear focus on balance-sheet resilience and a sustainable payout. Across the Henrique Cunha, CFA

global majors, the cycle’s central tension is the trade-off between volume (55 11) 4950 3623

expansion and capital returns, yet Petrobras is differentiated, delivering both henrique.r.cunha@jpmorgan.com

through organic pre-salt scale rather than M&A-driven resets. In a peer context, the Rodolfo Angele, CFA

company's organic growth visibility is well ahead of the group, while the equity (55-11) 4950-3888

rodolfo.r.angele@jpmorgan.com

continues to be priced at a governance discount that, in our view, is already Banco J.P. Morgan S.A.

captured in our fair value. We reiterate our Overweight rating and view the recent

share-price weakness as an opportunity to add exposure to a rare combination of

growth and yield. (For peer context, we also include a snapshot of key metrics for PETR3.SA, PETR3 BZ

Exxon, Chevron, Shell, TotalEnergies, and BP following the Petrobras thesis and

Overweightpeer comparison.)

Price (16 Jun 26): R$43.32

• Pre-salt engine setting a growth pace ahead of peers... Petrobras’s Price Target (Dec-26): R$60.00