http://aswathdamodaran.blogspot.com.br/2015/02/how-low-can-you-go-doing-petrobras-limbo.html?m=1
Agora, sobre o autor, Aswath Damodaran:
Posto aqui apenas o início da postagem, bastante longa, mas recomendo sua leitura integral, assim como dos comentários feitos na sua sequência:
Tuesday, February 10, 2015
How low can you go? Doing the Petrobras Limbo!
The rise of Petrobras from minor emerging market oil company to global giant between 2002 and 2010 can be traced to three factors. The first was the discovery of major new reserves in Brazil in the early part of the last decade, which catapulted the company towards the top of the list of companies with proven reserves. The fact that these reserves would be expensive to develop was mitigated by a second development, which was the sustained surge in oil prices to triple digit levels for much of the period, making them viable. The third was an overall reduction in Brazilian country risk from the stratospheric levels of 2001 (when the country default spread for Brazil reached 14.34%, just before the election of Lula Da Silva as President) to 1.43% in 2010, when Brazil looked like it had made the leap to almost-developed market status. In 2010, the company signaled that its arrival in global markets and its ambitions to be even more by raising $72.8 billion from equity markets.
The hubris that led to the public offering may have been the trigger for the subsequent fall of the company, which has been dizzying because of the magnitude of the decline, and its speed. After peaking at a market capitalization close to $244 billion in 2010, the company has managed to lose a little bit more than $200 billion in value since, putting it in rarefied company with other champion value destroyers over time. While a large portion of the blame for the decline in the last few months (especially since September 2014) can be attributed to the drop in oil prices, note that Petrobras has already managed to destroy $160 billion in value prior to that point in time.(...)
Leiam a integra aqui: http://aswathdamodaran.blogspot.com.br/2015/02/how-low-can-you-go-doing-petrobras-limbo.html?m=1
Perceberam agora a amplitude do crime cometido contra a companhia?
Paulo Roberto de Almeida