1. Petrobras demonstrates strong financial performance with resilient margins and production growth, yet trades at distressed valuations compared to global peers; 2. Political risks contribute to the discount, but fundamentals remain robust with high dividend yields, low debt (net debt/EBITDA 1.0x), and a profitable offshore portfolio; 3. A $111B 2029 investment plan balances pre-salt oil leadership and energy transition, offering 50–70% upside potential at current prices for patient investors.