Handbook PBR
comentada em 01/04/2014 06:49

nada..se algum estagiario vier, eh contigo.. :P

Valuation dilemma How to value Petrobras? ? The value trap. For every year since 2010, anyone who would have tried to make a value call on PBR would have been wrong. The share price has fallen on average 25% per year since then, and the downward trend continues. ? Before it was ‘easy’ to avoid the trap. We argue that up until 2013, it would have been easier not to fall in that trap, as a sluggish production profile and the always present issue of the Downstream pricing policy effectively decreased the likelihood of a better underlying business performance. ? Now it’s a harder decision. Starting from 2013, however, that job has become more difficult, in our opinion. With a production profile that is now on the cusp of turning around with record-high 840kbd capacity additions last year and early this year, the main piece of the puzzle left for earnings to revert the downward trend is the Downstream pricing policy. Unfortunately, the balance sheet is in an extremely fragile position, 2014 is an election year in Brazil, inflation is at the forefront of politicians' minds, and the FX, as important to Petrobras as gasoline and diesel price increases, is on an unhelpful trend, with the USD appreciating vs the BRL to the highest levels since 2009.

ehehehe é, eu imaginei que fosse por isso :)

ahh se fosse só Petrobras E&P :) pg 53

Low predictability e interferência política detonam muitos bons métodos de valuation