Galp Energia SGPS SA

Galp Energia is a holding company. Through its subsidiaries, Co. operates in the following segments: exploration and production, with activities relating to exploration, development and production of hydrocarbons, particularly in Angola, Brazil and Mozambique; refining and marketing, which owns refineries in Portugal and also includes activities relating to the retail and wholesale commercialization of oil products; and gas and power, which covers the purchasing, commercialization, distribution and storage of natural gas and electric and thermal power production. As of Dec 31 2014, Co. had proved and probable reserves of 638.0 million barrels of oil equivalent.
  • TickerGALP
  • ISINPTGAL0AM0009
  • ExchangeEuronext Lisbon
  • SectorOil & Gas Producers
  • CountryPortugal
Ahmed Ben Salem

ODDO : Q3 2020 preview: a timorous recovery

>Q3 2020 indicators: oil price picks up but refining margins in the red - The publication of Q3 2020 results kicks off on Monday 26 October (see table below), and whilst they should be significantly better than the chaotic Q2, they are likely to remain very weak. Cumulative net earnings for the six groups in our coverage are expected to be $ 669m vs -$ 7.7bn in Q2 2020 and $ 12.1bn in Q3 2019. We do not expect the quarter to be marked by asset impairments, as was th...

Ahmed Ben Salem

ODDO : Preview T3 2020 – Une reprise timide

>Indicateurs T3 2020 : reprise du prix du pétrole mais marges de raffinage dans le rouge - Les publications de résultats du T3 2020 commencent le jeudi 27 octobre (voir tableau ci-après), en nette amélioration par rapport à un T2 chaotique mais restent toutefois très faibles. Le résultat net cumulé pour les six compagnies couvertes est à -699 M$ M$ vs -7.7 Md$ au T2 2020 et 12.1 Md$ au T3 2019. Ce trimestre ne sera pas marqué par les dépréciations d’actifs comme le ...

Ahmed Ben Salem ...
  • Louis Boujard, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10 Dear clients, We are very pleased to officially announce a partnership agreement between our group and BBVA in equity brokerage. In adding a new domestic market to its platform, ODDO BHF is looking t

With 40% upside, Eiffage is our Top Pick in the construction/concessions sector: whilst the contracting business should prove resilient thanks to alternative growth drivers (the “France Relance” stimulus plan in particular) and leverage on margins, cash flow generation (+35% estimated between 2019 and 2022) will be supported by higher dividends from motorway concessions. The group has 15 years to find an alternative to APRR and we have already identified numerous potential M&A possibi...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

EM Breakout -- Add Exposure The laundry list of market characteristics consistent with historical bull markets continues to grow, helping support our ongoing belief that global equities are in the early stages of a broad-based advance. • US Dollar; EM Equities. The US dollar (DXY) exhibits signs of rolling over, something we outlined as increasingly likely in our 12/10/19 Int'l Macro Vision strategy. This is bullish for global equities -- especially EM -- and has paved the way for the MSCI EM index to break above key resistance. Add exposure... see chart below and page 2. • Europe and J...

Dave Nicoski ...
  • Ross LaDuke

Vermilion Int'l Compass: Global Equity Strategy

The Pause that Refreshes? We continue to believe the weight of the evidence points to a new leg higher for global equities, a viewpoint that is supported by the several international markets that are breaking out to new highs or making bullish inflections since our previous Int'l Compass (10/31/19). While developments continue to lean bullish, global equities have rallied substantially since the start of October, making it perfectly reasonable to expect some consolidation of recent gains which would allow for a more meaningful move higher. • New Highs or Bullish Inflections. The number of ...

Matthieu DRIOL

Analyse court terme - Galp Energia SGPS SA-B SHRS : Les prix baissent.

La tendance est baissière. Les prix baissent à nouveau, mais le mouvement est devenu hésitant. Le prochain support est à 15,038 €. La tendance baissière serait remise en cause au-dessus de 17,704 €.

Matthieu DRIOL

Short term view - Galp Energia SGPS SA-B SHRS : Falling prices.

The trend is bearish. Prices are falling again, but the movement has become hesitant. The next support is at €15.038. The bearish trend would be challenged above €17.704.

