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

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 ...

Ahmed Ben Salem

GALP : Résultats T2 légèrement supérieurs aux attentes – FCF négatif et pas de dividende intérimaire dans l’attente d’une décision définitive

>Upstream: impacté par la baisse du Brent, production résiliente - En Upstream, l’EBITDA ressort à 204 M€, en ligne avec nos attentes et 6% supérieur au consensus, marqué par la chute du prix du pétrole et une hausse de 16% des coûts de production unitaires à 2.8 $/bep en QoQ mais qui sont en baisse de 39% YoY grâce à la hausse de la production de 18% YoY. A l’avenir, et vu la baisse des Capex annoncée de près de 50%, le groupe revoit sa guidance de production pour 20...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

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 Japan...

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 in...

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 : 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

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

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 ...

Ahmed Ben Salem

GALP : Résultats T2 légèrement supérieurs aux attentes – FCF négatif et pas de dividende intérimaire dans l’attente d’une décision définitive

>Upstream: impacté par la baisse du Brent, production résiliente - En Upstream, l’EBITDA ressort à 204 M€, en ligne avec nos attentes et 6% supérieur au consensus, marqué par la chute du prix du pétrole et une hausse de 16% des coûts de production unitaires à 2.8 $/bep en QoQ mais qui sont en baisse de 39% YoY grâce à la hausse de la production de 18% YoY. A l’avenir, et vu la baisse des Capex annoncée de près de 50%, le groupe revoit sa guidance de production pour 20...

Ahmed Ben Salem

GALP : Q2 2020 results slightly above consensus but weak FCF

>Q2 2020: EBITDA and net income slightly above expectations - Q2 2020 EBITDA came in at € 291m, slightly above the consensus, and EBIT at -€ 57m, below estimates, while adjusted net income came in at -€ 52m, beating the consensus by 11% due to high tax payments. Upstream and downstream impacted as expected - Upstream adjusted EBITDA came in at € 204m, 7% and 5% above our estimates and the consensus, respectively. Net entitlement production of 130.3 k...

Ahmed Ben Salem

GALP : Q2 2020 results slightly above consensus but weak FCF

>Q2 2020: EBITDA and net income slightly above expectations - Q2 2020 EBITDA came in at € 291m, slightly above the consensus, and EBIT at -€ 57m, below estimates, while adjusted net income came in at -€ 52m, beating the consensus by 11% due to high tax payments. Upstream and downstream impacted as expected - Upstream adjusted EBITDA came in at € 204m, 7% and 5% above our estimates and the consensus, respectively. Net entitlement production of 130.3 k...

Ahmed Ben Salem

ODDO : Q2 2020 preview – A quarter in the red but the worst is now behind us

>Q2 2020 indicators: an unprecedented crisis impacting prices and volumes - Q2 2020 results publications kick off on Thursday 23 July (see table below) and are set to be in the red without exception, with cumulative net earnings for the six oil companies hedged at -$ 11bn vs $ 6bn in Q1 2020. This figure integrates write-offs for exploration of ~$ 8bn. Our estimates are 6.8% above the Bloomberg consensus which is now in early formation albeit with some disparities. §...

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.

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/27/2020

After years of unrealised €/$ bullish forecasts the single currency is finally on an upward trajectory. This change of course reflects a radical shift in the perception of the political risk associated with the European Union. The starting point for the rise (17 May) corresponds, moreover to the Franco-German announcement of the stimulus plan project. The European agreement of 21 July to begin the implementation process argues in favour, in a context of an upturn in PMIs, in favour of...

Bruno Cavalier ...
  • Louis Boujard, CFA
  • Philippe Ourpatian
  • Sylvain Goyon, CFA

ODDO BHF SECURITIES MORNING NEWS – COMMENTAIRES DETAILLES 27/07/2020

Après des années de prévisions haussières de l’€/$ non réalisées, l’euro connait enfin une trajectoire ascendante. Ce changement de cap reflète une évolution radicale de la perception du risque politique associé à l’Union européenne. Le point de départ de la hausse (17 mai) correspond d’ailleurs à l’annonce franco-allemande du projet de plan de relance. L’accord européen du 21 juillet pour engager son processus de mise en œuvre milite, dans un contexte de redressement des PMI, pour le...

Ahmed Ben Salem

ODDO BHF SECURITIES MORNING NEWS – DETAILED COMMENTS 07/17/2020

We are forecasting an historically low H1 2020, penalised by the lockdown effects. On the basis of our H1 estimates and the full-year consensus, several stocks are likely to disappoint (Imerys and Vicat). Conversely, the full-year consensus seems to incorporate a margin for error and, possibly, potential for upward revision for LafargeHolcim, Getlink and Eiffage. Saint-Gobain and Eiffage remain our favourite stocks, particularly as the market and investors are already looking to 2021....

GALP ENERGIA SGPS sees an upgrade to Slightly Positive due to a better fundamental star rating

The general evaluation of GALP ENERGIA SGPS (PT), a company active in the Integrated Oil & Gas industry, has been upgraded by the independent financial analyst theScreener with the addition of a star. Its fundamental valuation now shows 4 out of 4 possible stars while its market behaviour can be considered as moderately risky. theScreener believes that the additional star(s) merits the upgrade of its general evaluation to Slightly Positive. As of the analysis date June 9, 2020, the closing price was EUR 11.48 and its potential was estimated at EUR 12.49.

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 week...

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...

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