Written by Jessica Bahia Milo
Investing.com — After changes to the state-owned law were approved in the House of Representatives on Tuesday night, the 13th, in an unexpected move, to make it easier to nominate political names to government-controlled companies, Petrobras (BVMF) shares: ) among the biggest falls this morning, 14 .
At 11:18 a.m., preferred shares were down 4.12%, to R$25.82.
The change allows people who have been involved in organizing election campaigns to assume management positions after a period of just 30 days, compared to the current 36 months. The vote in the House of Representatives was 314 in favor, 66 against. It still needs Senate approval.
With negative repercussions, BTG Bank (BVMF:) issued a report assessing that the measure is negative for the governance of state-owned companies such as Petrobras.
For analysts Pedro Soares and Thiago Duarte, some adjustments are still likely in the coming days, but the measure “eliminates one of the main defense mechanisms for political influence in the company.” They noted in the report that the processing speed was a big surprise.
In addition, even if there is an argument that the law may not fully protect Petrobras from attempts at political interference, the amendment brings a clearer signal that the strategy “may be less supported by purely technical aspects going forward.”
As uncertainty grows, BTG expects the market to react badly. However, analysts are of the opinion that a reasonable dividend should be maintained.
Assuming the yield is adjusted to 35% or 25%, which is currently the lowest level, analysts expect a dividend yield of 16% or 12% in 2023, respectively.
However, they don’t think it’s cheap enough. BTG has a Neutral recommendation for the stock, with a 12-month price target of $13.50 for ADRs (NYSE:) on the New York Stock Exchange.
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