Matthieu DRIOL

Analyse court terme - Galp Energia SGPS SA-B SHRS : Le mouvement se poursuit.

La tendance est baissière. Le mouvement se poursuit. Le prochain objectif est à 15,038 €, puis 14,459 €. Le franchissement de 17,704 € remettrait en cause la suite de la baisse.

Galp Energia Sgps: 2 directors bought

Two Directors at Galp Energia Sgps bought 12,500 shares at between 8.524EUR and 8.639EUR. The significance rating of the trade was 71/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two years clearly showing Close periods where trading activity is restricted under listing ru...

Ahmed Ben Salem

ODDO : Q3 2020 preview: a timorous recovery

>Q3 2020 indicators: oil price picks up but refining margins in the red - The publication of Q3 2020 results kicks off on Monday 26 October (see table below), and whilst they should be significantly better than the chaotic Q2, they are likely to remain very weak. Cumulative net earnings for the six groups in our coverage are expected to be $ 669m vs -$ 7.7bn in Q2 2020 and $ 12.1bn in Q3 2019. We do not expect the quarter to be marked by asset impairments, as was th...

Ahmed Ben Salem

ODDO : Preview T3 2020 – Une reprise timide

>Indicateurs T3 2020 : reprise du prix du pétrole mais marges de raffinage dans le rouge - Les publications de résultats du T3 2020 commencent le jeudi 27 octobre (voir tableau ci-après), en nette amélioration par rapport à un T2 chaotique mais restent toutefois très faibles. Le résultat net cumulé pour les six compagnies couvertes est à -699 M$ M$ vs -7.7 Md$ au T2 2020 et 12.1 Md$ au T3 2019. Ce trimestre ne sera pas marqué par les dépréciations d’actifs comme le ...

Ahmed Ben Salem

ODDO : IEA report – fragile recovery

>Demand sustained, but with a good deal of uncertainty - Global demand rose by 16.2 Mb/d at end August from its low point in April, but is still 6.8 Mb/d below its historic level. Preliminary data for September show that recovery is continuing but is much more timorous (360 kb/d), with an increase in demand in India but a slowdown in the US and Europe with the arrival of the second COVID-19 wave and restrictions on movement. The IEA has thus left its 2020 and 2021...

Ahmed Ben Salem

ODDO : Rapport AIE – Une reprise fragile

>Une demande maintenue mais avec beaucoup d’incertitudes - La demande mondiale a augmenté de 16.2 Mb/j à fin août depuis son point bas du mois d’avril mais reste toujours 6.8 Mb/j inférieure à son niveau historique. Les données préliminaires du mois de septembre font apparaitre une poursuite de la reprise beaucoup plus timide (350 kb/j) avec une hausse de la demande en Inde mais un ralentissement aux USA et en Europe avec la résurgence d’une deuxième vague de COVID...

Ahmed Ben Salem

GALP : Q2 results slightly ahead of expectations – negative FCF and no interim dividend pending a final decision

>Upstream: affected by the fall of Brent, resilient production - In the upstream segment EBITDA came to € 204m, in line with our estimate and 6% higher than the consensus, marked by the fall in oil prices and a 16% rise in unit production costs to $ 2.8 boe q-o-q though they were down 39% y-o-y thanks to the 18% y-o-y growth in production. For the future, given the announced fall in capex of close to 50%, the group revised its production growth guidance for 2020 down ...

Expert Corporate Governance Service (ECGS)

Galp Energia, SGPS, S.A. – AGM 24 April 2020

In item 2, the Board of Directors proposes to distribute a total dividend per share of €0.70 on 2019 results, corresponding to a pay-out ratio of 149% of consolidated net earnings. The proposed dividend is 10.7% higher than that distributed last year, despite the 47.5% reduction of consolidated net income. In view of the recent events relating to Covid-19, ECGS is in favour of postponing decisions on the dividend, reductions or suspensions that would allow companies to avoid liquidity risks or not generate risk for their survival. Thus, although we acknowledge that the proposed distribution is...

