Petrobras Continues to Perform Well While Ongoing Asset Sales Reshape It
Our fair value estimate and moat rating are unchanged after Petrobras reported an increase in first-quarter adjusted EBITDA to BRL 27.5 billion from BRL 25.8 billion the year before on stronger exploration and production and gas and power results as well as some benefit from the implementation of IFRS 16. Operating cash flow fell to BRL 17.7 billion from BRL 22.2 billion the year before on an installment payment related to the class-action settlement, devaluation of the real, and payment to the ...
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