James Mackay Profile picture
Mar 2 4 tweets 2 min read
Annual #s on equity are insane, so approximate #s +/- to EV...
1x Rev/EV
2x EBITDA/EV
3x FCF/EV
Not all too different if you annualize Q4 numbers.

1.7x FCF/Equity
Just ridiculous for a supermajor. $PBR $PBR.A $PBRA #Petrobras
All those political risk articles are forgotten quick when $PBR pays these types of #s to investors.
Notable, 45% of exports were to China Q4
Seems like the original $1.1/share divy announcement from CNN Brazil was correct, not sure why Bloomberg edited it, to be paid in May and June, with another $0.2/share in December, 2023, if shareholders vote for it and don't want the cash reserve... $PBR.A $PBR $PBRA

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