In addition to a 26% drop in quarterly earnings, analysts are also concerned about the heavy investment needed by the company for the next five years, estimated at US$224.7B.
ToNathaniel Cezimbra and Andrea Aznar, analysts at BB Investimentos, these massive investment requirements add uncertainty over engineering, logistics and technology operations, as well as in debt financing (at current adverse market conditions). Just consider that Petrobras’ net debt in Q3 increased by 33.4% over Q2, reaching R$ 91.7 billion.
The two analysts believe that the high number of projects the company manages in addition to its expansion strategic guidelines and the development of the “pre-salt” gas complex will require a “high degree of coordination and management of the company, with the risk of losses in efficiency and profitability.” Thus, the BB analysts will keep the stock evaluation of the state-owned company under review.
In the opposite direction, brokerage firm Agora issued a “buy” for the preferred shares of Petrobras (PETR4).
Brokerage firm Coinvalores is neutral on the stock, at least in the short term, and said that recent news, like the rise in prices of gas and diesel, should bring some positive bias to the performance of Petrobras’ shares. “We are increasing (slowly) our exposure back to the sector,” says Marco Antonio Saravalle analyst Coinvalores.
Source: Brasil Economico