Petrobras Said to Return to Bond Market to Fund $221 Billion
...as it seeks to fund $221 billion of investment needs over the next five years.
The company, which doesn?t expect to generate positive cash flow until 2016, had its credit rating cut in October to Baa1, the third-lowest investment grade by Moody?s Investors Service, which maintained its negative outlook.
Petrobras?s press office declined to comment.
The company is seeking to develop the biggest offshore oil find in the Americas in more than 30 years.
The investment-grade company is borrowing to finance the development of offshore oil fields that account for a large part of its $221 billion spending plan for the next five years.
Those efforts have turned Petrobras into the region's most indebted company, with net debt of 268 billion Brazilian reais ($115 billion) at the end of 2013. That figure was 36% higher than at the end of 2012, in large part due to the depreciation of the Brazilian real against the dollar during 2013.
Ich werde meine position ausbauen. Die vorgeschlagene dividenden für jahr 2013 beträgt 40 ct (dollar), wir sind fast beim 10 prozent auschuttung. Alledings meine stamm- aktien habe ich alle verkauft. Denke das die preferreds werden gegenüber die Stammaktien outperformen
Da konnte aber etwas dran sein, Ich möchte für mein anteil vervierfachen. (Dividende eingerechnet),,, in etwa verkaufen für 14 euro, plus 2 euro dividende (zeitfenster 4 jahren, bis 2017-2018) Bei meine berechnung sind auch währungs gewinne dabei ( euro beim 1,25),
Petrobras gained 8% on a strong day for the Brazilian stock market generally. Brazil's energy giant has been under pressure for years as subsidized gasoline prices within the South American emerging-market giant have weighed on profits and led many investors to question whether they'll ever reap the full benefit of Petrobras' big finds off the Brazilian coast. Yet, with the company's management team telling analysts at UBS that it doesn't plan to raise capital through either equity or debt offerings, investors are taking some comfort from what could be a stabilization in the Brazilian market after a long period of falling currency exchange rates and threats of further debt downgrades.
Petroleo Brasileiro Petrobras SA Analyst Notes On April 8, 2014, Petroleo Brasileiro Petrobras SA (Petrobras) released its monthly production report for March 2014.
The Company stated that it broke important records in pre-salt, in refinery throughput, in natural gas delivery, and in fertilizer production during the month.
According to the Company, the average monthly oil output from pre-salt layer reached 387,000 barrels of oil per day in March 2014, a new monthly production record. The Company added that it has also set up a new refining record with a total production of 2,151,000 barrels per day, equal to a volume of 12,000 barrels, beating the previous record of 2,139,000 set in July 2013. Petrobras stated that it has created a new milestone in natural gas by producing a total of 101.1 million cubic meters of the product on March 26, 2014. The full analyst notes on Petrobras are available to download free of charge at:http://www.analystsreview.com/1080-PBR-14Apr2014.pdf
While many investors are right to consider continued governmental intervention as a huge potential negative, I believe that the current valuation of the energy giant more than compensates for this drawback. With shares being valued at a near 40% discount to net assets, the downside risk appears to be largely outweighed by the company's future operating potential under a normalized earnings scenario. For this reason, I would recommend shares of Petrobras as a strong buy at current levels.
Petrobras-Aktie günstig bewertet Aus Bewertungsgesichtspunkten spricht viel dafür, ein Investment ins Auge zu fassen. Die Investmentbank Morgan Stanley weist beispielsweise darauf hin, dass die Aktie mit einem Kurs-Gewinn-Verhältnis (KGV) von 7,9 günstig bewertet. Dieses KGV bedeutet einen Abschlag von 35 Prozent gegenüber dem 15-Jahres-Durchschnitt. Diese niedrige Bewertung dürfte den Aktienkurs vor einem weiteren deutlichen Rückgang schützen.