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Petrobras Energía Participaciones S.A.
PZE.NISIN: US71646M1027SEDOL: 2540872 |
Rating: SELL |
Target Price: 5.81 USD |
Investment Horizon: 6 to 12 months |
1Q 09 News Alert
Petrobras Energia Participaciones S.A. (PEPSA) reported a decline in its top-line as well as a loss at the operating level in 1Q 09 reflecting lower revenues across all of its business segments and higher operating expenses. Going forward, we continue to believe that the company's maturing oil fields in Argentina and low international hydrocarbon prices will impact its top-line growth over our investment horizon. Also, the company's…
Company News Alert
On 15 April 2009 Petrobras Energía Participaciones S.A. (PEPSA) announced that its subsidiary company, Petrobras Energia S.A. (PESA), has agreed to sell 60% of its Equity interest in Petrobras Energia Peru S.A. (PEP) to Petrobras International Braspetro (PIBBV) for a net consideration of ARS1.2 bn. We do not expect this divestment to have a significant impact on our PEPSA valuation, hence, based on our fundamental outlook, we maintain out HOLD rating for the…
4Q 08 & FY 2008 Update Report
We expect PEPSA’s top-line to be negatively impacted over our investment horizon, as we have forecast a decline in crude oil prices in FY 2009 and as we expect lower production volumes from the company’s maturing oil fields in Argentina. PEPSA’s hydrocarbon and natural gas proved reserves declined 10% y-o-y to 433 mn barrels of oil equivalent (boe) as of 31 December 2008. The lower hydrocarbon prices in FY 2009 and FY 2010 will…
Company News Alert
Petrobras Energía Participaciones S.A.’s (PEPSA) common stock price has declined significantly since our last update report dated 05 January 2009, reflecting poor 4Q 08 results and a decline in oil prices over the same period. As a result, we maintain our common stock rating a HOLD although PEPSA’s common stock no long supports a HOLD. We will reassess the common stock shortly in our next update report....
4Q 08 & FY 2008 News Alert
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Petrobras Energia Participaciones S.A (PEPSA) reported a decline in its top-line as well as a loss at the operating and net level in 4Q 08 reflecting lower sales volumes across the majority of its business segments. Going forward, we continue to believe that the company’s maturing oil fields in Argentina and low international hydrocarbon prices will impact its top-line growth over our investment horizon…
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