Petrobras is heading in the right direction to improve operations and reduce debt.
Petrobras saw adjusted earnings slide from the year before as both the upstream and downstream segments lost ground. We continue to see Petrobras as a work in progress that is likely to continue to improve operating and deleverage over time, if not on a linear path. While the weaker than expected earnings resulted in weakness in the shares, we’d wait for a greater margin of safety before becoming buyers. Our fair value estimate and no-moat rating are unchanged.ÂTotal adjusted EBITDA fell to BRL...
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