Hi.
As mentioned in the first report about PBR 0.00%↑ , the biggest risk I see in the company is populist measures hurting financials. It’s important to highlight that I’ll avoid any political discussions. Populism might come from the right or left-wing.
My job is to fairly estimate impact into $PBR’s financials. To do so, revisiting historical financial performance, there are plenty of business lines that would be affected by populism measures.
The exercise is consisted in estimating E&P Ebitda for 2023, adjusting the impacted businesses, and, then, comparing the IRR based on the dividends. On the image below, there is the PnL following the current plan.
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