The political risk in Petrobras (PETR3;PETR4) gained strength and managers, who not long ago saw the company as the “golden goose” of the Stock Exchange, with its high dividendsnow they are starting to worry about threats about the company’s thesis.
This is the case of 3R Investments, by manager Rodrigo Boselli. According to him, despite the stock still being cheap and with the prospect of paying dividends, today it carries more risks.
“It is very cheap and discounted. we have in the background [de ações]but we significantly reduced exposure at the turn of the month, mainly due to the election and a change in behavior on the part of the government, being more forceful and showing itself to be more concerned with the fuel issue”, he argues.
Boselli is concerned about the possibility of changing the State-Owned Companies Law, which is gaining momentum in the Congress headed by the President of the Chamber, Arthur Lira.
“Depending on what changes, for example, if you remove the issue of accountability from executives and directors to minority shareholders, it harms the investment thesis of any state-owned company. You open up the possibility for past mistakes to reoccur,” she argues.
The manager believes that, despite the noise and volatility, the legal framework created by the State-Owned Companies Act and the company’s statute are working well.
“In the first exchange, when the White Castle left and entered the Silvia and Luna, it was thought that the pricing policy would change and after some time. It was verified that this was not what was happening. Everything continued working as before”, he says.
He also recalls the Lula factor, since the candidate, who leads the polls, has already stated that he intends to “tropicalize” fuel prices.
Finacap CEO Luiz Fernando says he has always lived with this risk.
“We have invested in the company for many years. We only left in 2010, when the company became expensive. And now the reverse has happened, with oil rising and stocks falling. The company remains very discounted. Today the fundamentals are cheaper, while the macroeconomic scenario is more favorable,” he says.
Regarding the State-Owned Companies Law, he classifies it as a “landmark”. “The big fear is precisely the change in the State-Owned Companies Law. We are not convinced that this law will change. Many things already stipulated in the Law of the Society. We don’t see much of a chance to pass. But anything is possible in an election season”, he adds.
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