http://www.investidorpetrobras.com.br/e ... cast-2.htm
Top management steps down.No oil major has felt the pain like Petróleo Brasileiro S.A. AKA Petrobras (NYSE:PBR); the Brazilian company is involved in a scandal of gargantuan proportions. Any investor who follows oil knows that the company delayed the release of its earnings report by two months due to fraud and corruption charges from the Lava Jato operation.
The stock could outperforms all majors this year.
The collapse in the price of oil last two and a half months has been jaw dropping to say the least.
Last week Petrobras reported Q3 unaudited, unreviewed earnings of $3.09B reais, or $1.1B US. The street was looking for a write-off number (due to fraud) that has ranged from rumors of $3.5B to $20B. Shareholders didn't get a number, but what the company did give investors was a look into the scope and methodology of determining a possible amount. From my interpretation of the call, the maximum amount would be $23B.
Make no mistake, the fraud and corruption is vast, it's a disaster for Petrobras and its shareholders, it could take a year or two before the Brazilian government and SEC investigations are completed. However the company that was valued over $350B seven years ago is trading with a market cap around $40B as of Monday.