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MarketScreener Homepage  >  Equities  >  Bolsa de Valores de Sao Paulo  >  Petróleo Brasileiro S.A. - Petrobras    PETR4   BRPETRACNPR6

PETRÓLEO BRASILEIRO S.A. - PETROBRAS

(PETR4)
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Brazil bankers, investors worry about Bolsonaro's effect on capital markets revival

02/22/2021 | 05:25pm EST

SAO PAULO (Reuters) - Bankers and portfolio managers worry that Brazilian President Jair Bolsonaro's latest policy moves may undermine the country's recent capital markets revival.

Bolsonaro moved to replace the chief executive of state oil company Petroleo Brasileiro and vowed to reduce prices in the energy sector, two announcements that hammered Brazilian markets on Monday. The downturn threatens a rally that has had companies lining up to raise capital.

Securities industry watchdog CVM is analyzing 33 Brazilian companies' requests for initial public offerings, more than those that made their debut during the whole of 2020.

Concern about increased political risk in Brazil could make pricing of the next wave of offerings tougher, according to the equity capital markets head at one of the country's most active investment banks.

"It will surely get worse, but how much will be clearer within days", the banker said, asking for anonymity to speak frankly on Bolsonaro's recent statements. A new wave of IPO pricings, for companies such as agricultural company Agrogalaxy, is expected for early March.

A portfolio manager for a Brazilian asset management firm said that if Bolsonaro doubles down on threats to intervene in the economy more, the pipeline of capital markets deals may largely evaporate. But investors may calm down if Bolsonaro takes no further unorthodox measures.

Ricardo Campos, Chief Investment Officer at Brazilian asset manager Reach Capital said investors will be more cautious with IPOs and wait to understand whether the Petrobras CEO replacement "means a wider change of policy regarding state-controlled companies."

So far this year, Brazil has had 21 share offerings, of which 13 were IPOs and the rest, follow-on offerings. The total raised was $5.3 billion, whereas last year, equity offerings totaled $28.3 billion, according to Refinitiv data.

(Reporting by Tatiana Bautzer and Paula Laier, additional reporting by Aluisio Alves; Editing by Brad Haynes and Aurora Ellis)

By Tatiana Bautzer and Paula Laier


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
EURO / BRAZILIAN REAL (EUR/BRL) 0.86% 6.8386 Delayed Quote.6.85%
LONDON BRENT OIL -3.49% 68.02 Delayed Quote.29.98%
PETRÓLEO BRASILEIRO S.A. - PETROBRAS 0.77% 22.39 End-of-day quote.-21.00%
WTI -3.56% 64.78 Delayed Quote.33.26%
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Financials
Sales 2021 364 B 63 573 M 63 573 M
Net income 2021 43 911 M 7 659 M 7 659 M
Net Debt 2021 299 B 52 089 M 52 089 M
P/E ratio 2021 8,79x
Yield 2021 3,46%
Capitalization 290 B 50 667 M 50 511 M
EV / Sales 2021 1,61x
EV / Sales 2022 1,40x
Nbr of Employees 49 050
Free-Float 64,3%
Chart PETRÓLEO BRASILEIRO S.A. - PETROBRAS
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Petróleo Brasileiro S.A. - Petrobras Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends PETRÓLEO BRASILEIRO S.A. - PETROBRAS
Short TermMid-TermLong Term
TrendsBearishNeutralBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 8
Average target price 28,83 BRL
Last Close Price 22,39 BRL
Spread / Highest target 66,6%
Spread / Average Target 28,8%
Spread / Lowest Target 7,19%
EPS Revisions
Managers and Directors
NameTitle
Roberto da Cunha Castello Branco President, Chief Executive Officer & Director
Andrea Marques De Almeida Chief Financial & Investor Relations Officer
Eduardo Bacellar Leal Ferreira Chairman
Marcelo da Silva Carreras Head-IT & Telecommunications
Marcia Tosta Head-Cyber & Information Security
Sector and Competitors
1st jan.Capitalization (M$)
PETRÓLEO BRASILEIRO S.A. - PETROBRAS-21.00%50 771
SAUDI ARABIAN OIL COMPANY2.00%1 907 502
ROYAL DUTCH SHELL PLC24.07%163 968
TOTAL SE16.08%128 173
PETROCHINA COMPANY LIMITED27.08%118 145
GAZPROM5.95%71 531