JPMorgan commenting on PBR
- Firm thinks the market is likely to be somewhat positively surprised with PBRs announcement of refinery gate price increases for gasoline of +6% and for diesel of +4%, as firm believes investors were barely considering the company increasing prices right now
- Firm notes that their sensitivity analysis indicates their EBITDA estimates would increase by ~2% for every +1% increase in both diesel and gasoline prices
- Firm notes that PBR is trading at 6.6x EV/EBITDA for 2016e vs. Global peers at 5.3x