Expert Corporate Governance Service (ECGS)

Galp Energia April 12th, 2019

In item 6, shareholders are called to an advisory vote on the remuneration policy statement proposed by the Remuneration Committee. We have concerns over the Committee's composition, as it includes 2 representatives of Amorim Group and only 1 independent member. The overall executive remuneration amount is reasonable (the aggregate variable remuneration is capped at 60% of the base salary) and performance conditions are disclosed. However, the portion of variable components depending on a qualitative assessment (35%) is too high and there are no equity-based incentives. Furthermore, we regret...

Galp energia – Proxinvest Corporate Governance Rating ® : C

Proxinvest Corporate Governance Rating ® helps investors integrate governance into their investment decision and identify governance risks and opportunities within their portfolio. Proxinvest Corporate Governance Rating ® Service rates European issuers through the analysis of four main themes : Ownership & Shareholder rights, Board & Committees, Audit & Process, Remuneration. Each theme is rated taking into account several comprehensive sub-categories. Our unique two-step process to achieve each rating includes a first step quantitative valuation and a second step qualitative filter...

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 22/10/2019 - Teva - EN

TP ICAP - Europe - Morning CreditUpdate 22/10/2019 - Teva - EN

Marnik Hinnekens

TP ICAP - Europe - Morning CreditUpdate 22/10/2019 - Teva - FR

TP ICAP - Europe - Morning CreditUpdate 22/10/2019 - Teva - FR

SCHOELLER ALLIBERT - RATING REPORT

Schoeller Allibert has launched a €210m 5NC2 secured notes offering. The net proceeds will be used mainly to repay existing bank indebtedness and shareholder loans. Along with the transaction, the group has signed a 5-year €30m super senior RCF.

GALP ENERGIA RATING REPORT

Our rating is supported by Galp’s scale of operation as an integrated oil & gas company with strong market share in downstream activity in Portugal. Refining & Marketing (R&M) as well as Gas & Power (G&P) are generating free cash flow to invest in Exploration & Production (E&P) for the development of oil production in Brazil.

Ahmed Ben Salem ...
  • Louis Boujard, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 10 Dear clients, We are very pleased to officially announce a partnership agreement between our group and BBVA in equity brokerage. In adding a new domestic market to its platform, ODDO BHF is looking t

With 40% upside, Eiffage is our Top Pick in the construction/concessions sector: whilst the contracting business should prove resilient thanks to alternative growth drivers (the “France Relance” stimulus plan in particular) and leverage on margins, cash flow generation (+35% estimated between 2019 and 2022) will be supported by higher dividends from motorway concessions. The group has 15 years to find an alternative to APRR and we have already identified numerous potential M&A possibi...

Ahmed Ben Salem ...
  • Louis Boujard, CFA

ODDO BHF Small & MIDCAP MORNING NEWS - 10/15/2020

...

Ahmed Ben Salem ...
  • Louis Boujard, CFA

Total : Chers clients, Nous sommes très heureux de vous annoncer l’officialisation d’un accord de partenariat entre notre Groupe et BBVA dans les métiers de l’intermédiation actions. En ajoutant un nouveau marché domestique à sa plateforme, ODDO BHF souha

Avec 40% de potentiel, Eiffage est notre valeur préférée dans le secteur construction / concessions : alors que l’activité Travaux devrait s’avérer résiliente grâce aux relais de croissance (France Relance notamment) et au levier sur les marges, la génération de cash-flow (+35%e entre 2019 et 2022) va être soutenue par la hausse des dividendes des concessions autoroutières. Le groupe dispose de 15 ans pour trouver une alternative à APRR avec d’ores et déjà de nombreuses opportunités d...

Ford Equity International Rating and Forecast Report

Ford Equity International Research Reports cover 60 countries with over 30,000 stocks traded on international exchanges. A proprietary quantitative system compares each company to its peers on proven measures of business value, growth characteristics, and investor behavior. Ford's three recommendation ratings buy, hold and sell, represent each stock’s return potential relative to its own country market.. The rating reports which are generated each week, include the fundamental details behind each recommendation and reflect the fundamental and price data as of the last trading day of the we...

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