5D·

First partial sale...

...even if minus never tastes good, still a first partial sale...

...see long-term problems in the dividend structure here and will gradually sell off when the time comes.

11.09

Petroleo Brasileiro Pref Shares

Vendido x100 en 5,111 €

511,10 €

18,56 %

6 Comentarios

NichtRelevant@NichtRelevant

Oops. What do you see as problematic? Payouts that are too high compared to earnings? The high state share in the company?

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S.A.U.@SAUgut77

@NichtRelevant that the agreed debt limit of US$ 75 bn has been almost 100% exhausted by the Q2 payments and divis can only be maintained by further debt, and that prices are also very unstable or falling on average due to the market and I also need cash for other things....what do you think will happen if sanctions are lifted?

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NichtRelevant@NichtRelevant

@SAUgut77 Ok. Ich denke ich bin in dem Fall ein Optimist.
KGV sehe ich als niedrig an, die Pipeline an Projekten als ganz gut. Kann sein, dass die Dividende absehbar runter geht, aber ich glaube nicht, dass die komplett wegfällt.
Wie sich der Ölpreis entwickelt steht in den Sternen - das ist ne Glaskugel. Vielleicht auf kurze Sicht eher konjunkturell bedingt niedrig, aber früher oder später zieht der auch wieder an.

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S.A.U.@SAUgut77

@NichtRelevant Well, the dividends have already shrunk considerably and I find it worrying that they will only be financed by a further 8 billion in debt.

Of course they won't disappear completely, because the Brazilian state is also dependent on them, but the way in which they are being maintained bothers me in the overall result, because living permanently on credit just to plug budget holes in the state won't work.

The Q2 figures also show that although more bpd is being produced, the bottom line is that less is being produced and I don't think this will change any time soon. Pipeline or not...some projects are already being put on hold because there is not enough coal.

https://valorinternational.globo.com/business/news/2025/09/09/petrobras-to-include-8bn-cost-cutting-plan-in-new-business-strategy.ghtml

and then there will also be a further oversupply due to a further increase in production by OPEC... or let sanctions expire at some point, etc...🫣

As I said, I did the math yesterday and come up with a dividend of just ~€0.578 without a possible special dividend, which is almost halved for 2025 or a return of ~9.79% + share price loss based on equity. In addition, how is a possible special dividend in December to be financed...more debt again 🤷🏻‍♂️

In 2024, there were already various discussions about the dividend policy or cuts to it and the government's fiddling around...

So I foresee more serious problems at Petrobras and have therefore decided to reallocate.

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NichtRelevant@NichtRelevant

Ok. Thanks for the research and assessment. I'm afraid I'll just let it come to me.

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Kate🦋@Iwamoto

Away with the Schmuuuuutz 🤪

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