Petrobras FVE Unchanged After Latest News; Future Volatility Could be Buying Opportunity
After the latest announcement regarding diesel price adjustments (a two-month freeze and monthly instead of daily price revisions) by the Brazilian government, we are maintaining our $16 fair value estimate, along with our high uncertainty rating. We previously reduced the rating from very high when the product pricing reforms were introduced, on the assumption they would stabilize downstream profitability.  While the government’s willingness to intervene now increases the risk of future interve...
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