APBR (ord) APBRA (pref) Petrobras Brasil

[DMF]

ISRAEL, te llama PAPI desde Helsinky, te alquilo un parapente !!!

[mcl]

Brent a 34,60 y subiendo.

[Asrael]

Espero que los PreMarket sean humo

Asrael

[hipotecado]

Stressed Out: Petrobras and 2 Other Fallen Angels From Abroad
By ANTONIA OPRITA Follow | JAN 28, 2016 | 8:00 AM EST | 0


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Stock quotes in this article: PBR, VALE, REPYY
This article is part of a Real Money series on 20 companies investors should consider adding to their distressed watch list.

If U.S. energy companies are suffering because of the pressure put on them by the collapsing price of oil and other commodities, as revealed in our Stressed Out report, spare a thought for companies elsewhere, which on top of that have to deal with depreciating currencies.

Some politicians say that a strong U.S. dollar is good for international companies -- after all, their exports become cheaper. The flip side of that is that their dollar-denominated debt becomes much more expensive to service, at a time when their revenues are already diminishing because of the collapse in commodity prices.

For oil companies that may not be so important, as oil is priced in dollars, and they could gain marginally from lower costs in real time on domestic products. However, the commodities rout has hit international companies hard, and high-yield debt is beginning to look iffy. To follow are three stressed-out companies -- two of which are on Real Money's index of 20 distressed names -- whose debt investors should watch.

Brazilian oil giant Petroleo Brasileiro (PBR), better known as Petrobras, is rated below investment grade by Moody's and Standard & Poor's, with a negative outlook. And no wonder, given that the state-controlled company is engulfed in a corruption scandal, the price of oil at around $30 a barrel is a far cry from its $45 projection for this year and its stock price has plunged by more than 56% over the past year.

The danger now is that Petrobras will infect the sovereign with its debt disease as well. Brazil's rating was cut to "junk" status by S&P last year, while Moody's put the country's Baa3 rating on review for a downgrade. According to Reuters data published by the Financial Times, Petrobras' debt-to-equity ratio was 1.75 in 2014. The latest data from the company's website show it was 1.74 in the third quarter of last year. Petrobras' total debt is huge: $127.5 billion, while its trailing 12-month EBITDA (earnings before interest, tax, depreciation and amortization) was $20.31 billion, according to Capital IQ calculations published by Yahoo! Finance. That gives a leverage of 6.28x.

To be fair, the company is making efforts to get a grip on the situation: it cut its investment plans for 2015-2019 by 24%, a drastic move for a firm that has always made efforts to be one step ahead of the competition when it comes to technology. Net debt, the company's preferred measure of debt, was in fact 5% lower in the third quarter of last year vs. Dec. 31, 2014, at $101.3 billion.

The Deal: Petrobras in advanced talks to sell slice of gas distribution unit to Mitsui

Brazilian mining firm Vale (VALE) is the world's biggest exporter of iron ore and was hit hard by the slowdown in Chinese imports of the commodity. The company's stock has lost more than 65% over the past year as there does not seem to be a bottom yet for the fall in commodity prices.

The company is still in investment grade territory, but Moody's announced last week that it put its credit rating under review for a possible downgrade to below investment grade. Its debt-to-equity ratio was 0.69 in 2014, according to the data published by the Financial Times.

Vale's total debt was $28.7 billion, according to the most recent data published by the company, while its trailing 12 months EBITDA calculated by Capital IQ was $5.3 billion, showing a leverage of 5.4x.

Since Europe is a net importer of commodities and energy, one might be tempted to believe it's out of trouble, but that is not so. Some of the European energy companies have also been hit quite hard. One such example is Spanish oil company Repsol (REPYY), which is not included in the Stressed Out index of 20 companies and whose debt is still rated investment grade by S&P at just at BBB-, while Moody's rates it Baa2. However, both rating agencies have a negative outlook on the company.

Repsol's debt jumped after it acquired Canadian oil company Talisman Energy for $8.3 billion in 2014. The company's net debt was 13.1 billion euros ($14.1 billion) in the third quarter of last year, more than 5x the level of the third quarter of 2014, before the acquisition, according to its latest financial results.

Trailing 12-month EBITDA figures for Repsol from Capital IQ are $3.2 billion, giving a leverage of 4.4x. The company's stock price has fallen by 46% over the past year, and it plans to sell 6 billion euros in assets and cut billions in capital expenditure by 2020 to dig itself out of the debt hole. Its CEO warned last October that "the growth history of Repsol is over; now we will be focusing on efficiency."

The Federal Reserve's first interest rate rise since the 2008 financial crisis has shaken indebted companies not just in the U.S. but around the world. For a while, companies in Europe can count on the European Central Bank to offset the effects of the Fed tightening up to a point. But as the data above show, highly indebted companies have a painful road ahead.

For more on Real Money's 20 distressed companies to watch

[Gogui]

Muy bien el oil arriba de la resistencia de 32,4
.

Ahora sería fantástico que supere los 33.5 y ahí fiesta para todos.

[Trapiche]

la clave es que afloje Rusia, si se concreta algun acuerdo podemos ver el petroleo volar unos dias, a rezar!

[Trapiche]

http://es.investing.com/news/noticias-d ... rta-309222

[damiang82]

PR

El tema que el pre-market está -1.6% (u$3.08)

No le des bola al pre

[Tornado882]

Muy bien el oil arriba de la resistencia de 32,4
.

[marcelo1975]

PR

32.62 USD
Last | 7:59:00 AM EST
0.32 (+0.99%)
Change
133,103
Volume




si este goma de bendine dice algo ++++ volamos

El tema que el pre-market está -1.6% (u$3.08)

[PERZEN]

Nunca tire mala onda...sólo era para que resero no se haga mala sangre...siempre tire la mejor onda acá...Ojalá suba por los comprados...hoy los mercados en general jodidos con el cierre de usa ayer y como está Alemania...Esperemos remonte la cosa...PERZEN espero hayas lanzado para tener cierta cobertura..

Cordobes No manejo el tema de opciones y demas yerbas... soy nuevito un año en bolas en bolsa, solo papeles de frente manteca

[hipotecado]

32.62 USD
Last | 7:59:00 AM EST
0.32 (+0.99%)
Change
133,103
Volume




si este goma de bendine dice algo ++++ volamos

[Beats]

http://www.cronista.com/negocios/Shell- ... -0035.html
Si estos salen de compra.... El negocio sigue....

[mcl]

No creo que Bendine haga esta entrevista para anunciar un ahorro de 240 millones de reales al año.

Bendine es Dilma. Lo que menos quieren es la imagen de ellos aplicando el ajuste. No lo veiamos a recalde anunciando la desvinculacion de pilotos de aerolineas por ejemplos.

Pero todo es posible. Nada me sorprende de estos muchachos.

Si tengo que adivinar viene por el lado de financiacion que garantiza solvencia y/o asociaciones estrategicas para el desarrollo del presal (o un cambio de reglas de juego).

Veremossss

El ahorro es de 1800 millones de reales o 440 millones de dólares, igualmente coincido que no creo que Bendine salga hablar de eso nomas.

[El Castigador]

Cheee... somos unos cuantos... Y FIRME SE MANTIENE LA EMPERNADA... HASTA NUEVO AVISO

Nunca tire mala onda...sólo era para que resero no se haga mala sangre...siempre tire la mejor onda acá...Ojalá suba por los comprados...hoy los mercados en general jodidos con el cierre de usa ayer y como está Alemania...Esperemos remonte la cosa...PERZEN espero hayas lanzado para tener cierta cobertura..