2023-10-24 01:40:57
© Reuters. Analysts see setback in change in Petrobras statute
Analysts see Petrobras’ (BVMF:) announcement as a setback that it must submit changes to its bylaws for shareholder appreciation. This Monday (23.Oct.2023), the state-owned company informed that it intends to create a capital remuneration reserve, but did not give details on the matter, although it indicated that the shareholder remuneration policy remains in force. In reaction, preferred shares plummeted 6.16% at 4:15 pm (Brasília time) this Monday at R$35.51.
XP Investimentos (BVMF:) assessed the measure as marginally negative for the company’s investment thesis, but considered that the announcement was not completely unexpected. “With today’s announcement, we believe that more investors will question the fundamentals of the thesis, as well as weighing the likelihood of there being no extraordinary dividends for the 2023 fiscal year.”, credits XP.
In addition to considering the removal of bans on the appointment of high-ranking administrators as a setback, analysts André Vidal and Helena Kelm state that the remuneration reserve mechanism should make it easier for the company not to distribute extraordinary dividends above the minimum according to its policy. “But this does not necessarily mean that, for the 2023 financial year, the company will not pay it”, these.
Ativa Investimentos agrees that the suggestions are negative for the state-owned company, as “the creation of the new financial tool, the amount actually distributed could be significantly lower or even extinguished depending on its size”.
Furthermore, changes in requirements for appointments may result in greater questions regarding governance, further away from process transparency.
“We believe that today’s statement is the main reason for the poor performance of the oil company’s assets in today’s trading session. Furthermore, it illustrates why we maintain greater moderation and neutrality with the stock despite its good recent track record.”, concluded Ativa.
With information from Investing Brasil.
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