PBR - Hunting for value investment ideas

On the heels of some fantastic pics for 2013 (GLW,PWRD, DRYS to name a few) the WDB options model is suggesting we take a close look at some names that are either not in the market spotlight at the moment or outright disliked. PBR is on that list and after further investigation the much maligned company appears to be an interesting idea. The model's basic premise is to find Put options, where if written and exercised the premium collected would be greater then the cost of owning a stock on margin. In essence getting paid by the market to hold the position. While fundamentally this company, in my opinion, is a very good 'value' the technical story is still a bit early. She is definitely oversold (Willy) but there doesn't seem to be a bottom in either price or volume. This suggests to me that if one did do the option write here, getting exercised is a very real possibility and you may need to hold the position for some time. Considering the nice dividend, for every quarter we do own the position our premium collected goes up by 6 cents this isn't too bad a place to have some money working heading into the 2014 World Cup.